BYLAW NO. 2283

A Bylaw to authorize the borrowing of he
estimated cost of constructing improvements
to the water system,

WHEREAS it is deemed desirable and expedient to construct a pumping station for
the water system servicing the Citadel Heights and Mary HIlI areas.

AND WHEREAS the estimated cost of constructing the said pumping station tor the
water system including expenses incidental thereto is the sum of $500,000.00 which is
the amount of debt intended to be created by this bylaw.

AND WHEREAS the amount of the assessed value for general municipal purposes of
the taxable jiand and improvements for the current year and for each of the two years
immediately preceding the current year were:

1987 - $906,747,818.00
1986 - $909,489,974.00
1985 - $834,578,367.00

AND WHEREAS the depreciated value as at the 31st day of December 1986 of the
water utility for which the municipality possesses a subsisting certificate of self-
liquidation granted by the Inspector of Municipalities was $4,271,590.00.

AND WHEREAS a provisional certificate of self-liquidation has been issued in
respect of the sewer system of the municipality.

AND WHEREAS the amount of the authorized debenture debt of the municipality is
$5,260,444.00 of which $2,238,444.00 is existing outstanding debenture debt and
$1,022,000.00 is authorized and unissued debenture debt, and none of the principal or

interest of the debenture debt of the municipality is in arrears.

AND WHEREAS the approval of the Provincial Health Officer has been obtained.

AND WHEREAS the maximum term for which debenture may be issued to secure the debt
created by this bylaw is 20 years.

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

1. The Council is hereby empowered and authorized to undertake and carry out or

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cause to be carried out the construction of a pumping station for the water
system generally in accordance with general plans on file in the municipal office
and to do all things necessary in connection therewith and without limiting the

generality of the foregoing -

(1) To borrow upon the credit of the Municipality a sum not exceeding
$500,000.00.

FIRST THREE READINGS