with section 7 of said chapter 117 of the acts of 1908, approved and ratified the borrowing of the sum of twenty-five thousand dollars and the issue of debentures therefor in accordance with the provisions of section 1 of said act, it shall not be necessary to convene any additional meeting of the said ratepayers, and the said meeting so held and all proceedings thereat and in connection therewith, and the debentures issued and sold or to be issued and sold under the provisions of said chapter 117, and the borrowing of money thereon, are hereby confirmed and declared to be legal and valid, and a lien and charge in accordance with the provisions of section 3 of said act. CHAPTER 67. An Act to Enable the Town of Bridgetown to Borrow of the Town. (Passed the 23rd day of April, A. D, 1909.) Whereas, at a public meeting of the ratepayers of the town of Bridgetown, held on the 22nd day of March, 1909, pursuant to the provisions of section 143 of "The Towns' Incorporation Act," a proposed expenditure of a sum of money not to exceed four thousand dollars, for the permanent repair of the streets of the town, was approved by a majority of ratepayers present at such meeting; Be it therefore enacted by the Governor, Council, and Assembly, as follows:-- 1. The town of Bridgetown is hereby authorized and empowered to borrow a sum of money, not to exceed four thousand dollars, for the permanent repair of the streets of the town. Money borrow 2. The money so borrowed and the interest pay-end interable thereon shall be a charge upon all the assessable est to be a lien. property of the town of Bridgetown. 3. The town of Bridgetown is hereby authorized Debentures. to issue debentures for the money so borrowed, and said debentures shall be subject to the provisions of The Municipal Debentures Act, 1902, and amendments thereto, and shall be for the sum of one hundred dollars or some multiple thereof, and shall be payable twenty-five years after the date thereof, with interest, payable half-yearly, at a rate not to exceed five per cent. per annum. 4. The town of Bridgetown shall annually provide Sinking fund. a sinking fund equal to two and one-half per cent. of the money borrowed. The sinking fund and interest shall be levied and collected annually with the ordinary taxes of the town of Bridgetown. The sinking fund provided by this section shall be subject to the provisions of "The Municipal Debentures Act, 1902," and amendments thereto. whom paid. 5. The money borrowed by virtue of this act shall Money, to be paid into the hands of the treasurer of the town of Bridgetown, and shall be by him paid out as the town council of said town shall determine, for the purposes mentioned in the first section of this act, and for no other purposes. not necessary. 6. Inasmuch as the ratepayers of the said town have, Town meeting in the manner by law provided, already authorized the town council to borrow the said moneys and issue the town debentures therefor under the provisions of this act, it shall not be necessary to convene any meeting of the said ratepayers, either under the provisions of "The Towns' Incorporation Act," or under this act, as a condition precedent to the issuing of the said debentures or the doing of any other matter or thing by this act authorized. a money grant. CHAPTER 68. An Act to Enable the Town of Bridgetown to Grant (Passed the 23rd day of April. A. D. 1909.) SECTION 1. Power to give a money grant. Be it enacted by the Governor, Council, and Assembly, as follows: Power to give 1. The town of Bridgetown is hereby authorized and empowered to pay annually, out of its revenues, to the Bridgetown Brass Band, a sum not exceeding forty dollars, upon such conditions as the town council of the town of Bridgetown may from time to time make. CHAPTER 69. An Act to Enable the Municipality of the County of (Passed the 23rd day of April, A. D. 1909.) Power to borrow. Money borrowed, how divided. Be it enacted by the Governor, Council, and Assembly, as follows: 1. The municipality of the county of Cape Breton is authorized to borrow from time to time, on the credit of the municipality, such sum of money not exceeding ten thousand dollars in the whole, for the purpose of the building, repair and maintenance of roads within the municipality. 2. The council of the municipality may divide any sums borrowed and expended under this act, among the polling divisions of the municipality in such manner as it may by resolution determine, and may assess the polling districts in which such amounts are expended for interest and sinking fund necessary to repay the sums so expended in such polling district. 3. For the purpose of effecting any loans under the Debentures. authority of this act, the municipal council is empowered to make and issue, subject to the provisions of "The Municipal Debentures Act, 1902," from time to time as the council may deem expedient, the debentures of the municipality each in the sum of one hundred dollars or multiples thereof, bearing interest at such rate as the council shall determine, not exceeding however five per centum per annum, redeemable within such periods, not exceeding ten years, as the council may determine. provided. 4. The council of the municipality shall annually Interest add to the estimates to be rated each year upon the municipality, or upon the portion of the municipality where sums borrowed under the authority of this act have been expended, a sum sufficient to pay the interest on the moneys borrowed under the authority of this act, and in order to provide a sinking fund for the payment of such debentures shall also assess such sums as may be determined by the council, not however less than six per centum of the amount borrowed under the provisions of this act, and such sums shall be rated and collected in the same manner and with the same remedies as other rates and taxes. how CHAPTER 70. An Act to Amend Chapter 97, Acts of 1908, entitled, "An Act to provide for the Appointment of a further Commission to Adjust the objects of Joint Municipal Expenditure, and to Value Ratable Property in the County of Cape Breton." (Passed the 23rd day of April, A. D. 1909..) SECTION. 1. Section 8 amended. SECTION. 2. Section added. Be it enacted by the Governor, Council, and Assem bly, as follows: Section 8, amended. Section added. (1) Section 8 of chapter 97 of the acts of 1908, is hereby amended by striking out the word "fifth" in the third line thereof, and substituting therefor the word "fifteenth." 2. Said act is amended by adding thereto the following section: 2. Section 10. "Upon the filing of the report referred to in sections 8 and 2 hereof, the valuation thereon made shall become and be the basis upon which the clerk of the said Municipality shall proceed to make the apportionment referred to in section 66of the Assessment Act. " CHAPTER 71. An Act to Enable the Municipal Council of the Municipality of Cape Breton County to Borrow Power to borrow. Be it enacted by the Governor, Council, and Assembly, as follows: 1. The Municipality of Cape Breton County is hereby empowered to annually borrow, by resolution of the Municipal council of said county, from any person or corporation, such sums of money, not exceeding, however, at any one time an amount equal to fifty per cent. of the revenue collected by the municipality during the previous year, as may be deemed requisite to meet the current legal expenditures and liabilities of the corporation which becomes payable before the revenue for the year in which the same is borrowed is collected or paid. The said money may be borrowed either by promissory notes or over drafts. |