THE CORPORATION OF THE CITY OF PORT COQUITLAM C ¢ [i N C | [

MEMO APR 16 1984

TO: B. Kirk, DATE: April 12, 1984.
City Administrator.

FROM: Administration Committee.

SUBJECT: Proposed 1984 Supplementary Capital Road Program.

SESE:

RECOMMENDATION :

That the following two projects be undertaken in 1984 with financing coming
from our tax sale reserve fund and repayment be made over 15 years including
6% interest at an annual cost of $51,996.

1. Oxford Street - Westminster to Prairie $345,000
2. Lincoln Avenue ~ Oxford to Wellington $160,000

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oT EES,

HAD SUR ES

BACKGROUND AND COMMENTS:

The tax sale reserve will have a balance of approximately $1.8 million in it
at the end of 1984 if we do not proceed with this program, reducing this by
the $505,000 required for the road program will not put us in the position of
having to borrow monies prior to our taxes coming due. :

If we finance out of our tax sale reserve, we would need Victoria's approval
of our by-law to do so. Victoria may require a referendum to be held first,
but I doubt they would in this case.

"Repayment' to the tax sale reserve can not be made mandatory. The "repayment'
will be treated as a transfer to reserves in future budgets and subject to the
discretion of the Council of the day.

Annual payments will be $51,996 yearly on the 15 year plan or alternatively
they could be $44,028 per year over 20 years.

J. Maitland .

ne rete ane a a a Te Sti EE