sun COUNC!

A Bylaw to authorize the expenditure of monies in the Tax Sale JAN 5]

Lands Reserve Fund, WHEREAS there is an unappropriated balance of $2,360, 645.23

as at January 21st, 1982 . in the Tax Sale Lands Reserve Fund consisting _of monies received from the gale of tax sale properties including interest earned thereon and set aside in accordance with the provisions of Section 380 of the "Municipal Act", which amount has been calculated eas follows: Balance in Reserve Fund at July 10th, 1980 $ 1,062,019.54

Add: Additions to fund since July 10th, 1980 including interest earned to January alst, 1982 § 1,298,625.69

Balance in Reserve Fund at January 2ist, 1982 § 2,360,645.23 . SS

AND WHEREAS no sinking funds have been or were required to be established; AND WHEREAS it is deemed desirable to expend from the amount so set aside the sum of $1,750,000.00 to construct a library on property owned by the City and situated at the southeast corner of Mary Hill Road and Wilson Avenue; AND WHEREAS the assent of the electors has been obtained; AND WHEREAS the approval of the Minister of Municipal Affairs 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 sum of $1,750,000.00 is hereby appropriated from the Tax Sale Lands Reserve Fund to construct a Library on property owned by the City and situated at the southeast corner of Mary Hill Road and Wilson Avenue. ;

2. The Municipal Council is hereby empowered and authorized to undertake, carry out, or cause to be carried out, the construction of the said Library generally in accord with the plans and specifications that have been placed

on file in the office of the City Clerk and to more particularly specify and authorize by resolution all things necessary in connection therewith. Fiksr

Reno 3. Should any of the amount expropriated remain unexpended after the ONLY

expenditures hereby authorized have been made, the unexpended balance

shall be returned to the credit of the said Tax Sale Lands Reserve Fund.

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