2567.

Approved and ordered this 8th day of September, , A.D. 1964.

At the Executive Council Chamber, Victoria, Lieutenant-Governor.

PRESENT:

The Honourable in the Cha;r. Mr. Bennett Mr. Peterson Mr. Bleak Mr. enner Mr. Billiaton Mr. Gaglardi Mr. gaapbell Mr. Chant Mr. Mr. Mr. Mr. Mr. Mr. n Hi 4tir The Lieutenant-Governor in Council: The undersigned has the honour to report: THAT in accordance with the provisions of the Public Schools Act School District No. 40 () School Loan By-law Referendum No. 4, being a question relating to the borrowing of money for school purposes, received the assent of the owner-electors in the School District;

AND THAT said question was registered in the Department of Education on the 28th day of March, 1962;

AND THAT ir pursuance of section 216(5) of the Public Schools Act the Board of School Trustees of School District No. 40 (New Westminster) may pass by-laws, without further assent of the owner-electors, providing for the borrowing of money by the issue and sale of debentures to raise net sums not exceeding in the aggregate $1,151,000.00 of which net sums aggregating $751,792.50 have heretofore been raised to pay a portion of the cost of the projects set out in said question; AND THAT said Board of School Trustees desires to pass a by-law to provide for the borrowing of money by the issue and sale of debentures in the principal amount of $260,000.00 to raise the net sum of $260,000.00 presently required to pay a portion of the cost of the projects set out in said question; AND THAT in pursuance of section 218 of the Public Schools Act the said by-law, copy of which is attached hereto, has been subuitted to and approved by the Minister of Education and is in all respects in accordance with the provisions of the Public Schools Act; AND TO RECOMMEND THAT, pursuant to the provisions of section 218 of the Public Schools Ac; consent be given to the Board of School Trustees of School District No. 40 (New Westminster) to enact said by-1‘.. providing for the borrowing of money by the issue and sale of debentures in the principal amount of $260,000.00 as provided in the by-law.

DATED this 7 (/ day of A.D., 1964.

11 et- of cation.

APPROVED this day of ----)y) k.' 1. A.D., 1964.

14/ 7 /2abidingMobe 2e of ttTii-xile Cou SCHOOL LOAN BY-LAW

NO. 13

BOARD OF SCHOOL TRUSTEES

SCHOOL DISTRICT NO. 40 (NEW WESTMINSTER)

A by-law to authorize the Board of School Trustees of School District No. 4O (New Jestminster) to raise by way of loan the net sum of $260,000.00 to meet capital expenses for school purposes.

* * * * * * * * * * * * * * * * * *

WHEREAS the Board of School Trustees of School District Nc. 40 (New Westminster) did submit to the owner-electors in the School District a question relating to the borrowing of money for school purposes not to exceed in the aggregate the net sum of $1,151,000.00 required for the projects referred to in the question;

AND WHEREAS the question referred to as School Loan By-law Referendum No. 4, a true copy of which is hereto attached marked Schedule "A" to this by-law has been approved by the Minister of Education, authorized by the Lieutenant- Governor in Council on the 26th day of February, 1962, assented to by the owner- electors in the School District, and is in all respects in accordance with the provisions of the Public Schools Act;

=WHEREAS the said question was registered in the Department of Education on the 28th day of March, 1962;

AND WHEREAS no net sums have been raised by the issue and sale of debentures for any of the projects referred to in the question save and except the aggregate net sum of $751,792.50, previously raised to pay a portion of the cost of the projects set out in the question, leaving a net sum of $399,207.50 still to be raised for the projects referred to in the question;

AND WHEREAS the Board of School Trustees deems it necessary to borrow money by the issue and sale of debentures of the Board in the principal amount of $260,000.00 in United States Funds to raise the net sum of $260,000.00 in Canadian Funds presently required to pay a portion of the cost of the projects set out in Schedule "A" to this by-law, after payment of discount, commission, brokerage, exchange and other expenses with respect to the issue and sale of the debentures;

NOW, THEREFORE, the Board of School Trustees of School District No. 40 (New Westminster) enacts as follows:

1. That for the purposes aforesaid, money shall be borrowed by the issue and sale of debentures of the Board of School Trustees of School District No. 40 (New Westminster) in the principal amount of Two Hundred Sixty Thousand Dollars ($260,000.00).

2. The said debentures shall be in denominations of Thirteen Thousand Dollars ($13,000.00), and all such debentures shall have the corporate seal of the Board of School Trustees affixed thereto, and shall be signed by the Secretary- Treasurer of the Board, and shall bear the facsimile signautre of the Chairman of the Board, and shall be eligible for guarantee as to principal and interest by the Province.

3. The said debentures shall be payable both Ls to principal and interest in lawful money of the United States of America at the office of the Bank of , West End Branch, at New Westminster, D.C., and at the principal office of the said Bank in the City of Victoria, B.C., Canada, at holder's option.

4. The said debentures shall be dated the 1st day of September, 194, and payable as follows: $13,000.00 on the 1st day of September in each of the years 1965 to 1984 inclusive. - 2 -

5. The said debentures shall have attached to them coupons for the payment of interest at the rate of Four and One-half per centum (4) per annum, payable semi-annually on the 1st day of Narch, and the 1st day of September, in each year during the currency thereof, and the coupons shall boar the facsimile signatures of the ChairAan and Secretary-irersurer of the Board.

6. To meet payments ol' principal and interest during the currency of the debentures there shall be included ea7n year in the estimates of the expanses of the Board the following amounts, which shall be provided from grants received from thf, Province for that purpose and from levies made von the taxable values of all lands and improvements within the School District: Annual Annual Total Annual Principal Coupon interest Principal and Year Retirement Rate Payments Interest Payments 1965 $ 13,000.00 4 $ 11,700.00 $ 24,700.00 1966 13,000.00 4 11,115.00 1967 13,000.00 4 10,530.00 1968 13,000.00 4 21,91ea 1969 13,000.00 4 99:3961 0.g5 0° 22,360.00 1970 13,000.00 4 8,775.00 21,775.00 1971 13,000.00 4 8,190.00 21,190.00 1972 13,000.00 4 7,605.00 20,605.00 1973 13,000.00 4 7,020.00 20,020.00 1974 13,000.00 4 6,435.00 19,435.00 1975 13,000.00 4 A, 5,850.00 18,850.00 1976 13,000.00 4 d. 5,265.00 19,265.00 977 13,000.00 4• 4,680.00 1 1978 13,000.00 4 ' 4,095.00 177:::00g 1979 13,000.00 4 3,510.00 16,510.00 1980 13,000.00 4 2,925.00 15,925.00 1981 13,000.00 4 2,340.00 15,340.00 1982 13,000.00 4 1,755.00 14,755.00 1983 13,000.00 4 1,170.00 14,170.00 1984 13,000.00 4 585.00 13,585.00

$260,000.00 $122,850.00 $382,850.00

7. That the debentures authorized by this By-law be sold to School Districts Capital rinanc`i.o Authority at such price as the Authority obtains for a corresponding pri,lcipai amount of Debentures of the Authority bearing the same date and rate of interest as the Debentures issued under the authority of this By-law.

8. This by-law may be cited or all puroses as "School District No. 40 (New Westminster) School Loan By-law No. 13", and is in all re;:pects in accordance with the provisions of the "Public 3chools Act". * * * it it it it it it it it * # * * * * # * Read a First Time the 26th day of August, 1964.

Read a Second Time the 26th day of August, 1964.

Approved by the Minister of Education the 1st day of September, 1964.

Consented to by the Lieutenant-Governor in Council the day of , 1964.

Read a Third Time, finally passed and adopted the day of , 1964.

CHAIRMAN OF THE BOARD CORPORATE

SEAL

SECRETARY- TREASURER Schedule "A"

B0eAD OV'SCMOL TRUSIEES OF SCHOOL DISTRICT NO. 40 (NEW WESTMINSTER) SCHOOL LOAN BY-LAW REFERENDUM NO. 4

* * * * * * * * * * * * * * * * * * * * *

Question to be submitted to the owner-electors of School District No. 40 (New Westminster).

"Are you in favour of the Board of School Trustees of School District No. 40 (New Westminster) borrowing money, without further assent of the owner-electcrs, at any time or from time to tine, within three (3) years from December 31, 1961, by the issue and sale of debentures bearing interest at a rate or rates not exceeding Six (6) per :.ant per annum and payable over a period or periods not exceeding twenty years from the date or respective dates thereof, in such principal amounts as the Board may from time to tine deem necessary to raise net sums not exceeding in the aggregate One Million, One Hundred Fifty-one Thousand Dollars (11,151,000.00), after payment of discount, commission, brokerage, exchange, and other expenses with respect to such issue or sale, for acquiring and developing school-sites and purchasing, constructing, reconstructing, furnishing, and equipping buildings for school purposes or use in connection therewith and other capital expenditures for school purposes?"

The following in brief and general terms sets out substantially the proposed projects and the amount allocated for each, the amount specified as being within Provincial standards and eligible for Provincial grants, and the amount specified as being above Provincial standards and therefore not eligible for Provincial grants and for which the school district pays the full cost:-

Eligible for Not Eligible Provincial for Provincial Grants Grants Total (a)Acquiring and developing school-sites: Lester Pearson Sr. Secondary $ 2,000.00 $ Nil Sir Richard McBride Elementary 10,000.00 Queen Elizabeth Elementary 5,000.00 e e F. W. Howay Elementary 5,000.00 Herbert Spencer Elementary 5,000.00 e e John Robson Elementary 5,000.00 Lord Kelvin Elementary 5,000.00 II Lord Tweedsmuir Elementary 8,000.00 It New Elementary - West End Area 10,000.00 II Primary Site - Hume Park area 4,000.00 II Purchase of Reserve Land 80 000.00 ft $139,000.00

(b)Purchasing, constructing, reconstruct- ing buildings, for school purposes or use in connection therewith:

Lester Pearson Sr. Secondary $26,000.00 Nil Vincent Massey Junior Secondary 89,000.00 School Board Office 14,000.00 Lord Tweedsmuir Elementary 33,000.00 New Elementary School - West End ;,rea 130,000.00 Queen Elisabeth Elementary 12,000.00 Sir Richard McBride Elementary 18,000.00 F. W. Howay Elementary 51,000.00 11 John Robson Elementary 20,000.00 Primary, Hume Park area 37,000.00 11 New Kelvin Elementary 303,000.00 Herbert Spencer Elementary 125 000.00 858,000.00 - 2 -

Eligible for Not Eligible Provincial for Provincial Grants Grants Total

(c)Furnishing and equipping buildings for school purposes or use in connew.ion therewith:

Lester Pearson Sr. Secondary $ 2,000.00 Nil Vincent Massey Junior Secondary 2,500.00 School Board Office 1,500.00 Lord Tweedsmuir Elementary 2,500.00 New Elementary School - West End i‘rea 13,000.00 Queen Elizabeth Elementary 1,500.00 11 F. W. Howay Elementary 3,500.00 Sir Richard McBride Elementary 2,000.00 John Robson Elementary 2,000.00 Primary, Hume Park Area 3,500.00 tt New Kelvin Elementary 20,000.00 Herbert Spencer Elementary 5,000.00 •■••■•• 59,000.00

(d)Other capital expenditures for schocl purposes: Plans and Supervision $52,000.00 Nil Contingencies 43 000.00

95 000.00

TOTAL ESTIM;LTES $1 151 000.00

* * * * * * * * * * * * * * Ronolution Passed the 24th day of January, 1962.

Approved by the Minister of Education the 8th day of February, 1962. Authorized by the Lieutenant-Governor in Council the .Z6th day of ..ttIRVICX. 19 MI.

Received the Assent of the Owner-Electors of the District the .15td4 day of ..1440119..62

CH/MT OF "k;. THE BOARD

CORPOR,I TE

SEa SECRET:Y-S "J. F. Bradbury- TREASURER

RDUSTERED in the Department of Education this 28th day of March, 1962.