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FEOSTERTES

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THE CORPORATION OF THE CITY OF PORT COO|
BYLAW NO, 2730

A Bylaw to provide for the borrowing of money
necessary to meet current lawful expenditures.

WHEREAS the Municipal Council of The Corporation of the City of Port Coquitlam deem it
desirable to maximize interest income by investing surplus funds and expedient to provide an
additional source of funds where it is in the best interest of the City to borrow for a shert term

rather than initiate the early redemption of an investment,

AND WHEREAS the Council is empowered by Section 346 of the Municipal Act to provide by
bylaw for the borrowing of such sums of money that may be necessary to mect the current

lawful expenditures of The Corporation;

AND WHEREAS the total amount that The Corporation may presently borrow shall not exceed
at any time the unpaid taxes for all purposes levied during the current year and the money
remaining due from other governments, provided that prior to the adoption of the annual rate
bylaw in any year, the amount of the taxes in the current year shall be deemed to be 75% of all

taxes levied for all purposes in the preceding year.

NOW THEREFORE the Municipal Council of The Corporation of the City of Port Coquitlam, 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 Bank of Montreal, or any person, firm or corporation willing to

advance the same, the lower of the amount calculated in accordance with the forgoing and
two million dollars ($2,000,000.00), in such arnount and at such times as the same may be
required, and to pay interest thereon at a rate not to exceed the bank’s prime lending rate.

The form of the obligation or obligations to be given shall be a line of credit, or a
promissory note or notes, payable on or before the date specified in Clause 2 hereof with
interest, bearing the Corporsie Seal of The Corporation and signed by the Mayor (or a
Councillor) and signed/countersigned by the Treasurer Deputy Administrator (or the

Deputy Treasurer - Finance).

3. There is hereby set aside as security for the liability hereby authorized to be incurred the
lower of those parts of unpaid taxes of the current year plus the money remaining due from
other governments year and two million dollars ($2,000,000.00).

4. This bylaw may be cited as "Revenue Anticipation Borrowing Bylaw, 1992, No. 2730.
Read a first time by the Municipal Council this 26th day of October, 1992.

Read a second time by the Municipal Council this 26th day of October, 1992.

Read a third time by the Municipal Council this 26th day of October, 1992.

Reconsidered, finally passed and adopted by the Municipal Council of The Corporation
City of Port Coquitlam, this day of , 1992.

Mayor

FIRST THREE READINGS

City Clerk