THE CORPORATION OF THE CITY OF PORT COQUITLAM

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BY-LAW NO. 1496 U UJ W ’
4

Jisit 10 197

.A By-law providing for the borrowing of such sunid ‘Sf money

as may be requisite to meet the current lawful expenditures of The
Corporation of the City of Port Coquitlam (hereinafter called “The
Corporation") for the year 1977.

WHEREAS the Council of The Corporation is empowered by
Section 264 of the Municipal Act to provide by By-law for the borrowing
of such sums of money as may be requisite to meet the current lawful
expenditures of The Corporation, such borrowing not to exceed at any
time in the aggregate sum of:

(a) ‘the whole amount remaining unpaid of the taxes for all
purposes levied during the current year, provided that prior to the adoption
of the annual rate by-law in any year, the amount of the taxes during the
current year for this purpose shall be deemed to be 75 percentum of the
whole amount of taxes levied for all purposes in the immediately preceding
year; and

(b) the whole amount of any sums of money remaining due to,
The Corporation from other governments;

AND WHEREAS the aggregate that The Corporarion may presently

“borrow, calculated in accordance with the foregoing, is $4,400,000.00;

, AND WHEREAS in order to meet current lawful expenditures of
The Corporation it is requisite for The Corporation to borrow the sum
of $3,000,000.00;

NOW THEREFORE the Municipal Council of The Corporation of the

City of Port Coqsitlam, in open meeting assembled, hereby enacts as follows:

1 The Corporation is hereby authorized and empowered to borrow upon
the credit of The Corporation from THE ROYAL BANK OF CANADA, or any other
person, firm or corporation willing to advance the same, the sum of

THREE MILLION DOLLARS ($3,000,000.00), in such amounts and at such times

as the same may be required, and to pay interest thereon at a rate not
exceeding Twelve percentum (12%) per annum.

2. All the moneys so borrowed and interest thereon shall be payable
on or before the 3lst day of December, 1977.

3. The form of obligation or obligations to be given as an acknow~
Jedgement of the Jiability shall be promissory note or notes, payable on

or before the date specified in clause 2 hercof with interest not exceeding