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THE CORPORATION OF THE CITY OF PORT COQUITLAM U N C | [ _

BY-LAW NO. 1415 .

- : : JAN 12 1976
A By-law providing for the borrowing of such sums of money as may be

requisite to meet the current lawful expenditures of The Corporation of the

City of Port Coquitlam (herinafter call “The Corporation") for the year

1976.

WHEREAS the Council of The Corporation is empowered by Section 264 of

the Municipal Act to provide by By-law for the borrowing of such sums of money
as may be requisite to meet the current lawful expenditures of The Corporation,
such borrowing not to exceed at any time in the aggregate sum of:

(a) the whole amount remaining unpaid of the taxes for all purposes
levied during the current year, provided that prior to the adoption of the
annual rate by-law in any year, the amount of the taxes during the current
year fox this purpose shall be deemed to be 75 percentum of the whole amount
of taxes levied for all purposes in the dumediately preceding years; and

(b) the whole amount of any sums of money remaining due to The
Corporation from other governments; :

AND WHEREAS the aggregate that The Corporation may presently borrow,
calculated in accordance with the foregoing, is $4,638,000.00; .

AND WHEREAS in order to meet curxvent lawful expenditures of The
Corporation it is requisite for The Corporation to borrow the sum of
$3,000,000.00; )

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

i. The Corporation ia hereby authorized and empowered to borrow upon
the credit: of The Corporation from THE ROYAL BANK OF CANADA, oy any other
person, firm or corporation wiliing to advance the same, the sum of THREE
MILLION DOLLARS ($3,000,000.00), in such amounts and at such times as the
same may be required, and to pay interest thereon at a rate not exceeding
Thirteen percentum (13%) per annum. .

2. .All the moneys so borrowed and interest thereon shall be payable on
or before the 31st day of December, 1976.

3.. The form of the obligation or obligations to be given as an acknow

ledgement of the liability shall be Promissory note or notes, payable on

or before the date specified in Clause 2 hereof with interest not exceeding

the rate specified in Clause i hereof, bearing the Corporate Seal of The