CITY OF REVELSTOKE
BYLAW #1642, 2000
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A Bylaw to Authorize Temporary Borrowings Pending the Sale of Debentures
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WHEREAS it is provided by Section 335.2 of the Local Government Act that the Council may, where it has adopted a loan authorization Bylaw, without further assent or approvals, borrow temporarily, by the issue of temporary securities or by pledging with the lender the issued and unsold debentures, money not exceeding in all the difference between the total amount authorized by the loan bylaw and the face value of debentures issued and sold;
AND WHEREAS the Council has adopted Bylaw #1636, 2000 cited as the "City of Revelstoke Road Reconstruction and Rehabilitation Loan Authorization Bylaw" authorizing the improvements to the road system generally in accordance with general plans and specifications approved by Council and all things necessary in connection therewith;
AND WHEREAS the sale of the said debentures has been temporarily deferred;
NOW THEREFORE the Council of the City of Revelstoke in open meeting assembled enacts as follows:
1. The Council is hereby authorized and empowered to borrow from the Municipal Finance Authority an amount or amounts not exceeding the sum of Seven Hundred and Twenty Five Thousand Dollars ($725,000) as the same may be required.
2. The form of the obligation 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 the Clerk payable on or before the 30th day of November, 2000.
3. The money so borrowed shall be used solely for the purpose set out in said Bylaw #1636, 2000.
4. The proceeds from the sale of the debentures or so much thereof as may be necessary shall be used to repay the money so borrowed.
5. This Bylaw may be cited for all purposes as the "City of Revelstoke Temporary Borrowing Bylaw #1642, 2000".
READ A FIRST TIME THIS 10th DAY OF JULY, 2000
READ A SECOND TIME THIS 10th DAY OF JULY, 2000
READ A THIRD TIME THIS 10th DAY OF JULY, 2000
ADOPTED THIS 24th DAY OF JULY, 2000.
______________________________ ______________________________
DIRECTOR OF CORPORATE MAYOR
ADMINISTRATION
Certified a true copy this ___ day of __________, _____.
Director of Corporate Administration
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