Rii LAW NO.
1.92.
C I T Y OF NORTH VAIICOUVER.
A BY
).
mrr
t o e m b i e t h e C o r p o r a t i o n of t h e C i t y of North
Vnnnollver t o r l i s e by way ol" l o a n t h e sum of
$5,000.00 t o open. and T07lgtl grade l a n e s i n t h e
Citg.
l?HEiE!AS i t i s deemed e x p e d i e n t t h n t thn nu?l of J%ve thoilsand Dolla~!s ( $ 5 , 0 0 0 )
be provided f o r t h e purpone or opening l a n e s i n t h e C i t y an6 iml>roving such l a n o s by
rwdg~hg r a d i n g snlne t h e s a i d sum t o be a p p l i e d a s h e r e i n a f t e r e?p?essed.
B3D WHEREAS i n order t o provide s a i d sun it w i l l be n e c e s s a r y t o i s s u e debent i i r e s of t h e C o r p o r a t i o n of t h e C i t y UP North ~ a n c o u v e rf o r t,he s u n uf F i v e thousand
($5,033) D o l l o r s a s h e r e i n a f t e r provided ( q h i c h i s t h e amount of t h e d e b t intenrled t o
be c r e a t e 6 by t h i s ~ y - j k ' i r .
I
j
..
A!D 'JIIiEXFAS n p e t i t i o n s i i p ? d by t h e ownors of more t h a n o n e - t n t h ( I R O ) of
tT?e vaiuo of r e a l p r o p e r t y i n t h e C i t y of !\iorth Vnncouver ( a s shoam by t h e l a s t r e v i s e d
Assessma!7t R o l l ) h s s been presentee? t o t h e Ifiinicipal Co m c i l of'the C i t y of North Vancouver r e q u e s t i n g t h e n t o i n t r o d u c e a By-law t o a u t h o r i z e t h e borrowing o f , t h e s ~ mof
Five thousan:: ( $ 5 , 0 0 0 ) D o l l a r s f o r t h e purpose a . f o r e s a i d .
4
AND WNiF,ICAS f o r t h e payment of i n t s r a s t on t?ie d e b e n t u r e s proposed t o be isiluei?
;indar t h i s By-law, a.nd f u r c r e a t i n g a s i n k i n g flmd f o r tile pajimilnt of t h e s a i d d e b s n t u r e s
when d u e , i t w i l l h e n e c e s s a r y t o r a i s e by s p e c i a l r a t e i n h d d i t i o n t o a l l o t h e r r a t e s ,
each y e a r diirint; t,he c u r r e n c y of such d e h s n t u r e s t h e sun of Two hundred and f i f t y - s e v e n
d o l l a r s 'nd : ~ e v e n t y - s i x c e n t s ($257.76) whereof Two h?mdr.ed and twenty-five ($225)
Doll.ars j.8 t o he r a i s e d errnually f o r tihe paymsnt o i i n t e r e s t , dlirPinyt h e c u r r e n c y of ssici
ih
d e b s n t u r e s , and thi.rty-two d o l l a r s a n d sevei!ty-six e e n t s (:,32.76)
t o be s a i s e d e n n l l a l l g
f o r t h e p,lrpose of c r e a t i n g a s i n k i n g fund f o r p e : p e n t of t h e d e b t s e c u r e d by t h e s a i d ~
debentures t h e same h e i n s m l ? e payable i n P i f t y y e a r s f r o - ? t h e f i r s t day of :ieptember?r,
1911.
AND VHgRMS i n order t o r a i s e the n a i d y e a r l y s m i ' o f Two hundred nnd f i f t y - s e v e n
t and i
n f u n an u a l s p e c i a l
l i a r s a n seven+-six e n s 2
5
. for i
r a t e un t h e d o l i a r w i l l be r e q u i r e d . t o be l e v i e d on a l l t h e r a t n e ' o l e r e a l p r o p e r t y i n
tbe s a i r : c i t y .
AND "iiEX!XS the whole r n t e a b l k r e a l p r o p a r t y i n t h e s n i r l c i t y , s s c u r d i n g t o t h e
l a s t r e v i s e d asses.3ment r o l l i s Ten m i l l i o n n i n e hunt&ed and n i n e t y thousand t h r a e hundred and snventy-one dollt?.rs ($10,7Y0,37i).
1
AND WtIiSiiGAS trs agycegate of t h e e x i s t i n g d e b e n t u r e d e b t of t h e C o r p o r a t i o n i s
Nine hundred nnd t h r e e thousnnd nilis h5undrsd and twenty ($103,920) Dol_lars (9xc:ei)ting
f o r wurks of icical improvement and f o r school p u r p o s e s ) o r which none of t h e p r i n c i p a l
or i n t e r e s t i s i n a r r o a r .
TB,ESEFOXE th.e Municipal Council of t h e Curpura:bion of t h e C i t y of North Va
t h e C i t y of North Vancouver d u l y o b t a i n e d , e n a c t
w i t h t h e a s s e n t of t h e E l e a t o r s of
f allows:
-
1.
I t shai.1. be l a w f u l f o r t h e Eiayor of t h e C i t y o r North Vanoouvor and t h
t!?er!r f o r t h e purpose aforesai,d t o borrolri or r a i s e by m y of l o a n iruln any p e r s
persons, body o r 9orlic.s c o r p o r a t e , who may be w i l l i n g t o advance t h e same upon
of t h e d e b e n t u r e s h e r e i n a f t e r mentioned of' t h e C o r p o r a t i o n a s~unof ~norreyn o t e m
i n t h e w l ~ o l ethe stun of Rive thousand ($5,900) D o l l a r s and t o cause t h e snme t o be
placed i n , h e Bank of B r i t i a h North America a t North Vancomer, Go t h e c r e d i t of t h e
f o r th.9 i?;lrposos nbcna r e c i t e d and :;mh moneys s h a l l be used f o r t h a t purpose o n l y .
2.
Debonturns of t h e C i t y n o t e x s e e d l n g i n amount t h e s
D o l l a r s may be i s s u e d by t h e s n i d Mayor end C i t y Clerii i n terms of
Act i n sums a s mRy b n d e s i r e d , b u t n o t excr>eding one thousand ( $ O
e q u i v a l e n t exprosRerl i n pounds s t e r - l i n g o<the UniteZ. Kingdom of
I r e l a n d a t t h e v a l u e o.? $4.86 2/3 t o t h e pound s t e r l i n g . Each o
& a l l be signed b$ t h e s a i d Mqror. ancl C i t y C l e r k an,$ t h e C i t y
t h @ Corpora,& S e a l of t h e s s i d C i t y of Worth Vancouve~.
3.
The itehentures s h a l l b e a r ( l a t e t h e f i r s t day of September 19l?, and s h e l l b e e r
i n t e r e s t a t khe Pate oP low wii3 one-ball' ( 4 LA) pap s~lrztPOP ~nnufnpnaiibls hQP y s ~ l ~
on t h e f i r s t day of March an,? t h e f i r s t dey of Bep6embQr i n eflch and e v e r y yens &urine;
the c u r r e n c y of t h e s a i d d e b e n t u ~ e s ,or ang- of them. There s h a l l be a t t a o h a d $0 t h e
d e b e n t u r e s coupons s l ~ e b
d y t h e Xayor o n l y , f o r pach w d every payment of i n t e r e s t Wml,
may beoome due, end such s i g n a t u r e mBy be e i t h e r m i t t e n , stamped, prhintecl u r lith'u&repkreif
t day of September, 1911.
5.
During t h e whole term of t h e currency of t h e s a i d d e b e n t u r e s a
s p e c i a l r a t e on W e d o l l a r s h a l l h e l e v i e d and r a i s e d each y e a r i n a d d i t i o n
t o a l l o t h e r r a t e s on a l l W e r a t e a b l e r e a l p r o p e r t y i n t h e C i t y and s u f f i c i e n t t o pay t h e i n t e r e s t upon t h e Said debentures and t o c r e a t e a s i n k i n g
fimd f o r t h e payment of t h e p r i n c i p a l t h e r e o f when due, s u b j e c t t o any a c t
o r ellaotment r e s p e c t i n g t h e same. Such s p e a i a l r a t e s h a l l be i n s e r t e d i n
t h e C o l l e c t o r ' s R o l l o r R o l l s , and s l i a l l be payable t o and c o l l e c t e d by t h e
s a i d Corporation i n t h e same m y . a s o t h e r r a t e s i n t h e s a i d R o i l o r R o l l s
save a s h e r e i n a f t e r provided.
6.
I n o r d e r t o p r o v i d e f o r t h e r a t e s s e t o u t i n paragraph ( 5 ) and
s u b j e c t a s a f o r e s a i d , t h e r e s h a l l be r a i s e d a n n u a l l y by s p e c i a l r a t e d u r i n g
t h e ourrancy of t h e s a i d d e b e n t u r e s t h e sum of Two hundred and twenty-five
("$225) D o l l a r s t o provide f o r t h e payment oL" i n t e r e s t t h e r e o n , and t h e sum
of ~ h i r t y - t w o d o l l a r s and seventy-six c e n t s (832.76) f o r t h e repayment of
the principal thereor.
7.
The proceeds of t h e s a i d debentures s h a l l be a p p l i e d a s f o l l o w s ,
and n o t otherwise.
I n payment of t h e c o s t of t h e p a s s i n g of t h i s By-law and t,he i s s u e
(8)
and s a l e of t h e debentures t h e r e i n r e f e r r e d t o and a l l expenses connected
with t h e s a i d l o a n .
(b)
I n recouping t h e s a i d Corporation f o r such nlms a s have been expended hereunder u n t i l t h e proceeds of t h e s a l e of t h e s a i d d e b e n t u r e s becomes a v a i l a b l e .
(0)
To c a r r y o u t t h e pllrposes of t h i s By-iaw an above s e t o u t .
8.
Bo r e b a t e slrnll be allowed on t h e q e e i a l r a t p s t o be i e v i e d undpr
t h i s By-law.
9.
This By-law s h a l l t a k e e f f e c t on t h e 1 6 t h dny oP danuary,l912.
10.
This By-law may be c i t e d f o r a l l purposes a s "?he Lanes Loan
n y - l ~ w , 1912. *
Passed by t h e Council on t h e 28th day of December,19ll.
Received t h e a s s e n t of t h e E l e c t o r s of t h e C i t y of Worth
Vancouver a t an e l e c t i o n f u r t h e purpose
on t h e e l e v e n t h day
- .
of Janufcry, 1912.
~ e c o n s i d e r e dbv t h e Council and f i n a l l v ado;rted, s i c n e d by
t h e Mayor and
Clerk and s e a l e d w i k the Corporate S e a l
on W e f i f t e e n t h day of Jannary, 1912.
Fity