CITY OF REVELSTOKE
BYLAW #1658, 2001
A Bylaw to Authorize Temporary Borrowings Pending the Sale of Debentures
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 #1649, 2001 cited as the "City of Revelstoke Public Safety Facility Loan Authorization Bylaw" authorizing the completion of a new RCMP Building generally in accordance with general plans and specifications approved by the Ministry of Health 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 Two Million Five Hundred Thousand Dollars ($2,500,000) 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 Director of Corporate Administration payable on or before the 31st day of May, 2002.
3. The money so borrowed shall be used solely for the purpose set out in said Bylaw #1649, 2001.
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 # 1658, 2001".
READ A FIRST TIME THIS 14th DAY OF May, 2001
READ A SECOND TIME THIS 14th DAY OF May, 2001
READ A THIRD TIME THIS 14th DAY OF May, 2001
ADOPTED BY COUNCIL THIS 28th DAY OF May, 2001
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Director of Corporate Administration Mayor
Certified a true copy this day of , .
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Director of Corporate Administration
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