CITY OF REVELSTOKE
BYLAW NO. 1749
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Being a Bylaw to Authorize Borrowing of the Estimated Cost of Road Reconstruction and Rehabilitation
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WHEREAS Council of the City of Revelstoke deems it necessary to reconstruct and rehabilitate roads.
AND WHEREAS the estimated cost of carrying out the reconstruction and rehabilitation of roads, including related contingencies and incidental expenses is $650,000 (Six Hundred and Fifty Thousand Dollars), and that the debt intended to be created by this bylaw is $650,000 (Six 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 the reconstruction and rehabilitation of roads 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 $650,000 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 reconstruction and rehabilitation of roads.
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 Road Reconstruction and Rehabilitation Loan Authorization Bylaw No.1749”.
READ A FIRST TIME THIS 10th DAY OF MAY, 2004
READ A SECOND TIME THIS 10th DAY OF MAY, 2004
READ A THIRD TIME THIS 10th DAY OF MAY, 2004
RECEIVED the approval of the Inspector of Municipalities this 21st day of May, 2004
RECEIVED the assent of the electors of the City of Revelstoke on this 26th day of July, 2004
RECONSIDERED AND FINALLY ADOPTED THIS 26th DAY OF JULY, 2004
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DIRECTOR OF CORPORATE ADMINISTRATION
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MAYOR
Certified a true copy this ____________ day of _____________, ________.
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