CITY OF REVELSTOKE
BYLAW NO. 1681, 2002
A Bylaw to authorize the borrowing of the estimated cost of Road reconstruction and rehabilitation.
WHEREAS Council of the City of Revelstoke deems it necessary to reconstruct and rehabilitate roads.
AND WHEREAS the estimated cost of carrying out the construction of the reconstruction works, including related contingencies and incidental expenses is $1,100,000 (One Million One Hundred Thousand Dollars), and that the debt intended to be created by this bylaw is $850,000 ( Eight Hundred and Fifty Thousand Dollars).
NOW THEREFORE the Council of the City of Revelstoke, in open meeting assembled enacts as follows:
1. LOAN AUTHORIZATION
(1) The Council is hereby empowered and authorized to undertake and carry out or cause to be carried out reconstruction of Second Street in accordance with plans on file at City Hall and to do all things necessary in connection therewith and without limiting the generality of the foregoing:
(a) the borrowing upon the credit of the Municipality a sum not exceeding $850,000 and
(b) the acquisition of property, easements, right-of-way, licenses, rights or authorities as may be requisite or desirable for or related to the construction of a works.
2. TERM OF DEBENTURE
The maximum term for which debentures may be issued to service the debt created by this bylaw is 20 (twenty) years;
3. TITLE:
This bylaw may be cited for all purposes as the “City of Revelstoke Road Reconstruction and Rehabilitation Loan Authorization Bylaw No. 1681, 2002.”
READ A FIRST TIME THIS 13TH DAY OF MAY, 2002
READ A SECOND TIME THIS 13TH DAY OF MAY, 2002
READ A THIRD TIME THIS 15TH DAY OF MAY, 2002
APPROVED by the INSPECTOR OF MUNICIPALITIES on the 17TH DAY OF MAY, 2002
ADOPTED THIS 8TH DAY OF JULY, 2002
Deputy Director of Corporate Administration
Certified a true copy this day of , .
Director of Corporate Administration
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