THE CORPORATION OF THE CITY OF PoRT COQUTTLAN™)
BY-LAW NO. CO L iy ‘

A By-law to provide for the borrowing of money that may be necessary JAN {2 198)

to meet current lawful expenditures of The Corporation of the City of JAH 2 6 1984

“Pore Coquitlam (hereinafter called ‘The Corporation") for the year

1981.

WHEREAS the Council of. The Corporation is empowered by Section 346
of the Municipal Act to Provide by By-law for the borrowing of money that

may be necessary to meet current lawful expenditures of The Corporation,

such borrowing not to exceed at any time the sum of:

(a) the whole amount remaining unpaid of the taxes for all purposes

levied during the current year, provided that prior to che 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 percent of the whole amount

of taxes levied for all purposes in the 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 Corporation may presently boerrew,

calculated in accordance with the 2 foregoing, is in excess of $6, 000, 000.90;
, AND-WHEREAS in order to meet current lavful ‘expenditures of The
Corporation it is requisite for The Corporation to borrow the sum of
$2,000,000.00;

Now THEREFORE the Municipal Council of The Corporation of the City of

Port Coquitlam, in open meeting assembled, hereby enacrs as follows:

i. The Corporation is hereby authorized and ‘empowered to borrow upon the

eredit of The Corporation from THE ROYAL BANK OF CANADA, or any other person,
. rd

.£4rm or corporation willing to advance the same, the sum of TWO MILLION DOLLARS

($2,000,000.00), in such amounts and at such time as the same may be required,

and to pay {nterese thereon.

2. All the monies so borrowed and-interest thereon shall be payable on or

before the 3lst day of December, 1981. -

3. The form of obligation or obligations to de given as acknowledgement
of the liability shall be a promissory note or notes, payable on or before

the date specified in Section 2 hereof with interest, bearing the Corporate

Seal of The Corporation and signed by (1) .the Mayor, (2) the Clerk, and (3)

the Treasurer of The Corporation. FIRS F-FHREE-REABINGS
FINAL READING