BYLAW NO. 1631 - Bear Mountain Parkway Extension Loan Authorization Bylaw No. 1631, 2016

A BYLAW TO AUTHORIZE BORROWING FOR THE BEAR MOUNTAIN PARKWAY EXTENSION LOCAL AREA

WHEREAS

A.
The City of Langford has adopted the Bear Mountain Parkway Extension Local Area Service Establishment Bylaw No. 1630, 2016 to authorize the extension of Bear Mountain Parkway, together with associated and consequential highway improvements;
B.
The Bear Mountain Parkway Extension Local Area Service was initiated by a petition of the owners in the area of the proposed highway; and
C.
The petition proposes that the City borrow for the local area service.

NOW THEREFORE the City of Langford, in open meeting assembled, enacts as follows:

Citation

This bylaw may be cited as Bear Mountain Parkway Extension Loan Authorization Bylaw No. 1631, 2016.

Authorization to Borrow

The City of Langford is hereby authorized to borrow up to $5,000,000 for the purpose of providing highway works to construct Bear Mountain Parkway from the intersection of Leigh and McCallum Roads north to the existing Bear Mountain Parkway at plan VIS6323 together with associated and consequential highway improvements

Allocation of Amount Borrowed

The entire amount referred to in section 2 is allocated to the purpose described in that section.

Maximum Term for Debentures

The maximum term for which debentures may be issued is 15 years.

READ A FIRST TIME this 18th day of April, 2016
READ A SECOND TIME this 18th day of April, 2016.
READ A THIRD TIME this 18th day of April, 2016.
APPROVAL of the Inspector of Municipalities obtained this 5th day of May, 2016
ADOPTED this
day of
, 2016

PRESIDING MEMBER

CORPORATE OFFICER

Key facts