COWICHAN VALLEY REGIONAL DISTRICT
BYLAW NO. 3250
A Bylaw Providing for the Borrowing of Such Sums of Money as May be Required
to Meet Lawful Expenditures of the Regional District
WHEREAS the Regional Board of the Cowichan Valley Regional District is empowered by
Section 821 of the Local Government Act to provide for the borrowing of such sums of money as
may be requisite to meet the current lawful expenditures of the Regional Board;
AND WHEREAS it is requisite for the Regional Board at the date hereof to borrow the sum of
Nine Million Dollars ($9,000,000.) to meet the current lawful expenditures of the Cowichan
Valley Regional District;
NOW THEREFORE the Board of Directors of the Cowichan Valley Regional District enacts as
follows:
I. CITATION:
This Bylaw may be cited for all purposes as "CVRD Bylaw No. 3250 - Cowichan Valley
Regional District Temporary Loan Bylaw, 2009."
2. BORROWING LIMIT:
It shall be lawful for the Regional Board to borrow upon the credit of the Cowichan Valley
Regional District an amount or amounts not in excess of Nine Million Dollars ($9,000,000.),
being the amount deemed by the Regional Board to be requisite to meet the current lawful
expenditures of the Cowichan Valley Regional District, in such amounts and at such times as
the same may be required and to pay interest thereon.
3. PAYMENT DATE:
All monies so borrowed and interest payable thereon shall be payable on or before the 1st day
of August 2009.
4. FORM OF OBLIGATION:
The form of obligation, or obligations, to be given as an acknowledgement of the liability
shall be a Promissory Note, or Notes, in the amount, from time to time, borrowed, bearing the
corporate seal and signed by the Chairperson of the Board and the Treasurer.
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CVRD Bylaw No. 3250
Page2
5. SECURITY OF LIABILITY:
There is hereby set aside a security for the liability hereby authorized to be incurred; Nine
Million Dollars ($9,000,000.) being that part of the current revenues deemed by the Regional
Board expedient to be so set aside.
READ A FIRST TIME this
11th
day of
February
2009.
READ A SECOND TIME this
11th
day of
Februaiy
2009.
READ A THIRD TIME this
11th
day of
February
2009.
ADOPTED this
11th
day of
February
2009.