THE CORPORATION OF THE CITY OF PORT commmLAn yf A]
1
BY-LAW 0, 1229 ly }
a ye i
FEB 26 °°

A By-law providing for the borrowing of such sums of money as may be

PAR. ag

requisite to reet the current lawful expenditures of The Corporation of the
City of Port Coquitlam (hereinafter called "The Corporation") for the year 1973.

WHEREAS 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 maney
as may be requisite to meet the current lawful expendirures of The Corporution,
such borrowing not to exceed ar any time in the aggregate sum of:

(a) the whole anount remaining unpaid of the taxes for all purposes levind }
during the current year, provided that prior to the adoption of the annual rate “s
by-law in any year, the amount of the taxes during the current year for this
purpose shall be deemed te be 75 percentum of the whole anount of taxes levied
for all purposes in the immediately preceding year; and

(6) the whole amount of any sums of money remaining due to The Corporation
from other governnents;

AND “WHEREAS. the aggregate that The Corporation may presently borrow,
calculated in accordance with the foregoing, 1s $2,600,000.00;

AND WIEREAS in order to 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 Munfeipal 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 CAYADA, or any other person,
firm or corporation willing to advance the sane, the sum of ONE MILLION DOLLARS
($1,000,000.00), in such amounts and at such times as the same may be required,
and to pay interest thereon at a rate not exceeding Seven percentum (72) per

éaqnum.

2. All the moneys so borrowed and interest thereon shall be payable on

or before the 31st day of Deccenber, 1973,

3. The form of the obligation or obi fuyations to be given «s an acknowledze-
Bent of the liability shall te promtssory 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) che Clerk and (3) the Treasurer of The Corporation.