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THE CORPORATION OF THE CITY OF PORT COQUTTLANY |

BY-LAW NO. 1799 7,

A By-law to provide for the borrowing of money that may be necessary JAN {2 198!
to meet current lawful expenditures of The Corporation of the City of
Port Coquitlam (hereinafter called "The Corporation") for the year
1981.

WHEREAS the Council of The Corporation is empowered by Section 346
of the Municipal Act to provide by By-law for the borrowing of money that
may be necessary to meet current Jawful expenditures of The Corporation,
such borrowing not to exceed ac any time the-'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 taxes during the current.
year for this purpose ‘shall be deemed to be 75 percent of the whole amount
of taxes levied for all purposes in the 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.in excess of $6,000,000 .09;

AND WHEREAS in order te meet current lawful ‘expenditures of The
Corporation it is requisite for The Corporation to borrow the sum of
$2,000,000.00;

NOW THEREFORE the Municipal Council of The Corporation of the City of
Port Coquitlam, in open meeting assembled, hereby enacts as follows:
1. The Corporation is hereby authorized and empowered to borrow upon the
credit of The Corporation from THE ROYAL BANK OF CANADA, or any other person,
firm Or corporation willing to-advance the same, the sum of TWO MILLION DOLLARS .
($2,000,000.00), in such amounts and at such time as the same may be required,
and to pay interest thereon.
2. All the monies so borrowed and interest thereon shall be payable on or
“before rhe 31st day of December, 1981.
3. The form of obligation or obligations to be given as acknowledgement
of the liability shall be a promissory note or notes, Payable on or before

the date specified in Section 2 hereof with interest; bearing the Corporate

Seal of The Corporation and signed by (1) ithe Mayor, (2) the Clerk, and (3)

the, Treasurer of The Corporation. . FIRST THREE READINGS