HomeMy Public PortalAboutGallagher Lake Water Siphon Temporary Borrowing Bylaw 1392 TOWN OF OLIVER
BYLAW 1392
A Bylaw to authorize temporary borrowing pending the sale of debentures.
WHEREAS it is provided by 181 of the Community Charter that the Council may, where
it has adopted a loan authorization bylaw, without further assents or approvals, borrow
temporarily from any person under the conditions therein set out;
AND WHEREAS the Council has adopted Bylaw 1391, cited “Gallagher Lake Water
Siphon Loan Authorization Bylaw 1391”, which authorizes the construction of the
Gallagher Lake Water Siphon totalling Six Million Four Hundred and Eighty Thousand
dollars ($6,480,000):
AND WHEREAS the sale of debentures has been temporarily deferred:
NOW THEREFORE, the Council of the Town of Oliver in open meeting assembled,
enacts as follows:
1. The Council is hereby authorized and empowered to borrow an amount or amounts
not exceeding the sum of Six Million Four Hundred and Eighty Thousand dollars
($6,480,000), as the same may be required.
2. The form of obligation to be given as acknowledgement of the liability shall be a
promissory note or notes bearing the corporate seal and signed by the Mayor and
the Chief Financial Officer.
3. The money so borrowed shall be used solely for the purposes set out in said Bylaw
1391.
4. 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.
5. This bylaw may be cited as “Gallagher Lake Water Siphon Temporary Borrowing
Bylaw 1392”.
Bylaw No. 1392 Page 2
Read a first, second and third time on the 25th day of November 2019.
Adopted on the 14th day of April 2020.
_____________________________ _____________________________
Mayor Corporate Officer
'Original Signed by Mayor''Original Signed by Corporate Officer'