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AdmIRWIN On the recommendation of the undersigned, thefehowieminniniiimby and with the..uvice and consent of the

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(1)

BRITISH COLUMBIA

• 1205

APPROVED AND ORDERED jupt 19.1987

EXECUTIVE COUNCIL CHAMBERS, VICTORIA JUN. 17.1987

AdmIRWIN

On the recommendation of the undersigned, thefEHOWIEMINNINIIIMby and with the ..uvice and consent of the Executive Council, orders that

Pursuant to the Greater Vancouver Sewerage and Drainage District Act, the issue and sale of a temporary debenture and of promissory notes, as recommended by the reports of the Commissioner and authorized by Greater Vancouver Sewerage and Drainage District bylaws 153 and 155, both effective May 27, 1987, respectively, is approved.

Minister of Fiq,6nce and

Corporat ns

Presiding the

Executive

(This part is for the records of the Office of Legislative Counsel, and is not part if the Order)

Authority under which Order is made:

Act and section Greater Vancouver Sewerage and Drainage District Act, ss. 36.

MISS (OP 4033)

Other (specify) Examined by

(Signature aryftyped or printed name of designated Attorney General Examiner)

(2)

GREATER VANCOUVER SEWERAGE i DRAINAGE DISTRICT

EY-LAW NUMBUt

153

A BY-LAN TO AUTHORIZE THE ISSUE AND SALE OF A TEMPORARY DEBENTURE IN THE PRINCIPAL AMOUNT OF FIFTY MILLION DOLYAitiS ($50,000,000.00).

WHEREAS it is requisite and expedient for the Greater Vancouver Sewerage and Drainage District to issue and sell a temporary debentuie fer the principal amount of $50,000,000.00 in lawful money of Canada to borrow money for the purpose of repaying outstanding temporary securities of the District issued pursuant to the provisions of the Greater Vancouver Sewerage and Drainage District Act, and for the purpose of borrowing money for the purpose of carrying out its objects as set forth in the said Act;

AND WHEREAS a temporary debenture of the principal amount of $50,000,000.00 in lawful money of Canada is required to be issued to realize net the sum required for the purpose aforesaid;

AND WHEREAS the Cormissioner of the Greater Vancouver Sewerage and Drainage District has recommended for the purposes aforesaid the issue and sale of a temporary debenture of the principal amount of $50,000,000.00 for the term of one year from the 1st day of June 1987 in lawful money of Canada bearing interest at the rate of nine and one-quarter per centum (94%) per annum;

NOW THEREFORE the Administration Board of the Greater Vancouver Sewerage and Drainage District, in meeting assembled, of which and for the purposes of which due notice was given, ENACTS AS FOLLOWS:

1. For the purposes aforesaid and pursuant to the authority contained in the Greater Vancouver Sewerage and Drainage District Act, it shall be lawful for the Greater Vancouver Sewerage and Drainage District, and the Greater Vancouver Sewerage and Drainage District is hereby authorized with the approval of the Lieutenant-Governor in Council, to issue and sell a temporary debenture of the principal amount of $50,000,000.00 in lawful money of Canada.

(3)

CHAIRmAN0

Ainis ation Board

of

the Greater Vancouver Sewerage and

Drainage District

ARY o 17,Gr

e

cower

Sewerage and • ainage District

2

4

1,,, sold temporary debenture shall be dated as of the 1st day of June,

2.

,41 11 lw,

payable on the 1st day of June, 1988, and shall bear interest

1987 owl

II"

4

,1 'toy

of June, 1987 at the rate of nine and one-quarter per centum

from tlo ' poem, such interest to be payable on the 1st day of December, 1987

:

1

:

1

1 /c

lw

tel

my

of June, 1988, during its currency. The said temporary

I

1

0

1

01 hove coupons attached thereto for the payments of the interest.

debent.

11°

1,4,oely debenture shall tv payable both as to principal and interest

shall 1" °'

1

1 thr

onid temporary debenture is sold the Greater Vancouver Sewerage

4'd p,m4100,

piettict sh311 raise in each debenture-year during its currency

to pay the interest falling due from time to time on the said

money " lowlitnre and shall raise in the debenture-year ending on the 30th

t

d:n

r(1

.-:

°$"'

1006

money sufficient to pay the principal amount of the said

00.11ttne when the

name falls due.

tempol,,4%

410

, py law shall take effect on the 27th day of Mav, 1987.

MST READING THIS

27th day of MAY, 1987.

m„to ::FCOND READING THIS 27th

day of MAY, 1987.

woOP WIRD READING THIS

27th day of MAY, 1987.

„woo' PASSED THIS

27th day of

1AY, 1987.

,

certify the ,o;t1 copy foregoing

10

tita y a( (T

th

e

Greater t„t,n.n..tratiun Board

Drainage

of Directors Its this

60

,

4,

Dated at 1h1 .—°‘

,

19

37

day of

4

,

AL

The sei 0

in inool rol

pv

of Canada at the principal office of the Canadian Imperial Bank

the

City of Vane

wet,

in the Province of British Columbia.

of Co'

.Alit

temporary debenture and the coupons to be thereto attached

3.

0 „Aplittally in the

forms

attached hereto as Schedule "A".

(4)

SCHEMILF "A" CANADA

PROVINCE OF BRITISH COLUMBIA

GREATER VANCOUVER SEWERAGE AND DRAINAGE DISTRICT

TEMPORARY DEBENIURE $50,000,000.00

ISSUE OF A $50,000,000.00 NINE AND ONE-QUARTER PER CENT TEMPORARY DEBENTURE MADE PURSUANT TO THE GREATER VANCOUVER SEWERAGE AND DRAINAGE DISTRICT ACT AND GREATER VANCOUVER SEWERAGE 4 DRAINAGE DISTRICT BY-LAW NUMBER 153, DULY PASSED THE 27TH DAY OF MAX, 1987.

GRATER VANCOUVER SEWERAGE AND DRAINAGE DISTRICT for value received HEREBY PROMISES to pay to the bearer, or if recistered, to the registered holder hereof on the 1st day of June, 1987, the sum of FIFTY MILLION DOLLARS ($50,000,000.00) in lawful money of Canada at the principal office of the Canadian Imperial Bank of Commerce in the City of Vancouver, Province of British Columbia, and to pay interest thereon from the 1st day of June, 1987 at the rate of nine and one-quarter per centum per annum at the said office of the Canadian Imperial Bank of Commerce in like money on the first day of December, 1987, and the first day of June, 1988 during the currency of this debenture on presentation and surrender of the interest coupons hereto attached as the same severally become due and payable.

THIS TEMPORARY DEBENTURE and the interest coupons hereto attached are direct joint and several obligations and liabilities of the Greater Vancouver Sewerage and Drainage District, and each and every member municipality thereof recoverable and enforceable in any Court of competent jurisdiction at the suit of the holder for the time being of this debenture and of the holder for the time being of the interest coupons hereto attached.

THIS TEMPORARY DEBENTURE shall pass by delivery unless registered in the nary- of the holder at the office of the Greater VancoJver Sewerage and

Drainage District, in the Province of British Columbia. After registration certified hereon by the Treasurer or Assistant Treasurer of the Greater

(5)

-z

Vancouver Sewerage and Drainage District no transfer except on the books kept by the Greater Vancouver Sewerage and Drainage District shall be valid unless the last preceding transfer shall have been to bearer, and this temporary debenture shall be subject to successive registrations and transfers to bearer

at the option of the holder. Such registrations shall not affect the

negotiability of the coupons which shall continue to pass by delivery.

IN WITNESS WHEREOF the Greater Vancouver Sewerage and Drainage District has caused this temporary debenture to be signed by its Commissioner and its Treasurer and its seal to be hereunto affixed.

DATED at the District of Burnaby, Province of British Columbia, Canada, this 1st day of June, 1987.

COMMISSIONER

of the

Greater Vancouver Sewerage and Drainage District.

TREASURER of the Greater Vancouver Sewerage and Drainage District

SIGNATURE OF TREAZURER DATE OF REGISTRATION NAME OF REGISTERED HOLDER OR ASSISTANT TRFASI7RER

(6)

- 3 -

GREATER VANCOUVER SEWERAGE i DRAINAGE DISTRICT BY-LAW NUMBER 153

Interest Coupon No. F 2 GREATER VANCOUVER SEWERAGE AND DRAINAGE DISTRICT will pay to the bearer on the 1st day of June, 1988 the sum of Two Million Three Hundred and Twelve Thousand Five Hundred Dollars ($2,312,500.00) in lawful money of Canada at the principal office of the Canadian Imperial Bank of Commerce, in the City of Vancouver, Province of British Columbia, being interest then due on the temporary debenture issued pursuant to By-law Number 153.

COMMISSIONER of the Greater Vancouver

Sewerage and Drainage District

TREASURER of the Greater Vancouver Sewerage and Drainage District

GREATER VANCOUVER SEWERAGE & DRAINAGE DISTRICT BY-LAW NUMBER 153

Interest Coupon No. F 1 GREATER VANCOLVER SEWERAGE AND DRAINAGE DISTRICT will pay to the bearer on the 1st day of December, 1987 the sum of Two Million Three Hundred and Twelve Thousand Five Hundred Dollars ($2,312,500.00) in lawful money of Canada at the principal office of the Canadian Imperial Bank of Commerce, in the City of Vancouver, Province of British Columbia, being interest then due on the temporary debenture issued pursuant to By-law Number 153.

COMMISSIONER of the Greater Vancouver Sewerage and Drainage District

TREASURER of the Greater Vancouver Sewerage and Drainage District

(7)

GREAT VANCOUVER SEWERAGE 4 DRAINAGE DISTRICT

RESOLUTION

FORM

DEBENTURE

BY-LAW

ND. 153

't was MOVED and SECONDED,

That the Board adopt the recommendation of the Commissioner

tu ..tithorize, subject to the approval of the Lieutenant-Governor

in Council, the issue and sale of a temporary debenture in the

principal amount of $50,000,000.00 for the purpose of repaying

outstanding temporary securities of the District issued pursuant

to the provisions of the Greater Vancouver Sewerage

4

Drainage

District Act, and for the purpose of borrowing mo-ay for the

purpose of carrying out its objects as set forth in the said Act,

and that proposed By-law No 153 be passed by the Administration.

Board accordingly.

- CARRIED.

1, .74/ne:s "ree.4,1hercby certify the

foregoing to he a true and correct copy of a Resolution as f;nally adopted by the /917 meeting of the Greater

Vancouver Sewe-r4,r4 AA ..24'"4,Yoce Disr,e,er

rea lit rd r+1,14irccu7rr.

Dated at eu en, ob y B.C., this .:74,/,

day of ,i91?

...., 4

(8)

cKay, Commissioner

GREATER VANCOUVER SEWERAGE i DRAINAGE DISTRICT

To the Administration Board,

Greater Vancouver Sewerage 4 Drainage District

I, Douglas borne MacKay, the Commissioner of the Greater Vancouver Sewerage i Drainage District, hureby recommend to the Administration Board of Greater Vancouver Sewerage s Drainage District that Greater Vancouver Sewerage 4 Drainage District issue and sell, subject to the approval of the Lieutenant-Governor in Council, a temporary debenture to the principal amount of $50,000,000.00 to borrow money for the purpose of repaying outstanding temporary securities of the District issued pursuant to the provisions of the Greater Vancouver Sewerage i Drainage District Act, and for the purpose of borrowing money for the purpose of carrying out its objects as set forth in the said Act, and that a By-law in accordance with draft By-law No. 153 hereto annexed, be passed by the Administration Ward of Greater Vancouver Sewerage 4 Drainage District, authorizing the issue and sale of such a detnture.

(9)

GREATER VANCOUVER SEWERAGE S DRAINAGE DISTR7CT BY-LAW NUMBER 155

A BY-LAW TO AUTHORIZE BORROWING OF MONEYS BY THE ISSUE AND SALE OF PROMISSORY NOTES NOT EXCEEDING AT ANY CCM TIME THE AGGREGATE PRINCIPAL AMOUNT OF FIFTY MILLION ($50,000,000.00) DOLLARS.

WHEREAS the Commissioner of the Greater Vancouver Sewerage and Drainage District has recommended that the Greater Vancouver Sewerage and Drainage District for the purpose of repaying moneys borrowed by the said District pursuant to the provisions of the Greater Vancouver Sewerage and Drainage District Act borrow moneys by the issue and sale of promissory notes of the said District at such time or times and in such amounts as may be required for the said purposes up to but not exceeding at any one time the aggregate principal amount of $50,000,000.00.

NOW THEREFORE the Administration Board of the Greater Vancouver Sewerage and Drainage District, in meeting assembled of which and for the purposes of which due notice was given, ENACTS AS FOLLOWS:

1. For the purpose aforesaid and pursuant to the authority contained in the Greater Vancouver Sewerage and Drainage District Act it shall be lawful for the Greater Vancouver Sewerage and Drainage District and the Greater Vancouver Sewerage and Drainage District is hereby authorized with the approval of the Lieutenant-Governor in Council to issue and sell promissory notes at such time or times and in such amount or amounts as may be required or expedient for the said purpose up to but not exceeding at any one time the aggregate principal amount of $50,000,000.00, and to repay or refund the same or any number thereof by the issue and sale of further promissory notes so, however, that the total of such notes, originally issued and otherwise, shall not exceed at any one time the said aggregate principal amount and so from time to time.

(10)

CHAIRMAN THE' ADMINISTRATION BOARD OF THE GREATER VANCOUVER SEWERAGE AND DRAINAGE DISTRICT

I OF t E

VANCOUVER SEWERAGE AND DRAINAGE UISTRICT -2-

2. The said promissory notes shall be dated as of their respective dates

of issue, and shall mature and be payable rot later than June 1, 1988, including at such earlier date or dates as the Commissioner may determine. Each such note shall bear interest from its date of issue at such rate as the Commissioner may determine.

3. The said promissory notes shall be payable both as to principal and

interest in lawful money of Canada at any branch in Canada of the Canadian Imperial Bank of Commerce (far northern branches excepted) at the option of the holder. The said promissory notes shall be substantially in the form attached hereto as Schedule "A" or in such other form of like tenor as the Commissioner may deem expedient from time to time. Each said note shall be sold not later than June 1, 1988 for such sum, whether the same is the face value or less or more than the face value thereof, as the Co—nissioner may deem expedient.

4. The Greater Vancouver Sewerage and Drainage District shall, If

necessary, in each note-year ending on the day of the note's maturity raise moneys sufficient to pay the interest on such note and the principal amount thereof when such note matures.

5. This By-law shall take effect on the 27th day of May, 1987.

PASSED FIRST READING THIS 27th day of May, 1987. PASSED SECOND READING THIS 27th day of May, 1987. PASSED THIRD READING THIS 27th day of May, 1987. FINALLY PASSED THIS 27th day of May, 1987.

L

71/4)A.3e..4 PLA.ol-hcreby certify the

foregoing to be

a true and correct

copy

of By-law No. IS1" as finally adopted

at the t'1A4 A-7.19C3 meeting of the

Greater Vancouver Sewerage and

Drainage District Administration Board

of Directors.

Dated at Burnaby, B.C. this

davit;

e

19

r

7.

(11)

SCHEDULE "A"

19 NO.

$

Greater Vancouver Sewerage and Drainage District, for value rsceived, premises to pay to _

, 19 the sum of

on the day of

upon presentation and surrender- of this note at any branch in Canada of the Canadian Imperial Bank of Commerce (far northern branches excepted).

IN WITNESS WHEREOF the Greater Vancouver Sewerage and Drainage District has caused this Promissory Note to be signed by duly authorized persons and its seal to be hereunto affixed.

DULY AUTHORIZED SIGNING OFFICER GREATER VANCOUVER SEWERAGE AND DRAINAGE DISTRICT

DULY AUTHORIZED SIGNING OFFICER GREATER VANCOUVER SEWERAGE AND DRAINAGE DISTRICT

(12)

GREATER VANCOUVER SEWERAGE S DRAINAGE DISTRICT

RESOLUTION FORM

It was MOVED and SECONDED,

THAT the Board adopt the recommendation of the Commissioner to

authorize, subject to the approval of the Lieutenant-Governor in Council, the

issue and sale of promissory notes to be dated as of their respective dates of

issue and maturing not later than June 1, 1988, up to but not exceeding at any

one time the aggregate principal

amount

of $50,000,000.00 to borrow money for

the purpose of repaying moneys borrowed by the said District pursuant to the

provisions of the Greater Vancouver Sewerage

s

Drainage District Act.

- CARRIED.

I, .7R/Pits

M'4‘44/ hereby certify the toregoing to he a true and correct copy of a Resolution as finally adopted by the

m'V .27.

/9/7meetiny of the Greater Vancouver ...Sewire,hce. .244,,,v4 D,57,, ,c .),m,A0S.P.,0n./Board.ofAlitmttAufs. Dated at da.emler day of 77u 4v(

7SociyfAseY

"OAS B.C., this AND

(13)

MacKay, Commissioner

GREATER VANCOUVER SEWERAGE i DRAINAGE DISTRICT

To the Administration Board,

Greater Vancouver Sewerage i Drainage District

I, Douglas Lorne MacKay, the Commissioner of the Greater Vancouver Sewerage i Drainage District, hereby recommend to the Administration Board of Greater Vancouver Sewerage i Drainage District that Greater Vancouver Sewerage Drainage District issue and sell, subject to the approval of the Lieutenant-Governor in Council, promissory notes to be dated as of their respective dates of issue and maturing not later than June 1, 1988, up to but not exceeding at any one time the aggregate principal amount of $50,000,000.00, to borrow money for the purpose of repaying moneys borrowed by the said District pursuant to the provisions of the Greater Vancouver Sewerage a Drainage District Act.

And that a By-law in accordance with draft By-law No. 155, heretu annexed, be passed by the Administration Board of Greater Vancouver Sewerage a

Drainage District, authorizing the issue and sale of such notes.

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