PORE te a AD me PO HY OLRM eh ele elmer

THE CORPORATION OF THE CITY OF PoRT cogutTLam f f

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BY-LAW NO. 1641

PME . a NOV 20 1978 A By-law to authorize the borrowing of money for the purpose of purchasing a fire ‘truck. , . WHEREAS pursuant to the provisions of Section 260 of the Municipal 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) muleiplied by the populat:.on of the municipality and may,

‘by by-law, without the assent of the electcrs, 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

$464,941.00: ’ AND WHEREAS the amount of the authorized debenture debt of the

municipality is $5,235,944.00 of which $4, 201,270.00 is existing outstanding debenture debt and $1,034,674.00 is authorized and unissued debenture debt

and none of the principal or interest of the debentur2 debt of the municipality

is in arrears;

AND WHEREAS the Council deems it necessary to borrow the sum of $195,000.60 for the purpose of purchasing an Eighty-five Foot Aerial Platform with 1050 Quintuple Combination Pumper, Booster and Hose Truck;

AND WHEREAS the apprsval 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: Ll. ‘The Council is hereby authorized and empowered to borrow upon the

credit of The Corporation of the City of Port Coquitlam, the sum of One

Hundred Ninety-five Thousand ($195,000.00) Dollars at such times as the same may be required for the purpose hereinbefore recited and to pay interest

thercon at the prime interest rate currently charged by the lender from time to

time.

2. There shall be raised and levied during the currency of the

obligation hereby created by a rate suffictent therefore over and above all

‘other rates. upon all.land and improvements subject to taxation for general

municipal purposes in the municipality for che repayment of the principal Nord: Available Ge Fiesty THREE Readings. fiw Coen