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DY-LAM nO. 1650

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A hy-law providing for the borrowsns of such sums of honey an may
be requisite to meet the current lawful expenditures of The Corporation of the

City of Port Coquitlaa (hereinafter called "The Corporation") for the yoar

EAS the Council of The Corporation in cepowered by Section 264
of the Munielpal Act to provide by By-law for the borrowing of such suas of
money as way be requisite to meet the current lawly) expenditures of The
Corporation, such borrowing not to exceed at any tine in the agerepate sum of:

(a) the whole amount remaining unpaid of the taxes for all purposes
Jevied during the current year, provided that prior to the adoption of the annual
ate by-law in any year, the amount of the tayes during the current year ‘or this
Purpose shall be deemed to be 75 pereentum of the whole amount of taxes levied
for all purposes in the immediately preceding years and

(b) the whole amount of any tums of money remaining due to The
Corporation from other governnents;

AND WHEREAS the aggregate that The Corporation may presently borrow,
calculated in accordance with the foregoing, Js $6,869,602,00;

AKD VEERSAS 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 Coquitian, in open meeting assembled, hereby enacts as follows:
1. The Corporation Js hereby authorized and empowered to borrow upon the
credit of The Corporation fren THE ROYAL BANK OF CARADA, ot any other person,

firm or corporation willing to advance the same, the sum of TWO MILLION DOLLARS

($2,000,060.00), in such amounts aud at such tiue as the same nay be required,

More: G and to pay interest thereon, ,
Available For

First Tutte
. before the 31st day of Necember, 1979,
Keadl ips ; tcfore ihe day ovo ecomber,

xe ry Coca

2. All the moneys so borrowed ard interest thereea shall be payahle on or

3. The form of obligation or obligations to be given as acknowledyement
the ability shall be promissory note or notes, payable on or before the dite
specified {fn clause 2 hereof with Interest, bearing the Corporate Seal of The
Corporation and signed by (1) the Hayor, (2) the Clerk, and (3) the Treasurer
ef The Corporation.

un There da hereby set anfde recurity For the Mabiifty hereby authert{zed
to be incurred TWO MILLION DOLLARS ($2,000,009.09) being thore parts of unpaid

taxen due to The Corperatton levied prfor te the current year and of the taxes

of the current: year decmed by the Couned) expedient tu be ro net antde.

$. Thi Ny-law may be efted an “Temporary Loan Ny-law, 1975, Ko. 1650",