LATE PTENi

RECEIVED AT:
30 arn

MAY 14 1979

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mq

BY-LAW NO. 1673 q \ f

| JUG
MAY 14 1979

A By-law to authorize the borrowfng of money for the purpose

of constructing an addition to the Senlor Citizens Recreation Centre,

WHEREAS pursuant to the provisions of Section 260 ef the Muntei pal
Act, the Council may contract a debt for any purpose of a capital nature
such debt. not to exceed at any time a total. amount equal to Thirty-five
Dollars ($35.00) multiplied by the population of the municipality and
may, by by-law, without the assent of the electors, contract the debt by
borrowing and make provision for the repayment of the debt and interest
thereon;

AND WHEREAS the amount of the existing obligations of the
municipality, authorized under said Section 260 at the date hereof is
$123,249.00;

AND WHEREAS the amount of the authorized debenture debt of
the municipality is $4,861,176.00 of $4,076, 502.00 is existing outstanding
debenture debt and $784,674.00 is authorized and unissued debenture debt
and none of the principal or interest of the debenture debt of the
municipality is in arrears;

AND WHEREAS the Council deems it necessary to borrow the sum
of $144,000.00 for the: purpose of constructing an addition to the Senior
Citizens Recreation Centre on Lot 104, District Lot 289, Group One, Plan
37752, New Westminster District;

AND WHEREAS the approval of the Inspector of Municipalities has
been obtained;

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

1, The Council is hereby authorized and empowered te borrow upon
the credit of The Corporation of the City of Port Coquitiam, the sum of
One Nundred Forty-four Thousand Dollars ($144,000.00) at such times as the
same may be required for the purpese hereinbefore recited and te pay

interest thereon at the prime interest rate currently charged by the

lender from time to time. ‘Vere:
Avon la ble far First

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