CITY OF REVELSTOKE
BYLAW No. 1875
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Being a Bylaw to authorize the borrowing of the estimated cost of Construction of remedial works on Pearkes Drive and Cleland Road
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Whereas the Council of the City of Revelstoke deems it necessary to construct remedial works on Pearkes Drive and Cleland Road.
And Whereas the estimated cost of carrying out the construction of the remedial works on Pearkes Drive and Cleland Road, including related contingencies and incidental expenses is $225,000 (Two Hundred and Twenty Five Thousand Dollars), and that the debt intended to be created by this bylaw is $225,000 (Two Hundred and Twenty Five 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 the remedial works on Pearkes Drive and Cleland Road 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 $225,000 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 the remedial works on Pearkes Drive and Cleland Road.
2. TERM OF DEBENTURE
The maximum term for which debentures may be issued to service the debt caused by this bylaw is 25 (twenty five) years;
3. TITLE:
This bylaw may be cited for all purposes as the “Pearkes Drive and Cleland Road Construction Loan Authorization Bylaw No. 1875”.
READ A FIRST TIME THIS 25th day of June, 2007.
READ A SECOND TIME THIS 25th day of June, 2007.
READ A THIRD TIME THIS 25th day of June, 2007.
RECEIVED THE APPROVAL OF THE INSPECTOR OF MUNICIPALITIES THIS 18th day of July, 2007.
RECEIVED THE APPROVAL OF THE ELECTORS OF THE CITY OF REVELSTOKE THIS 4th day of September, 2007.
ADOPTED THIS 10th day of September, 2007.
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Director of Corporate Administration
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Mayor
Certified a true copy, this ______ day of _____________, _______.
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