CITY OF REVELSTOKE
BY-LAW NO. 1308
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A By-Law to provide for the borrowing of such sums of money as may be requisite to meet the current lawful expenditures of the Municipality.
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WHEREAS pursuant to Section 346 of the "Municipal Act" the Council of the Municipality is empowered by By-Law to provide for the borrowing of such sums of money as may be requisite to meet the current lawful expenditures of the Municipality, such borrowing not to exceed in the aggregate:
l. Seventy-five percentum of the taxes levied for all purposes in the preceding
year and the whole amount of any sums of money remaining due from other
governments.
AND WHEREAS the aggregate that the Council may presently borrow calculated in accordance with (l), Seventy-five percentum of the taxes levied for all purposes in the preceding year and the whole amount of sums of money remaining due from other governments is $3,293,572.00.
AND WHEREAS to meet the current lawful expenditures of the Municipality it is requisite that the Council borrow the sum of Three Million Dollars ($3,000,000.00)
NOW THEREFORE the Council of the City of Revelstoke in open meeting assembled enacts as follows:
l. It shall be lawful for the Council of the City of Revelstoke to borrow upon
the credit of the Municipality from the Royal Bank of Canada 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 prime lending rate.
2. All monies so borrowed and interest payable thereon shall be payable on or
before the thirty-first day of July, l986.
3. The form of obligation or obligations to be given as an acknowledgement of the liability shall be a Promissory Note or Notes, bearing the Corporate Seal and
signed by the Mayor and Treasurer.
4. There is hereby set aside as security for the liability hereby authorized to
be incurred: Three Million Dollars ($3,000,000.00) being that part of the
taxes for the current year deemed by the Council expedient to be set aside.
5. This By-Law may be cited for all purposes as "City of Revelstoke Revenue
Anticipation Borrowing By-Law No. l308, l986."
READ A FIRST TIME THIS 27th____ DAY OF _JANUARY_____ , l986
READ A SECOND TIME THIS 27th____ DAY OF JANUARY_____ , l986
READ A THIRD TIME THIS 27th____ DAY OF _JANUARY____ , l986
RECONSIDERED AND FINALLY ADOPTED THIS _l0th____ DAY OF __FEBRUARY________, l986.
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CLERK MAYOR
I hereby certify that the foregoing is a true and correct copy of By-Law No. l308,
l986.
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CLERK
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