DocumentsBylawSep 6, 2016Page 197
BYLAW NO. 1655 - City of Langford Bear Mountain Parkway Extension Local Area Service Temporary Borrowing Bylaw No. 1655, 2016 (Adoption)
Text and adoption materials for temporary borrowing bylaw No. 1655 related to the Bear Mountain Parkway Extension Local Area Service.
Key facts
- Bylaw No. 1655
- Listed as Adoption on agenda
- Subject: Temporary Borrowing for Bear Mountain Parkway Extension Local Area Service
CITY OF LANGFORD
BYLAW NO. 1655
A BYLAW AUTHORIZING THE TEMPORARY BORROWING OF FIVE MILLION DOLLARS ($5,000,000.00) PENDING THE SALE OF DEBENTURES
WHEREAS
WHEREAS it is provided by Section 181 of the Community Charter that the Council, where it has adopted a loan authorization bylaw may, by bylaw, temporarily borrow money not exceeding the difference between the total amount authorized by the loan authorization bylaw and the amount already borrowed in relation to that bylaw;
AND WHEREAS the Council of the City of Langford has adopted Bylaw No. 1631 cited as "Bear Mountain Parkway Extension Loan Authorization Bylaw No. 1631, 2016", authorizing borrowing for the construction of 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, in the amount five million dollars ($5,000,000.00);
AND WHEREAS the sale of the said debentures has been temporarily deferred;
NOW THEREFORE
NOW THEREFORE the Council of the City of Langford in open meeting assembled, enact as follows:
The City of Langford is hereby authorized and empowered to borrow upon the credit of the City of Langford, a sum not exceeding five million dollars ($5,000,000.00).
The form of obligation to be given as acknowledgement of the liability shall be promissory notes bearing the corporate seal and signed by the Mayor and Treasurer.
The money so borrowed shall be used solely for the purposes set out in said Bylaw No. 1631.
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.
This bylaw shall be cited as “City of Langford Bear Mountain Parkway Extension Local Area Service Temporary Borrowing Bylaw No. 1655, 2016”.
READ A FIRST TIME this 15th day of August, 2016.
READ A SECOND TIME this 15th day of August, 2016.
READ A THIRD TIME this 15th day of August, 2016.
ADOPTED this day of.
MAYOR
(Certified Correct)
CORPORATE OFFICER