THE CORPORATION OF STE CLY OF PORT COQU aD .
BY-LAW_NO. 1673 0 UJ Ny
e

MAY 14% 1979

A By-law to authorize the borrowsng of money for the DR 40;
of constructing an additlon to the Sentor Cltizens Recreation 28, 1978

WHEREAS pursuant to the provisions of Section 260 of the Municipal
‘Act, the Council may contract a debt for any purpose of a capital nature
such débt not to exceed at any time a total amount equal to Thirty-five

Dollars ($35.00) multiplied by the population of the municipality and

may, by by-law, without:the assent of the electors, contract: the debt. by

borrowing and make provision for the repayment of the debt and interest

thereon;

AND WHEREAS the amount of the existing obligations of the
municipality, authorized under said Section 260 at the date hereof is
$123,249.00;

AND WHEREAS the amount of the authorized debenture debt of
the municipality is $4,863,176.00 of $4,076,502.00 is existing outstanding
debenture debt and $784,674.00 is authorized and unissued debenture debt
and none of the principal or interest of the debenture debt of the
municipality is in arrears;

AND WHEREAS the Council deems it necessary to borrow the sum
of $144,000.00 for the purpose of constructing an addition to the Senior
Citizens Recreation Centre on Lot 104, District Lot 289, Group One, Plan
37752, New Westminster District;

AND WHEREAS the approval of the Inspector of Municipalities has
been obtained;

NOW THEREFORE the Municipal Council of The Corporation of the City
of Port Coquitlam, in open meeting assembled, enacts as follows:

1. The Council is hereby authorized and empowered to borrow upon
the credit of The Corporation of the Clry of Port Coquitlam, the sum of
One Hundred Forty-four Thousand Dollars ($144,000.00) at such times as the
same may be required for the purpose hereinbefore reeited and te pay
interest thereon at the prime interest rate currently charged by the

lender from time to time, Vorr

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