THE CORPORATLON OF THE CITY OF PORT COQUITLAM

BY-LAW NO. 1607 , C 0 t N

. a
4A By-law to authorize the borrowing of money for the purpose LY 2 3 i978

constructing an addition to the Senior Citizens Recreation Centre,

WHEREAS pursuant to the provisions of Section 260 of the Municipal
Act, the Council may contract a debt for any purpose of a capital nature
such debt not to exceed at any time a total amount equal to Thirty-five
Dollars ($35.00) multiplied by the population of the municipality and may,
by by-law, without the assent of the electors, contract the debt by borrowing
and make provision for the repayment of the debt and interest thereon;

AND WHEREAS the amount of the existing obligations of the
municipality, authorized under said Section 260 at the date hereof is
$214,941.00;

AND WHEREAS the amount of the authorized debenture debt of the
municipality is $4,897,817.00 of which $4,113,143.00 is existing outstanding
debenture debt and $784,674.00 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 Council deems it necessary to borrow the sum of
$250,000.00 for the purpose of constructing an addition to the Senior
Citizens Recreation Centre on Lot 104, District Lot’ 289, Group One, Plan
37752, New Westminster District:

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

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 authorized and empowered to borrow upon the
credit of The Corporation of the City of. Port Coquitlam, the sum of Two
Hundred Fifty Thousand Dollars ($250,000.00) at such times as the same may
be required for the purpose hereinbefore recited and to pay interest thereon
at the prime interest rate currently charged by the lender from time to time.
2. There shall be raised and levied during the currency of the
obligation hereby created by a rate sufficient therefore over and above all
other rates upon all land and improvements subject to taxation for general

municipal purposes in the municipality for the repayment of the debt and the
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