Spencer Interchange Bylaw for borrowing $12,250.00

The last bylaw in a lengthy agenda, before the almost ever present in-camera session, at this Monday night’s Council meeting, is a bylaw authorizing the City of Langford to borrow $12,250,000 for the Spencer Road Interchange. It will go through First, Second and Third reading and did not have a Public Hearing. This borrowing is part of the $25,000,000 the Langford Council already authorized the City of Langford to borrow for building the Spencer Road Interchange by previous bylaws.

BYLAW NO. 1434
A BYLAW AUTHORIZING THE TEMPORARY BORROWING OF TWELVE MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($12,250,000.00) PENDING THE SALE OF DEBENTURES
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. 1148 cited as the “Spencer Road Interchange Loan Authorization Bylaw No. 1148, 2008″, authorizing borrowing for the construction of a highway interchange on the Trans Canada Highway at Bear Mountain Parkway, together with associated and consequential highway improvements, in the amount twenty five million dollars ($25,000,000.00);
AND WHEREAS the sale of the said debentures has been temporarily deferred;
NOW THEREFORE the Council of the City of Langford in open meeting assembled, enact as follows:
1. The City of Langford is hereby authorized and empowered to borrow upon the credit of the City of Langford, a sum not exceeding twelve million two hundred fifty thousand dollars ($12,250,000.00}.
2. 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.
3. The money so borrowed shall be used solely for the purposes set out in said Bylaw No. 1148.
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 shall be cited as “City of Langford Spencer Interchange Local Area Service Temporary Borrowing Bylaw No. 1434, 2012″.

Followed by the almost ever present In-Camera session:

The matters to be dealt with are: Legal Matters, New Service and Property Disposal.

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