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THE CORPORATION OF THE CITY OF PORT COQU I TLAMS

BYLAW NO. 2130

A bylaw to authorize temporary borrowlngs pending the sale of debentures,

WHEREAS it Is provided by Section 342 of the "Municipal Act" that the Council! may, where It has adopted a loan author! zation bylaw, without further assents or approvals, borrow temporarily from any person under the conditions therein set out; | / |

AND WHEREAS the Council has adopted Byiaw No. 2081, cited as the "South Mary HIT! Sewer Improvements Loan Author! zatlon Bylaw, 1985, No. 2081" authorizing the construction of certain Improvements to the sewer system In the amount of $392,000.00; a os

AND WHEREAS the issuance of debentures has been temporarily deferred;

NOW THEREFORE, the Municipal Councl{i of The Corporation of the City of Port. Coquititam, In open meeting assembled, enacts as follows:

The Council! Is hereby authorized and empowered to borrow from Genstar Corporation an amount or amounts not exceeding the sum of $70,000.00, as

the same may be required, without Interest.,

The Counci} is hereby authorized and empowered to borrow from AJR Management Ltd. an amount or amounts not. exceeding the sum of $240,000.00 as the same may be required, without Interest.

The form of obligation to be given as acknowledgement of the Ilablt ity shal! be a promissory note or notes bearing the corporate seal and signed by the Mayor and the Treasurer. . ce ;

‘The money so borrowed shall be used solely for the purposes set out. In sald Bylaw No. 2081. |

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~The proceeds. from the sala of debentures, on so much thereof as may be necessary, shall be used to repay the money so borrowed, | i

‘This bylaw may be clted for. all purposes as the "Sewer Facilities Temporary Loan Bylaw, 1985, No. 2130",

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