we. . COUNCIL —

A Bylaw to authorize the expenditure of monies in the Tax Sale JAN 25 J

Lands Reserve _Fund, FEB 8 1982

WHEREAS there is an wnappropriated balance of $2,360,645.23
as at January 21st, 1982 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
380 of the | Municipal Act", which amount has been calculated ag follows;
Balance in Reserve Fund at July 10th, 1980 $ 1,062,019.54

Add: Additions to fund since July 10th, 1980

including interest @arned to January
lst, 1982 -$ 1,298,625.69
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Balance in Reserve Fund at January 21st, 1982 $ 2,360,645.23

AND WHEREAS no Sinking funds have been or were required to be established;
AND WHEREAS it is deemed desirable to expend from the amount so set aside
the sum of $1,750,000.00 to construct a library on property owned by the
City and situated at the Southeast corner of Mary Hill Road and Wilson Avenue;
AND WHEREAS the assent of the electors has been obtained;
AND WHEREAS the approval of the Minister of Municipal Affairs has been
obtained;
NOW THEREFORE the Municipal Council of The Corporation of the City of

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

at the southeast corner of Mary Hill Road and Wilson Avenue,

2. The Municipal Council is hereby empowered and authorized to undertake,
carry out, or cause to be carried out, the construction of the said Library
generally in accord with the plans and specifications that have been placed

on file in the office of the City Clerk and to more particularly specify and

FCOND
authorize by resolution all things necessary in connection therewith, Frtsm
Renoing

3. Should any of the amount expropriated remain unexpended after the ONLY

expenditures hereby authorized have been made, the unexpended balance

shall be returned to the credit of the said Tax Sale Lands Reserve Fund.
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