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THE CORPORATION OF THE CITY OF PORT COQUITLAM

rooms  GOUNCIL

MAY 2 1983
April 27, 1983 WAY 9 1983

TO: B. Kirk, -
City Administrator

FROM: R.A. Freeman,
City Clerk

SUBJECT: Hamilton Street, Essex Avenue, and Newberry Street
Local Improvement Projects.

RECOMMENDATION:
: . That Council give first three readings to Bylaw Nos.
1966 to 1974, inclusive, with final reading to follow on
Monday, May 9th, 1983. .

BACKGROUND AND COMMENTS:

During the years 1978 and 1979 Local Improvement
Projects were constructed on Hamilton Street; Essex Avenue, and
‘Newberry Street. The proposed method of financing at that time
was through borrowing but due to the high interest: rates
prevalent at the time the Treasurer delayed undertaking the
formal. procedures necessary. This delay was approved by
‘Council in.1980 and at that time the Council also. authorized
payment of the City's portion of the cost of the work out. of:
the current Budget. Since that time, our Treasurer has:
determined that the best method of procedure would be to simply
‘advance the. funds necessary from the City's Local Improvement
Fund and thereby avoid borrowing altogether. :

; The nine Bylaws numbered from 1966,ta 1974,
inclusive, accomplish this by amending the three Construction
bylaws and the three Assessment Bylaws to provide for Lecal
Improvement Fund appropriation rather than borrowing and there
are three additional Bylaws required to actually appropriate
the money for each project from the Local Improvement Fund. ;

‘This procedure has been Fully authorized by our
‘Auditor and we are sure the Council will. consider ‘these nine
Bylaws to be merely of a "housekeeping" nature.

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