THE CORPORATION OF THE CITY OF PORT COQUITLAM) 7”
BY-LAW NO. 1725 u (

A By-law providing for the borrowing of such sums of money adAtly ? 1980
be requisite to meet the current lawful expenditures of The Corporation of the
City cf Port Coquitlam (hereinafter called "The Corporation") for the year

1980,

WHEREAS the Council of The Corporation is empowered by Section 264
of the Municipal Act to provide by By-law for the borrowing of such sums of
money as may be requisite to meet the current lawful expenditures of The
Corporation, such borrowing not to exceed at any time in the aggregate sum of:

(a) the whole amount remaining unpaid of the taxes for all purposes
levied during the current year, provided that prior to the adoption of the annual
rate by-law in any year, the amount of the taxes during the current year for this
purpose shall be deemed to be 75 percentum of the whole amount of taxes levied
for all purposes in the immediately preceding year; and

(b}) the whole amount of any sums of money remaining due to The
Corporation from other governments;

+ AND WHEREAS the aggregate that The Corporation may presently borrow,

calevlated in accordance with the foregoing, is in excess of $6,000,000.00;

AND WHEREAS in order to meet current lawful expenditures of The
Corporation it is requisite for The Corporation to borrow the sum of $2,000,000.00;

NOW THEREFORE the Municipal Council of The Corporation of the City of
Port Coquitlam, in open meeting assembled, hereby enacts as follows:
1. The Corporation is hereby authorized and empowered to borrow upon the
. credit of The Corporation from THE ROYAL BANK OF CANADA, or any other person,
firm or corporation willing to advance the same, the sum of TWO MILLION DOLLARS
($2,000,000.00}, in such amounts and at such time as the same may be required, |
and to pay interest thereon, |

2. All the moneys so borrowed and interest thereon shall be payable on or

before the 3lst day of December, 1980. ~

3. the form of obligation or obligations to be given as acknowledgement
of the liability shall be promissory note or notes, payable on or before the date
specified in clause 2 thereof with interest, bearing the Corporate Seal of The
Corporation and signed by (1) the Mayor, (2) the Clerk, and (3) the Treasurer

of The Corporation.

4. There Js hereby set aside security fur the Liability hereby authorized

to be incurred TWO MILLION DOLLARS (2,000,000.00) being those parts of unpaid
FIRST THREE READINGS