Bylaw No. 1616

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Bylaw No. 1616

A Bylaw to Authorize Borrowing for the
Nanoose Bay Fire Protection Service

WHEREAS the Regional District of Nanaimo established the Nanoose Bay Fire Protection Service pursuant to Bylaw No. 991, cited as "Nanoose Bay Fire Protection Service Area Establishment Bylaw No. 991, 1995";

AND WHEREAS the Board wishes to demolish and construct a new firehall in the service area;

AND WHEREAS the estimated cost of demolishing, constructing and otherwise improving the firehall is the sum of $3,200,000;

AND WHEREAS approval of the electors has been obtained in accordance with Section 823 of the Local Government Act;

AND WHEREAS the financing of this capital purchase is to be undertaken by the Municipal Finance Authority of British Columbia pursuant to proposed agreements between the Authority and the Regional District of Nanaimo;

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

  1. The Board is hereby empowered and authorized to acquire and carry out or cause to be carried out the demolition and reconstruction of the Nanoose Bay firehall located at 2471 Nanoose Rd., Nanoose, B.C.
  2. To borrow upon the credit of the Regional District a sum not exceeding $3,200,000.
  3. To acquire all such real and personal property, rights or authorities as may be requisite or desirable for, or in connection with, the foregoing capital program, and all related ancillary works and equipment deemed necessary by the Board for the management of the service authorized under "Nanoose Bay fire Protection Service Area Establishment Bylaw No. 991, 1995".
  4. The maximum term for which debentures may be issued to secure the debt intended to be created by this bylaw is 20 years.
  5. This bylaw relates to the "Nanoose Bay Fire Protection Service Area Establishment Bylaw No. 991, 1995".
  6. This bylaw may be cited for all purposes as "Nanoose Bay Fire Protection Service Loan Authorization Bylaw No. 1616, 2011."
Introduced and read three times this 25th day of January, 2011.
Received the approval of the Inspector of Municipalities this 4th day of February, 2011.
Received the assent of the electors this       day of       , 2011.
Adopted this       day of       , 2011.