APPENDIX D: CAPITAL REGIONAL DISTRICT BYLAW NO. 4552 (Draft)

CAPITAL REGIONAL DISTRICT

BYLAW NO. 4552

A BYLAW TO AUTHORIZE THE BORROWING OF EIGHTY-FIVE MILLION DOLLARS ($85,000,000) FOR FUTURE HOUSING PARTNERSHIPS

WHEREAS:

A. By Supplementary Letters Patent, Division XII dated July 25, 1974, as amended by further Supplementary Letters Patent, the Capital Regional District was granted the function of Land Assembly, Housing and Land Banking which included the power to undertake land assembly for the purpose of housing, either public or private and, public housing pursuant to the provisions of the National Housing Act, the Municipal Act, the Housing Act, and other legislation pertaining to land assembly and public housing, as if the regional district were a municipality;

B. Under Bylaw No. 3712, Land Assembly, Housing and Land Banking Service Establishment Bylaw No. 1, 2010, the Capital Regional District converted this to a service under the Local Government Act in all member municipalities and electoral areas (the "Service");

C. It is deemed desirable to borrow additional funds in the amount of Eighty-Five Million Dollars ($85,000,000) for the Service, which is the amount of debt intended to be authorized under this Bylaw, for use to support future housing partnership opportunities and advance the CRD Board priority of increasing supply of affordable, inclusive and adequate housing in the region;

D. It is proposed that the financing is to be undertaken by the Municipal Finance Authority of British Columbia pursuant to proposed agreements between it and the CRD;

E. Pursuant to Section 407 of the Local Government Act, participating area approval is required and shall be obtained in the municipalities by consent on behalf and in the electoral areas by Alternative Approval Process under Sections 345 and 346 of the Local Government Act; and,

F. The approval of the Inspector of Municipalities is required under Section 403 of the Local Government Act.

NOW THEREFORE the Board of the Capital Regional District in open meeting assembled enacts as follows:

The Board is hereby empowered and authorized to borrow upon the credit of the Capital Regional District a sum not exceeding Eighty-Five Million Dollars ($85,000,000) for the purposes of Land Assembly, Housing and Land Banking, including to support future housing partnership opportunities and to increase supply of affordable, inclusive and adequate housing in the region, and do all things necessary in connection therewith and without limiting the generality of the forgoing, to acquire all such real property, easements, rights-of-way, licenses, rights or authorities as may be requisite or desirable for or in connection with the Land Assembly, Housing and Land Banking Service.
This Bylaw may be cited as the “Land Assembly, Housing and Land Banking Loan Authorization Bylaw No. 3, 2023”.

READ A FIRST TIME THIS ____th day of _________ 2023

READ A SECOND TIME THIS ____th day of _________ 2023

READ A THIRD TIME THIS ____th day of _________ 2023

ADOPTED BY THE INSPECTOR OF MUNICIPALITIES THIS ____th day of _________ 2023

RECEIVED THE ASSENT OF THE ELECTORS THIS ____th day of _________ 2023

ADOPTED THIS ____th day of _________ 2023

CHAIR

CORPORATE OFFICER