THE CORPORATION OF THE CiTY OF PORT COQUITLAM

F. Peters, DATE: June 13, 1980
City Engineer. ,

J. Maitland,
City Treasurer.

RE: Balance of funds needed for drainage pump stations.

‘As discussed there are various methods of financing the
,balance needed to complete the storm pump stations. The most
desirable in my view is to borrow the money internally from our
tax sale reserve. This would require .a by-law authorizing the.
spending of this money out of the tax sale reserve and a policy

decision by. Council to repay the money with interest over a

“number of years. I would recommend an interest rate to be
Charged at prime less 3% which would still be a (low) average

» Yeturn. rate. to the tax sale fund and a lower interest rate than
-we could otherwise borrow at. _ ’

a The above is my suggestion and has not been discussed
_with the Finance Committee. ,

.

J. Maitland.

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