“Property Acquisition, Infrastructure Upgrade and Improvement Loan Authorization Bylaw 2023, No. 3234”
Pursuant to Section 86 of the Community Charter, the City of Langley is proposing to seek the approval of the electors of the City of Langley by an Alternative Approval Process. This Alternative Approval Process applies to the entire City of Langley. The question before the electors is whether they are opposed to Langley City Council proceeding with the borrowing as set out in Property Acquisition, Infrastructure Upgrade and Improvement Loan Authorization Bylaw 2023, No. 3234, unless it is approved by Assent Voting.
The proposed bylaw authorizes City Council to borrow for strategic land acquisitions, infrastructure upgrades, and improvements by way of debentures a sum not exceeding Fifteen Million Dollars ($15,000,000) repayable not later than twenty (20) years from the date of issue of such debentures.
To formally adopt the bylaw, Council must first seek elector approval of the bylaw. Accordingly, as permitted under the Community Charter, Council is undertaking an Alternative Approval Process June 8-July 18, 2023. This is a common process used by municipalities to seek elector approval of loan authorization bylaws.
Click here for information to learn how the Alternative Approval Process works.