THE CORPORATION OF THE CITY OF PORT CCQUI)

BYLAW NO. 2618

A Bylaw to authorize the establishment of a Reserve Fund pursuant toAUG 2 6 Wat
the provisions of Section 378 of the Municipal Act and the transfering
thereto of $250,000.00 from the Tax Sale Lands Reserve Fund.

WHEREAS there is an unappropriated balance of $8,743,809.74 as at December
3lst, 1990 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";

. AND WHEREAS no sinking funds have been or were required to be established;

AND

WHEREAS the following bylaws have been passed to authorize the expenditure

of funds in the following amounts from the said amount in the Tax Sale Lands
Reserve Fund:

' Bylaw No. 2465 ~ Dyke Construction $154,000.00

AND

Bylaw No. 2514 = Recycling Equipment $400 ,000 .00
Bylaw No. 2539 ~ Coquitlam River Drainage $175,000.00
Bylaw No. 2543 ~ Lobb Avenue Construction $181,000.00
Bylaw No. 2552 - Trenton Avenue Sanitary

Sewers & Waterworks $450,000.00

Bylaw No. 2560 ~ Purchase 2568 Pitt River $305 ,000.00
Bylaw No. 2588 - Langan Ave. Construction $190,130.00
Bylaw No. 2599 - Purchase 1675 Broadway $699 ,000.06
Bylaw No. 2613 ~ Purchase 2505 & 2517 ‘

Wilson Avenue $418 ,000 .00

Bylaw No. 2617 - Purchase 2535 Wilson Avenue $242,000.00

TOTAL $3,214 130.00

WHEREAS it is deemed desirable to transfer from the amount so set aside to

the
the

NOW

Extraordinary Building Maintenance Reserve Fund hereinafter established

sum of $250,000.00;

1.

The Council may, by bylaw adopted by at least 2/3 of its members, provide
for the expenditure of all or a portion of the $250,000.00 transferred in
accord with the provisions of Section 2 of this Bylaw and interest earned

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

A reserve fund to be known as the Extraordinary Building Maintenance
Reserve Fund is established pursuant to the provisions. of Section 378 of

the Municipal Act.

The transfer of $250,000.00 from the Tax Sale Lands Reserve Fund to the
Extraordinary Building Maintenance Reserve Fund herein established is
authorized. .

thereon for the purpose of maintenance or repair of buildings owned by the

City.

‘This Bylaw may be cited. for all purposes as the "Extraordinary «Building

Maintenance Reserve Fund Establishment and Transfer Bylaw, 1991, No. 2618".
(Cave | _ FIRST THREE READINGS