CITY OF REVELSTOKE
BYLAW No. 1855
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Being a Bylaw to authorize temporary borrowing pending the sale of debentures.
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WHEREAS it is provided by Section 181 of the Community Charter 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. 1820, cited as “The City of Revelstoke Remedial Works on Powerhouse Road Construction Loan Authorization Bylaw”, authorizing borrowing for the construction of remedial works, in the amount of Eight Hundred and Fifty Thousand Dollars ($850,000);
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 Eight Hundred and Fifty Thousand Dollars ($850,000).
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 149 of the Community Charter
for the City of Revelstoke.
3. The money so borrowed shall be used solely for the purposes set out in said Bylaw No. 1820.
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. 1855 ”.
READ A FIRST TIME THE 8th DAY OF JANUARY, 2007.
READ A SECOND TIME THIS 8th DAY OF JANUARY, 2007.
READ A THIRD TIME THIS 8th DAY OF JANUARY, 2007.
ADOPTED THIS 22nd DAY OF JANUARY, 2007.
Director of Corporate AdministrationMayor
Certified a true copy, this day of , .
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