BY-LAW NO. 1139

A By-law providing for the borrowing of such sums od Athes Qs{92?

‘be requisite to meet the current lawful expenditures of The Corporation of the
City of Port Coquitlam (hereinafter called "The Corporation") for the year 1972,
NHEREAS the Council of the Corporation is empowered by Section 264
of the Municipal Act to provide by By-law for the borrowing of such sums of
Money as may be requisite to meet the current lawful expenditures of the Corp-
oration, such borrowing not to exceed u any time in the aggregate ‘sum of:
(a) the whole amount remaining unpaid of the taxes for all purposes
levied during the current year, provided that prior to the adoption of the
* annual rate by-law in any year, the amount of the takes during the current
year for this purpose shall be deemed to be 75 per centum of the whole amount
of the taxes levied for all purposes in the immediately preceding year; and

(b) the whole amount of any sums of money, remaining due to the
Corporation from other governments;

AND WHEREAS the aggregate that the Corporation may presently
borrow, calculated in accordance with the foregoing, is $2,453,451.00;

‘AND WHEREAS in order co meet current lawful expenditures of the
Corporation it is requisite for the Corperation to borrow the sum of
$1,250,000.00;

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

i. ’ The Corporation is hereby authorized and empowered to borrow upon
the credit eof the Corporation from THE ROYAL BANK OF CANADA, or any other
person, firm or corporation willing to advance the same, the sum of ONE MILLION,
TWO HUNDRED AND FIFTY THOUSAND DOLLARS ($1,250,000.00), in such amounts and at
such times as the same may be required, and to pay interest thereon at a rate
not exceeding 7& per centum per annum.

2. All the moneys so borrowed and interest thereon shall be payable
on or before the 3ist day of December, 1972,

3. The form of the obligation or obligations to be given as an ack-
nowledgement of the liability shall be promissory note or notes, payable on or
before the date specified in clause 2 hereof with interest not exceeding the

rate specified in clause 1 hereof, bearing the corporate seal, of the Corporation

and signed by (1) the Mayor, (2) the Clerk and (3) the Treasurer of the

Corporation.