CITY OF REVELSTOKE
BYLAW NO. 1695
A Bylaw to authorize the borrowing of the estimated cost of Construction of
an Aquatic Centre.
WHEREAS Council of the City of Revelstoke deems it necessary to construct an Aquatic Centre.
AND WHEREAS the estimated cost of carrying out the construction of the Aquatic Centre, including related contingencies and incidental expenses is $5,500,000 (Five Million Five Hundred Thousand Dollars), and that the debt intended to be created by this bylaw is $3,500,000 (Three Million Five Hundred 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 the construction of an aquatic centre 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 $3,500,000 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 an Aquatic Centre.
2. TERM OF DEBENTURE
The maximum term for which debentures may be issued to service the debt created by this bylaw is 25 (twenty five) years;
3. TITLE:
This bylaw may be cited for all purposes as the “City of Revelstoke Aquatic Centre Construction Loan Authorization Bylaw No.1695.”
READ A FIRST TIME THIS 9th DAY OF SEPTEMBER , 2002
READ A SECOND TIME THIS 9th DAY OF SEPTEMBER , 2002
READ A THIRD TIME THIS 9th DAY OF SEPTEMBER , 2002
APPROVED by the INSPECTOR OF MUNICIPALITIES this 23rd DAY OF SEPTEMBER, 2002.
ADOPTED THIS 25th DAY OF NOVEMBER, 2002
____________________________
Director of Corporate Administration
______________________________
Mayor
Certified a true copy this day of , .
______________________________
Director of Corporate Administration
|
