January 25th, 1982.

BYLAWS:

 B/L #1878- Moved by Alderman Gates:
Langan Ave.
Rd. Exch. Seconded by Alderman Vater:
:7Final Rdg.

That Bylaw No. 1878 be reconsidered, finally passed and adopted.

Carried.
Alderman Wright introduced a bylaw to authorize the expenditure of

’B/L #1880 - monies in the Tax Sale Lands Reserve Fund.
‘Vax Sale Land
‘Reserve Fund Moved by Alderman Wright:
‘Library Expend—
“iture B/L - Seconded by Alderman Mabbett:
-. Ist Rdg.

That Bylaw No. 1880 be read a first time.

Carried.

Aldermen Laking, Muldoon and Vater voted against the resolution.

Prior to the question beirg called on the foregoing resolution

Alderman Laking advised he was opposed to using the total reserve fund
and suggested that One Million Dollars be used and that the City
Treasurer recommend the method to finance the balance and suggested the
following amendment:

Moved by Alderman Laking:

Seconded by Alderman Vater:

That. Bylaw 1880 be amended to use $1,000,000.00 from the Tax Sale
Land Reserve Fund with the remaining $750,000.00 to be financed in

accord with recommendation to be made by the Treasurer.

Defeated.
Aldermen Laking, Vater and Muldoon voted in favour of the
resolution.
Alderman Wright advised it was proposed by the Library Construction
Committee that the $1,750,000.00 be repaid over twenty years at a cost
of 6% which would cost $152,000.00 per year.

Moved by Alderman Wright:

Seconded by Alderman Mabbett:

That the $1,750,000.00 borrowed from the Tax Sale Reserve Fund for
the construction of a new library be repaid over a twenty year period at

a cost of 6% which would cost the City $152,000.00 per year.

Carried.

Aldermen Laking, Muldoon and Vater voted against the resolution.