THE CORPORATION OF THE CITY OF PORT COQUITLAM .
ues COUNC

OCT 17 4977

A By-law to authorize the expenditure of monies in the Tax Sale
Lands Reserve Fund.

WHEREAS there is an unappropriated balance of $480,885.64 as at
October 12th, 1977 in the Tax Sale Lands Reserve Fund consisting of monies
received from the sale of tax sale properties including interest earned there~

on and set aside in accordance: with the provisions of Section 304 of the

"Municipal Act", which amount has been calculated as follows:

Balance in Reserve Fund at March 4th, 1977 $253,762.48

Add: Additions to fund including interest
earnings for 1977 to date’ 227,123.16

Balance in Reserve Fund at October 12th, 1977 $480, 885 .64

AND WHEREAS no sinking funds have been or were required to be

established;

ane ace

AND WHEREAS it is deemed desirable to expend from the amount so set

aside the sum of One Hundred Sixty-five Thousand ($165,000.00) Dollars to

t

develop property owned by the municipality as a residential area pursuant to
the provisions of subsection (1) of Section 465 of the Municipal Act;

"AND WHEREAS the approval of the Minister of Municipal Affairs and
Housing has been obtained;

HOW THEREFORE the Municipal Council of The Corporation of the City
of Port Coquitlam, in open meeting assembled, enacts as follows:
1. The sum of One Hundred Sixty-five Thousand ($165,000.00) Dollars is

hereby appropriated from the Tax Sale Lands Reserve Fund to develop property

owned by the municipality as a residential area pursuant to the provisions of
subsection (1) of Section 465 of the Municipal Act.

2. The expenditure to be carried out by the monies hereby appropriated
have been more particularly specified and authorized by resolution of the
Council.

3. . Should any of the above amount remain unexpended after the expenditures
hereby authorized have been made, the unexpended balance shall be returned to

the credit of the said Reserve Fund.

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