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Volume 48, No. 16

B.C. Reg. 249/2005

The British Columbia Gazette,

Part II

August 9, 2005

B.C. Reg. 249/2005, deposited July 28, 2005, pursuant to the COMMUNITY CHARTER [Sections 180 (2) (

c) and 281 (1) (a)]. Order in Council 531/2005, approved and ordered July 27, 2005.

On the recommendation of the undersigned, the Lieutenant Governor, by and with the advice and consent of the Executive Council, orders that the following Prince Rupert Loan Authorization Regulation is made:

Prince Rupert Loan Authorization Regulation

Definitions

1 In this regulation,

"Act" means the Community Charter ;

"Prince Rupert" means the City of Prince Rupert.

Additional purpose for loan authorization bylaw

(1) In addition to the purposes set out in

section 179 (1) of the Act, Prince Rupert may, by a loan authorization bylaw adopted with the approval of the inspector, incur a liability for the purpose of converting revenue anticipation debt incurred under

section 177 of the Act into long term borrowing.

(2) Despite

section 180 (1) of the Act, approval of the electors for a loan authorization bylaw adopted by Prince Rupert is not required for money borrowed for a purpose described in subsection (1).

(3) A bylaw under subsection (1)

(

a) may be adopted only until December 31, 2005, and

(

b) must not authorize a loan in excess of $7 million.

— I. CHONG, Minister of Community Services; G. CAMPBELL, Presiding Member of the Executive Council.

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