THE CORPORATION OF THE CITY OF FORT coqurmay,

BYLAW No. 2496

A Bylaw to authorize the expenditure of monies
in the Tax Sale Lands Reserve Fund.

WHEREAS there is an unappropriated balance of $11,123,583.00 as at December
ZJist, 1989 in the Tax Sale Lands Reserve Fund consisting of monies received
from the sale of tax sale properties including interest earned thereon and set

aside in accordance with the provisions of Section 3980 of the “Municipal Act";

AND WHEREAS no sinking funds have been or were required to be established;

AND WHEREAS Bylaw No. 2460 has been passed to authorize the expenditure of
funds in the amount of #350,000.00 from the said amount in the Taz Sale Lands
Reserve Fund;

AND WHEREAS Bylaw No. 2465 has been passed to authorize the expenditure of
funds in the amount of $154,000.00 from the said amount in the Tax Sale Lands
Reserve Fund;

AND WHEREAS Bylaw No. 2489 has been passed to authorize the expenditure of
funds in the amount of $300,000.00 from the said amount in the Tax Sale Lands
Reserve Fund;

AND WHEREAS it is deemed desirable to expend from the amount so set aside the
sum of $300,000.00 to purchase real property;

NOW THEREFORE the Municipal Council of The Corporation of the City of Port
coquitlam, in open meeting assembled, enacts 45 follows:

1. The sum of $390,000.00 is hereby appropriated from the Tax Sale Lands
Reserve Fund for the following purchases of real property;

(a) Lot 1, District Lot 289, Group One, Plan 2140, New Westminster
District ~ (2288 Wilson Avenue)

Lot 2 and Lot 3, District Lot 289, Group One, Pian 2140, New
Westminster District - (2474 Shaughnessy Street)

26 detailed purchase arrangements with respect to the expenditures
authorized by this bylaw shall be more particularly specified by
resolution of the Council.

3, Should any of the amount expropriated remain wunexpended after the
expenditures hereby authorized have been made, the unexpended balance
shall be returned to the credit of the said Tax Sale Lands Reserve Fund.

4. This Bylaw may be cited for all purposes 48 the "Tax Sale Land Reserve
Fund Property Purchase Expenditure Bylaw, 1990, No. 2496".

2496 FIRST THREE READINGS
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