Director F. Garnish Electoral Area A

Director R. Loomis Electoral Area B

Director E. Hamilton Electoral Area C

Director I. Savage Electoral Area D

Director J. McLean Electoral Area F

Director J. Stanhope Electoral Area G

Director J. Duncan Electoral Area H

Director A. Duggan City of Parksville

Director B. Luchtmeijer Town of Qualicum Beach

Director L. Sherry City of Nanaimo

Director G. Korpan

Director L. McNabb City of Nanaimo

Director D. Rispin City of Nanaimo

Director B. McGuffie City of Nanaimo

K. Daniels Chief Administrative Officer

N. Avery Manager of Financial Services

M. Pearse Mgr. of Administrative Services

MOVED Director McNabb, SECONDED Director McLean, that the minutes of the regular Hospital Board meeting held November 10, 1998 be adopted.

CARRIED

MOVED Director McNabb, SECONDED Director Stanhope, that the minutes of the Eagle Park Health Care Facility Project Building Committee meetings held October 1 and November 13, 1998 be received for information.

CARRIED

WHEREAS the British Columbia Regional Hospital District Financing Authority (the "Authority") presently holds sinking fund debentures purchased from the Nanaimo Regional Hospital District, Nanaimo, British Columbia (the "District") as described in the Schedule attached hereto.

WHEREAS it is anticipated that the Minister of Finance and Corporate Relations (the "Minister") will issue a certificate to the effect that the assets of the sinking fund established under the said debentures (the "Sinking Fund") are sufficient to meet all obligations respecting the payment of principal interest under the debentures establishing the Sinking Fund to the Authority.

THEREFORE, BE IT RESOLVED that, upon the Minister issuing the Certificate, the trustee of the Sinking Funds is hereby directed by the District to transfer all of the assets in the Sinking Fund to the Authority.

MOVED Director McNabb, SECONDED Director Stanhope, that:

WHEREAS pursuant to Section 31 of the Hospital District Act, the Board may by resolution, with the approval of the Minister or a person authorized by him to act in his behalf, borrow for purposes other than capital expenditures by way of temporary loan such sums as the Board may deem necessary to meet current operating expenditures for the year, including the amounts required for principal and interest falling due within the year upon any debt of the Board;

AND WHEREAS pursuant to Section 25 of the Act, member municipalities and the Province are not required to make payment from taxation revenues of amounts requisitioned by a District until August 1^st, of each year;

AND WHEREAS estimated debt retirement and bank interest charges in the amount of $1,200,000.00 must be paid before payment of such revenue is due;

NOW THEREFORE BE IT RESOLVED that the Board of the Nanaimo Regional Hospital District may borrow pursuant to Section 31 of the Hospital District Act, a sum not exceeding $1,200,000.00 in 1999 for the purpose of paying the above mentioned debt retirement and bank interest charges.

CARRIED

CARRIED

TIME: 7:38 PM