CAPITAL REGIONAL DISTRICT BYLAW NO. 4142

BYLAW NO. 4142

A BYLAW TO AUTHORIZE THE BORROWING OF SIX MILLION ONE HUNDRED THOUSAND DOLLARS ($6,100,000) TO PROVIDE FUNDING FOR COMPLETION OF THE E&N RAIL TRAIL – HUMPBACK CONNECTOR

WHEREAS:

A. The Board of the Capital Regional District adopted Bylaw No. 1749, “Regional Parks Extended Service Establishment Bylaw No. 1, 1989” for the functions of acquiring, developing, operating, and maintaining Regional Parks, subject to the Park (Regional) Act;

B. The Board of the Capital Regional District requires financing completion of the E&N Rail Trail – Humpback Connector by 2019;

C. The portion of the project cost to be funded by debt servicing is the sum of Six Million One Hundred Thousand Dollars ($6,100,000), which is the amount of debt intended to be authorized by this bylaw;

D. Pursuant to the Regional District Liabilities Regulation, elector approval is not required if borrowing for a regional park service and consent on behalf of the participants is obtained pursuant to section 349(1)(b) of the Local Government Act;

E. The approval of the Inspector of Municipalities is required under Section 403 of the Local Government Act; and

F. It is proposed that the financing of the Project is to be undertaken by the Municipal Finance Authority of British Columbia pursuant to proposed agreements between that Authority and the Capital Regional District.

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

1. The Board is hereby empowered and authorized to undertake and carry out regional trail infrastructure development including completion of the E&N Rail Trail – Humpback Connection (the Project), in connection with the service established under Bylaw No. 1749, and to do all things necessary in connection with the Project and without limiting the generality of the foregoing:

   (a) To borrow upon the credit of the Regional District a sum not exceeding Six Million One Hundred Thousand Dollars ($6,100,000);

   (b) To acquire all such real property, easements, rights-of-way, leases, licenses, rights or authorities as may be requisite or desirable for or in connection with the Project.

2. The maximum term for which debentures may be issued to secure the debt intended to be created by this bylaw is fifteen (15) years.

3. This Bylaw may be cited as the “Regional Parks Loan Authorization Bylaw No. 1, 2016”.

Bylaw No. 4142

READ A FIRST TIME THIS 30th day of November 2016

READ A SECOND TIME THIS 30th day of November 2016

READ A THIRD TIME THIS 30th day of November 2016

APPROVED BY THE INSPECTOR OF MUNICIPALITIES THIS th day of

RECEIVED CONSENT OF THE PARTICIPANTS THIS th day of

ADOPTED THIS th day of

CHAIR

CORPORATE OFFICER

FILED WITH THE INSPECTOR OF MUNICIPALITIES THIS th day of