BYLAW NO. 2500

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

WHEREAS there is an unappropriated balance of $3,456,842.34 as at August 24th,
1987 in the Tax Sale Lands Reserve Fund consisting of monies 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 MMunicipal Act"; which
amount has been calculated as follows:

Balance in Reserve Fund at December 3tst, 1986 $ 3,285,686.38

Additions to fund since December 31st, 1986 $ 4,311,155.96

any

Previously authorized expenditure under
Bylaw No. 2246 700,000.00
Bylaw No. 2252 320,000.00

Bylaw No. 2287 120,000.06
Bylaw No. 2299 $ 3,000,000.00

Balance in Reserve Fund at August Z4tn, 1987 $ 3,456,842 .54

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 $100,000.00 to purchase the real property hereinafter described.

NOW THEREFORE the Municipal Counci! of The Corporation of The City of Port
Coquitiam, in open meating assembled, enacts as follows:

The sum of $93,000.00 is hereby appropriated from +he Tax Sale Lands

1.
Reserve Fund for the following purchase of real property:

Lot 92, Block N, District Lot 2869, Group One, Plan 19019, New
westminster District.

acquisition of which parcel of land is hereby authorized.

The sum of $7,000.00 is hereby appropriated from the Tax Sale Lands

Reserve Fund to pay incidental survey, legal, and other costs associated
with the purchase and Improvement of The property hereinbefore described.

Should any of the amounts expropriated remain unexpended after the
expenditures hereby authorized have been made, the unexpended balance
shall be returned to the credit of the sald Tax Sale Lands Reserve Fund.

This Bylaw may be cited for al! purposes as the "Tax Sale Land Reserve
Fund 2249 Atkins Avenue Purchase Expenditure Bylaw, 1987, No. 2300".

FIRST THREE READINGS
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