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THE CORPORATION OF THE CITY OF PORT COQU I TLAMS

BYLAW NO. 2130

A bylaw to authorize temporary borrowlngs
pending the sale of debentures,

WHEREAS it Is provided by Section 342 of the "Municipal Act" that the
Council! may, where It has adopted a loan author! zation bylaw, without
further assents or approvals, borrow temporarily from any person under
the conditions therein set out; | / |

AND WHEREAS the Council has adopted Byiaw No. 2081, cited as the "South
Mary HIT! Sewer Improvements Loan Author! zatlon Bylaw, 1985, No. 2081"
authorizing the construction of certain Improvements to the sewer system
In the amount of $392,000.00; a os

AND WHEREAS the issuance of debentures has been temporarily deferred;

NOW THEREFORE, the Municipal Councl{i of The Corporation of the City of
Port. Coquititam, In open meeting assembled, enacts as follows:

The Council! Is hereby authorized and empowered to borrow from Genstar
Corporation an amount or amounts not exceeding the sum of $70,000.00, as

the same may be required, without Interest.,

The Counci} is hereby authorized and empowered to borrow from AJR
Management Ltd. an amount or amounts not. exceeding the sum of
$240,000.00 as the same may be required, without Interest.

The form of obligation to be given as acknowledgement of the Ilablt ity
shal! be a promissory note or notes bearing the corporate seal and
signed by the Mayor and the Treasurer. . ce ;

‘The money so borrowed shall be used solely for the purposes set out. In
sald Bylaw No. 2081. |

may

~The proceeds. from the sala of debentures, on so much thereof as may be
necessary, shall be used to repay the money so borrowed, | i

‘This bylaw may be clted for. all purposes as the "Sewer Facilities
Temporary Loan Bylaw, 1985, No. 2130",

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