BY-LAW NU. 1179

A By-law to authorize the i of a deb e in the of

$106,000.00.

MEEREAS the Council intends to issue a debenture in the amount of

$106,000.00 to finance vorks undertaken pursuant to the borrowing authority of

the following loan authorization by-law:

"Westminster Avenue Storm Sewer Construction and Loan Authorization

By-law, 1971, No. 1060";

AND WHEREAS the amount of borrowing authorized by the above by-lav,
the anount already borrowed under the authority thereof, the amsunt of auth-
orization to borrow Yemaining thereunder and the avount being issued under che

suthority thereof by thic by-law is as follows:-

By-law Amount of Anount Borrowing
Suaber Borrowing Already Authority

Authorized Borrowed Rena ining
1060 $206,000.00 Nil $206,000.00 $106,000.00

Totals $106,000.00 Nil $106,000.00 $106,000.00

Now THEREFORE the Municipal Council of The Corporation of the City of
Port Coquitiaa, in open Teeting assembled, enacts ag lilows:
1. A debenture in the form of Schedule "4" attached hereto shall be be
issued in the principal amount of $106,000.00 and shall bear interest at the
Tate of 6.23252 per annun, .
2. The debenture shall be dated the First day of April, 4972, and shall
be payable as therein specified as cto principal by Twenty (20) consecutive
annual iastalinenta commencing on the Firat day of April, 1973 and interert
thereon shall be payable as therein specified annually on the First day of
April in each and every year during the Curreacy thereof and the first irstal~
lxent of faterest shall be due and payable on the First day of April, 1973,
3. The debenture ehall be sealed with the seal of The Corporation of
the City of Port Coquitlam and the Mayor and the Treasurer shall sign the

debenture,

4 The debenture as to both principal and interest ahall be payable in

lavful money of Canada at any branch of

in €anada at the option of the holder,

The debenture shall be endorsed as follous:-

"This debenture, or any interest therein, shall not, after a
certificate of ownership has been endorsed hereon by the
Treasurer of this municipality be transferable, except by the
entry by the Treasurer or his deputy in the debeature registry
book of the municipality at Port Coquitlan, British Colu=bia.”

6, ° During the currency of the debenture issued hereunder to secure

of "Mi if A Stora Sewer Construction and

borrowings {n F
Loan Authorization By-law, 1971, No. 1060" there shall be levied and raised
annually by a rate aufficient therefor over and above all other rates upon
all land and isprovements subject to taxation for general municipal purposes
in the sunicipality in the sane manner and st the same tice as other rates
an amount sufficient to meet the annual payment of interest and the repcy-
ment of principal.
7, This By-law may be cited as the "Westminster Avenue Storm Sever
Security Issuing By-law, 1972, No. 1279".

Read a first tina by the Municipal Council this First day of May,
1972,

Read a second tine by the Municipal Council this First day of May,
Read a third time by the Municipal Council this Pirst day of May,

Received the approval of the Inspector of Municipsiities this

day of » 1972,

idered, finally p d and adopted by the Municipal Council

of The Corporation of tha City of Port Coquitlan this
day of » 1972.

Mayor

: City Clerk
T hereby certify the above to be a true copy of By-law No. 1179 as

read & third time by tha Municipal Council of The Corporation of the City of

First day of May, 1972.
Port Coquitlam on the Firet day ld Clerk of the Corporation of the
City of Port Coquitlan.