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THE CORPORATION OF THE CITY OF PORT COQUITLA /
BYLAW NO. 2129 ie 0

A bylaw to authorize Temporary borrowings
pending the sale of debentures,

WHEREAS It Is provided by Section 342 of the "Municipal Act" that the
Councli may, where It has adopted a loan authorization bylaw, without
further assents or approvals, borrow temporarily from any person under
the conditions therein set out; ,

AND WHEREAS the Councl! has adopted Bylaw NO. 2080, cited as the "South

Mary HiIl Water Loan Improvements Authorization Bylaw, 1985, No. 2080" Seer rene
authorizing the construction of certain Improvements to the water system fe! ees a ae
In the amount of $630,000.00; 7 pI bite:

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AND WHEREAS the |ssuance of debentures has been temporar| ly deferred;

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

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te ‘The Council is hereby. author! zed and empowered to borrow from Genstar
Corporation an. amount or amounts not exceeding the sum of $400,000.00,
* as the same may be required, without interest, .

2. The Counci | is hereby authorized and empowered to borrow from AJR
Management Ltd. an amount or amounts not exceeding the sum of
$180,000.00 as the same may be required, without interest. . :

3. The form of obligation to be given as acknowledgement oft. the Mabriiry
“shall be a promissory note or notes bearing the corporate seal and
Signed by the Mayor and the Treasurer. . a

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4 “The money so borrowed shal | be used solely for the purposes set out ‘In
_ Sald Bylaw No. 2080. . . ne

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5, The proceeds from the sale of debentures, or so much thereof. as may be
--mecessary, shal! be. used to repay the money so borrowed. |

‘

6. This bylaw may be cited for ali purposes as the "Water Distribution
Facilities Temporary Loan Bylaw, 1985, No. 2129",

PE er eee ne ere ae

FIAST THREE READINGS

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