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 assents or approvals, borrow temporarily from any person under the conditions herein set out;

AND WHEREAS the Council has adopted Bylaw No. 1695, cited as “ The City of Revelstoke Aquatic Centre Construction Loan Authorization Bylaw”, authorizing borrowing for the construction of an aquatic center, in the amount of Three Million Five Hundred Thousand Dollars ($3,500,000);

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 an amount or amounts not exceeding the sum of Three Million Five Hundred Thousand Dollars ( $3,500,000).

2. The form of obligation to be given as acknowledgement of the liability shall be a promissory note or notes bearing the corporate seal and signed by the Mayor and the officer assigned responsibility for Financial Administration under Section 199 of the Local Government Act for the City of Revelstoke.

3. The money so borrowed shall be used solely for the purposes set out in said Bylaw No. 1695.

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 as “City of Revelstoke Temporary Borrowing Bylaw No. 1720”.
 

READ A FIRST TIME THE 24th DAY OF NOVEMBER, 2003.

READ A SECOND TIME THIS 24th DAY OF NOVEMBER, 2003.

READ A THIRD TIME THIS 24th DAY OF NOVEMBER, 2003.

RECONSIDERED AND FINALLY ADOPTED THIS 15th DAY OF DECEMBER, 2003.




DIRECTOR OF CORPORATE MAYOR
ADMINISTRATION


Certified a true copy this ______ day of ____, 200 .


 

 
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