THE CORPORATION OF THE CITY OF PORT COQUITLAM

BYLAW No. 2489

A Bylaw to authorize the expenditure of monies
in the Tax Sale Lands Reserve Fund.

WHEREAS there is an unappropriated balance of $11,330,728.12 as at December
3ist, 1989 in the Tax Sale Lands Reserve Fund consisting of nonles received
from the sale of tax sale properties including interest earned thereon and set

aside in accordance with the provisions of Section 380 of the “Municipal Act";

AND WHEREAS since that date Bylaw No. 2488 has been passed to authorize the
expenditure of funds in the amount of $295,028.37 from the said Tax Sale Lands
Reserve Fund;

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

AND WHEREAS it is deemed desirable to transfer from the amount so set aside
the sum of $300,000.00 to the Parks Development Fund;

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

1. The sum of $300,000.00 is hereby transfered from the Tax Sale Lands
Reserve Fund to the Parks Development Fund to be expended for the purpose
of developing a park on City owned land located north of the 1400 Block
Chelsea Avenue.

The detailed expenditure arrangements with respect to the funds
transferred by this bylaw shall be more particularly specified by
resolution of the Council.

Should any of the amount expropriated remain unexpended after the
expenditure hereby authorized has been made, the unexpended balance shall
be returned to the credit of the said Tax Sale Lands Reserve Fund.

This Bylaw may be cited for all purposes as the "Tax Sale Land Reserve
Fund Park Development Fund Transfer Bylaw, 1990, No. 2489".

FIRST THREE READINGS

SCOUNCIL® TTTEM
MAR 19 180)