BY LAW NO.
188.
C I T Y 0 ' NORI'H VANCOWER.
t o e n a b l 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 Vancouver t o r a i s e by m y o f l o a n t h e
slim of Seventy-five thousand ($75,010)
Dollars f o r constructing s storase reserv o i r a t Rice Lake.
mllF,?EAS it i s deemed e x p e d i a n t i n o r d e r t o o p w a t e and m a i n t a i n works f o r
s'lJ>[>lyingwater t o t h e i n h a b i t r r n t s oP t h e C i t y of North Vancouver t h a t a s t o r a g e r e s e r v o i r he o o n s t r ~ o t e da t Rice Lake.
AND n'IiE3EAS i n order t h e r e t o i t w i l l be n e c e s s a r y t o i s s u e d e b e n t u r e s of t h e
C i t y of North Vancouver f o r t h e sum of seventy-five thousand (&'5,,0.?0)
D o l l a r s a s herei n t r f t s r provided (which i s t h e amount of t h e debt i n t e n d e d t o be c r e a t e d by t h i s By-law(
t?lo proceeds of t h e s a i d d e b e n t u r e s t o be s:lppli?d t o t h e c o n s t r u c t i o n of s a i d s t o r a g e
r e s e r v o i r a t Rice Lake and t o no o t h e r ,
n.1~ QniERPJiS a p g t i t i o n s i g n e d by t h e owners of more thRn one t e n t h ( I , , ~ o )
the valne of r e a l p r o g e r t y i n t h e C i t y of North Vancouver ( a s siiovm by t h e l a s t rqv i s e d Assessment R o l l ) h a s been P r e s e n t W t o t.he NI;micipa; Council of t h e c i t y of North
vancu:mer r e q u e s t i n g them 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 of Seventyf i v e thousand ($75,030) D o l l a r s f o r t h e p.1rpose a f o r e s a i d .
01'
AN2 iYHii'WAS f o r t h e payment of i n t e r e s t on t h e d e 3 e n t m e s proposed t o b~
i s s u l d un:er t h i s By-lew, and f o r c r e a t i n g a s i n k i n g fund f o r t h e payment of t h e s a i d
dsb9ntarns .when due it w i l l be n e c e s s a r y t o r a i s e bx s p e c i e 1 r a t e i n e ; : d i t i o n t o a l l
uthar r a t e s each p a r d u r i n g t h e c u r r e n c y oP such debentimes t h e sum of Three thousand
e i g h t hundred and ~ i x t y - s i x d o l l a r s and t h i r t y c e n t s (!$3866.30), whereof 'Phree thousand
t h r e e hunrlred and s e v a n t y f i v e ($3375) D o l l a r s i s t o be rais*crf a n n u a l l y f o r t h e paynent
of i n t e r a s t d u r i n g t h e c u r r e n c y of s a i d d e b e n t u r e s , anrl f o u r humlmd anrl ninety-one
d o l l a r s and t h i r t y c e n t s (V9j.33) t o be r a i s e d annnai1.y 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 t h e payment of t h e d e b t ~~~~~~~d by t h e s a i d d e b e n t u r e s t h e same b e i n g
made p p b l e i n P i f t y y e a r s from t h e f i r s t flay of September 1911.
AND WHEREAS i n o r d e r t o r a i s e t h e s a i d y e a r Q sun of Three thousand e i g h t hundred and s i x t y - s i x d o l l a r s a n & t h i r t y c e n t s (:)3,3866.30) f o p i n t e r e s t an!? s i n k i n g fund an
e q u a l specin.1 r a t e on t h e d o l l a r w i l l be r e q n i r e d t o be l e v i e d on a l l t h e r a t e a b l e r e a l
pruLprty i n t h e s a i d cil,y.
AND WiiZ7FAS t h e whole 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 s a i d C i t y nccorriing t o
t h e l a s t r e v i s e " , assessment r o l l i s Ten m i l l i o n n i n e himdred a n d n i n e t y thouaand t h r e e
hundred and 3evnnt.y-one d o l l a r s ($10,990,371).
.
AND %HEXAS t h e aggregate of the e x i s t i ~ i gd e b e n t u r e d e b t of t h e Corporal,ion
is nine Xunilred anil t h r e e thonsand n i n e hundred and twenty ($903,920) d o l l a r s , ( e x c e p t i n i ? f o r workr, of l o c a l improvement and f o r s c h o o l parpusen) Of 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 m e r .
TiliTJF3RE t h e Municipal Council of t h e Cory,orstion of th:! C i t y of North Vancouver with t h e a s s e n t of t h e Elec?,ors of t h e C i t y of North Vancouver d u l y o b t a i n e d
enacts a s follows:
.- . ~t s h a l l be l a w f > ~flo r t h e b1ayor of t h e C i t s of Iiorth Van-ouvar and t h e C i t y
Clerk f o r t h e purpose a f o r e s n i d t o borrow o r r a i s e by m y uf l o s n T r u m any p e r s o n o r
persons, body o r b o d i e s c o r p o r a t e , who may be w i l i n g t o advance t h e sRme upon t h e c r e d i t
or t h e 4ebentllres 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 sum of money n o t exceedi n g i n t h e whole t h e sum of S e v l n t y - f i v e thousn,nd ($75,000) D o l l a r s , and t o c a u s e t h e
same t o be p l a c e d i n t h e Bank of B r i t i s h North America a t North Vancouver t o t h e c r e d i t .
of t h e C i t y f o r t h e purposes above r e c i t e d and such moneys s h t ? l l b e used f o r t h o t purpose oniy.
Debentures of t h e C i t y n o t e x c e e d i n g i n amount the sum of Seventy-five ($75,000)
2.
D o l l a r s may be i s s u e d by t h e s a i d Mayor m d C i t y C l e r k , i n terms of t h e M;mioipal C l a u s e s
A c t i n sums a s may be d e s i r e d , b u t n u t exceeding ONe thousan(1 ($1000) D o l l a r s each o r
the e q u i v a l e n t expressed i n poun 8 s t e r l i n g of t h e United Kin@om of G r e a t B r i t a i n and
I r e l a n d a t t h e v a l u e of $4.86 2/tS t o t h e pounfl s t e r l i n g . Each of t h e m i d d e b e n t u r e s
s h a l l be s i g n e d by t h e s a i d Me.yor and C i t y Clerk and t h e C i t y Clerk s h n l l a f f i x t h e r e t o
t h e torpor-.te S e a l of t h e s a i d C i t y of North Van,"ouver.
3.
The d e b e n t u r e s s h a l l b e a r d a t e tF.e f i r s t day of September, 1911 anti s h n l l b e a r
i n t e r e s t a t t h e r a t e of f o u r and one-hall ( 4 1/2) P e r c e n t p e r &&urnp a y a b l e h a l f y e a r l y
on t h e i i r s t day of March and t h e f i r s t day of September i n ee,ch and e v e r y y e a r d u r i n g t h e
currency of t h e s e i d dehenturea o r any of them. There s h n l l be a t t a c h e d t o t h e debent u r e s conpons signed by t h e Mayor o n l y , f o r each andevery pa:pent of i n t e r e s t t h a t becomes due, and s1ich s i g n a t u r e m y be e i t h e r w r l t t e n , ctamped, p r i n t e d o r l i t h o g r e p h e d .
4.
The s a i d d e b e n t u r e s a s t o p r i n c i p a l and i n t e r e s t may be made
,eyable e i t h e r i n cnrrency o r i t s e q u i v a l e n t i n pui~ndss t e r l i n g a t t h e
% l u e of $4.86 2/5 t o t h e pound s t e r l i n g a t such p l a c e o r p l a o a s i n
; r e a t B r i t a i n , United S t a t e s of America o r t h e Dominion of Canada a s
lay be a g r e e d upon between t h e Corporation and t h e h o l d e r t h e r e o f , and
,he s a i d p r i n c i p a l sum s h a l l be made payable by t h e C i t y a t a d a t e n o t
. a t e r t h a n f i f t y y e a r s from t h e f i r s t day of September 1911.
5.
During t h e whole term of t h e c u r r e n c y of t h e s a i d deb*?ntures
s p e c i a l r a t e on t h e d o l l a r s h a l l be l e v i e d and r a i s e d each y e a r i n
. d d i t i o n to a l l o t h e r r a t e s o n a l l t h e r a t e a b l e r e a l p r o p e r t y i n the.
l i t y and a l 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 s a i d d e b e n t u r e s , an,! t o
! r e a t e a s i n k i n g fund f o r t h e payment of the p r i n c i p a l thereof when dun.,
;ubjeci. to any a c t o r enactment r e s p e c t i n g the same. Such s p e c i a l r a t e
i 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 of R o l l s and s h a l l b e payable
;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
n t,he s a i d R o l l o r R o l l s save a s h e r e i n a f t e r pruvided.
,
6.
I n o r d e r t o provide f o r t h e m t e s s e t o u t i n paragraph ( 5 )
md SnbJeCt a s s 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 ~ i u a l l yby s p e c i a l r a t e
luring t h e cu-rency of t h e s a i d debentlmas, t h e sum of Three thousand
.hree hundred and seventy-five ($3375) D o l l a r s t o provide f o r +,he paylent of i n t e r e s t t h e m o n , and t h e sum of Four h~mn<reds n d ninety-one
l o l l a r s and t h i r t y l c e n t s ($491.30) f o r t h e repayment of t h e p r i n c i p a l
,hereof.
7.
The proceeds of t h e m i d debentures s h a l l be a p p l i e d a s
'ollows, arid 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 h e
(a)
s a l e and s a l e of t h e d e b ~ n t u r e st h e r e i n r e f e r r e d t o and a l l expenses
onnected with t h e s a i d loan.
( b ) I n recowin,: t h e s a i d Cor?oration f o r such suns a s ~ R V Pbeen
w e n d e d h e r e m i l e r 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 debeni r e s becomes a v a i l a b l e .
(c)
To c a r r y o u t t h e purposes o f t h i s By-law a s above s e t o u t .
8.
A l l moneys a r i s i n g o u t of t h e annual s p e c i a l r a t e h e r e i n e f o r e provided f o r s i n k i n g fund s h a l l b e i n v e s t e d by t h e Council of
ha s a i d Corporation from time t o t i m a s t h e law d i r e c t s .
9.
No r e b a t e s h a l l b e allowed on t h e s p e c i a l r a t e s t o be l e v i e d
nder t h i s By-law.
10.
912.
T h i s Hy-law s h a l l t a k e e f f e c t on t h e s i x t e e n t h day of Jvmiary,
11.
This By-law may he c i t e d f o r a l l purposes a s "The Rice Lake
e s e r v o i r Loan By-law, 1912."
Passed by t h e Council on t h e twentye i g h t h day of December, 1911.
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 North Vancouver a t e n
e l e c t i o n f o r t h e p 7 ~ r p o s eon t h e e l e v e n t h
day of January 1912.
Reconsidered by t h e Council and f i n a l l y
a ~ t o p t e d , signed by t h e Niayor and C i t y
Clerk and s e a l e d with t h e Corporate Seal
on t h e f i f t e e n t h day of January 1912.