TIME CORPORATION OF THE CLEY OF PORT COQUITLAM

BY-LAW NO. 17644 b OU i aa
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A By-law to authorize the expenditure of monies in ‘the Tax Sale Lands

JUN 2 3 1980

Reserve Fund,
MHEREAS there is an unappropriated balance of $1,341,469,82 as at June
. 19, 1980 in the Tax Sale Lands Reserve Fund consisting of monics -seceived Crom the
Sale of tax sale properties including interest carned thereon and set aside in
accordance with the provisions of Section 380 of the “Municipal Act", which amount
has been calculated as follows: :
Balance in Reserve Fund at November 7th, 1977 $ 315,885.64
Add: Additions to fund including interest .
earned for 1978-1979 and for the current
year to date ; $1,025 584.18 _
Balance in Reserve fund at June 19th, 1980 $1,341,469.82

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

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AND WHEREAS it is deemed desirable to expend from the amount so set

aside the sum of One Hundred Thirty-seven Thousand Four Hundred Fifty Dollars and
Twenty-eight Cents ($137,450.28) for purchase of real property and One Hundred and
Forty-two Thousand Dollars ($142,000.00) for the purchase and installation of four
storm drainage pumps;

AND WHEREAS with respect to the amount of One Hundred and Forty-two
Thousand Dollars ($142,000.00) for the purchase and installation of four storm
drainage pumps it is the intention of the Council to repay this amount to the Tax
Sale Lands Reserve Fund over the next five years together with interest at a rate
of 3% below the Prime Bank Interest rate charged by the Port Coquitlam Main Branch
of The Royal Bank of Canada as that said rate is established from time to time;

AND WHEREAS the approval of the Minister of Municipal Affairs has been
obtained;

NOW THEREFORU the Municipal Council of the Corporation of the City of
Pore Coquitlam, in open meeting assembled, enacts as follows:
1. The sum of One Hundred Thirty-seven Thousand Four Hundred Fifty Dollars
and Twenty-eight Cents ($137,450.28) is hereby appropriated from the Tax Sale Lands

Reserve Fund for the followl{ng purchases of real proepercys

FIRST THREE READINGS’