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BYLAW NO. 2246

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

WHEREAS there is an unappropriated balance of $3,285,686.38 as at December 3ist,
1986 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 "Municipal Act"; which
amount has been calculated as follows:

Balance in Reserve Fund at December 30th, 1985 $ 1,982,756.75
Add: Net Additions to fund since December 30th, 1985 $ 1,302,929.63

Balance in Reserve Fund at December 31st, 1986 $ 3,285,666.38

AND WHEREAS no sinking funds have been or were required to be estab] ished;

AND WHEREAS it is deemed desirable to expend from the amount so set aside the sum
of $700,000.00 to construct an addition to the Por? Coquitlam Senior Citizens
Centre located at 2150 Wilson Avenue, Port Coquitlam, B.C.;

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

NOW THEREFORE the Municipal Councit of The Corporation of the City of Port
Coquitlam, in open meeting assembled, enacts as fol lows:

1. (a2) The sum of $700,000.00 is hereby appropriated from the Tax Sale
Lands Reserve Fund to construct an addition to the Port Coquitlam Senior
Citizens Centre located at 2150 Wilson Avenue, Port Coquitlam, B.C.;

The Municipal Council is hereby empowered and authorized to undertake,
carry out, or cause to be carried out, the construction of the said
addition generally in accord with the plans and specifications that have
been placed on file in the office of the City Cierk and to more
particularly specify and authorize by resolution all things necessary in

connection therewith.

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

FIRST THREE REAGINGS

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