PJorve:

— Avaladle
for Fiasy
Two, KEAGREL

Cul Gaevk

THE CORPORATION Of THE CITY OF PORT CN I

| BY-LAW NO. 222) ‘ LU 9;

. .¢
A By-law to authorize the borrowing of money for che purpose of ;

purchasing real property.
WHEREAS pursuant to rhe provisions of Section 260 of the Hunie ipal
Act, the Council may contrace a debt for any purpose of a capital nature;
Buch debt not to exceed ac any tine a total anount equal te Twenty ($20.00)
Dollars multiplied by the population figure of the wunicipalicy of Five
Hundred Thousand ($509,000.00) dollars whichever is the lessor and may by
by-law, withouc the assent of the owner-electors, contract the debe by
borroving and make provision for the Tepayuent of the debt and ineerest

thereon;

AND UHEREAS the amount of the existing obligations of the

Stren nreenes enna

‘municipality, authorized under said Section 260 at the date hereof is Nil;

AND WUEREAS the amount of the authorized debenture debt of the
wunicipality is $3,220,273.00 of which $2,895,273.00 is existing outstanding
debenture debt and $325,000.00 is authorized and unissued debenture debt and
Wene of the principal or interest of the debenture dabt of the wunictpality
in in arrears;

AND WHEREAS the Council deems it necessary to borrow the sum of
$150,000.00 for the purpose of purchasing real property;

AND WHEREAS the approval of the Inspector of Municipalities has
been obtained;

NOW THEREFORE the Municipal Couneil of The Corporation of the City

of Port Coquitlam, in open meeting assembled, enacts as follows:

1. The Council ia hereby authorized and empowered to borrow upon the
credit of The Coraoration of the City of Port Coquitlam fron the Royal 3ank
o£ Canada, or any other person, firm or corporation willing to advance the
gane, the sum of One Hundred Fifty Thousand ($250,000.00) Dollars at such
tines as the sane may be required for the purpose hereinbefore recited anJ
to pay interest thereon at a rate of not greater than Six and one-half (6'32)
percentun per annum.

2. There shall be raised and levied during the currency of the ob-
ligation hereby created by @ rate sufficient therefore over and above all

other rates upon all land and inprovements subject te taxation for general