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to the general assessment to be levied upon the rate payers of the said town such sum as may be fixed by resolution of the town council, not, however, to be less than two per cent. 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 of the said town;
(2) Such sums, when collected, shall be deposited in some chartered bank in the province of Nova Scotia to the credit of an account to be called “The town of Louisburg (1909) Sinking Fund Account,” on deposit bearing interest, and such sums shall be used for payment of the debentures issued under this act, and for no other purpose.
7. No money shall be borrowed under this act until a meeting of the rate payers of the said town has been called pursuant to the provisions of sections 143 and 144 of the “Towns Incorporation Act" and amendments thereto, and the said meeting has approved and ratified, by majority vote, the borrowing of the amount proposed by this act.
Evidence of adoption Act.
8. A certificate under the hand of the mayor and town clerk of the said town, and under the corporate seal of the town, that such resolution was passed at such meeting of the ratepayers, shall be conclusive evidence of the due passing of same in accordance with this act.
An Act to Enable the Trustees of School Section
burg, to Borrow Money.
(Passed the 23rd day of April, A. D. 1909.) SECTION.
1 1. Power to borrow.
4. Interest, how rated. 2. Debentures
5. Sinking fund. 3. Debentures, whenredeemable,
6. Debentures, Act to apply.
Be it enacted by the Governor, Council, and Assembly, as follows:
1. The trustees of school section number 4, Chester Power to
borrow, Basin, in the County of Lunenburg, are hereby authorized to borrow on debentures a sum not exceeding $3,000, for the purpose of building a new school house and to furnish and equip the same.
2. The trustees of said school section number 4 Debentures are authorized and empowered to make and issue said debentures, each in the sum of $100 or some multiple thereof, and said debentures shall bear interest at a rate not exceeding 5 per cent. per annum, payable yearly, and shall be a charge upon all the real and personal estate and property liable to be rated for school purposes in or for said school section number 4. Said debentures shall be signed by the trustees of said school section and countersigned by the secretary.
3. The said debentures shall be redeemable in Debentures,
when twenty years from the date thereof, and be payable redeemable. to the respective holders thereof, at the office of the secretary of trustees for said school section.
4.' The sums necessary to pay the interest on the Interest, how said debentures shall be added to the sum required for the support of the school in said section, in each year, and the sum shall be rated and collected in the same manner and with the same remedies as other school rates and taxes in the said school section.
5. In order to provide a sinking fund for the pay- Sinking funde ment of the debentures authorized to be issued under
this act, there shall be added to the sum required for the support of schools in said section, in each year, such sum as is determined at the annual school meeting, not, however, to be less than 2 percentum of the amount borrowed under this act, and the same shall be rated and collected in the same manner and with the same remedies as other school rates and taxes in the said school section.
6. The provisions of the Municipal Debentures Act, 1902, and amendments thereto, shall apply to the loan authorized by this act, in so far as the same are not inconsistent herewith.
An Act to Authorize the Sale of the Mahone Bay
(Passd the 23rd day of April, A. D. 1909.)
Be it enacted by the Governor, Council, and Assembly, as follows:
Trustees authorized to sell the Exhibition Building.
1. John W. Mills, Thomas G. Nicol, John E. Lantz, Nathaniel Langille, Alexander Chisholni, Edward A. Earnst and Charles U. Mader, trustees under the provisions of chapter 102 of the acts of 1886, are hereby authorized and empowered to sell and convey the Exhibition Building, situate in the Mahone Bay Exhibition Building District, as descrlbed in section 3 of said chapter 102 of the acts of 1886, and the land and premises appertaining to or connected with the said Exhibition Building; provided, that no such sale or conveyance shall be made until the said trustees are so authorized by a meeting of the ratepayers of the said Mahone Bay Exhibition Building District.
2. Such sale shall be at public auction for the Sale.ito be at
public auction. best price that may be obtained therefor, and such sale shall be advertised for at least four weeks by advertisement in two newspapers published in the County of Lunenburg and by hand bills posted for not less than two weeks in ten prominent places in the said district.
3. The trustees are authorized to convey the said Terusties by building and lands and premises to the purchaser or conveyance. purchasers thereof, and such conveyance shall vest in the said purchaser or purchasers good and sufficient title in fee simple to the said building, lands and premises.
4. The proceeds of said sale, after deducting ex-Sale proceeds, penses thereof, shall be divided among the respective school sections, which, or any part of which, are included in or form part of said Mahone Bay Exhibition Building District, pro rata, according to the assessed valuation, as shown by the municipal assessment roll at the time of said sale of the ratable property in such sections or parts of sections which are included in the said district. Said proceeds shall be paid over to the school trustees of the said respective sections and shall be used exclusively for school purposes. 5. Notice of the meeting of the ratepayers author- Notice of
meeting, how ized to be held under section one of this act shall be given. given by the trustees and inserted in two newspapers published in the County of Lunenburg for the period of at least four weeks, and also by hand bills posted for not less than two weeks in ten prominent places in the said district. Said notice shall state the date, place, time and purpose of said meeting.
An Act Respecting the Cost Incurred by the Town of North Sydney for the Extension of the Inter
colonial Railway into the said Town.
(Passed the 22d day of April, A. D. 1909.)
2. Money, to whom paid.
WHEREAS, the town of North Sydney, under the authority of an act entitled “An Act respecting the Right-of-way, Station Grounds and Terminal Facilities for the North Sydney Branch Railway," passed by the Legislature of Nova Scotia on the 16th day of April, 1888, has certain debentures outstanding, amounting to the sum of three thousand two hundred dollars, which are due and payable on the 1st day of July, 1909;
And whereas, application has been made by the said town to the government of the Dominion of Canada for a refund of the amount paid by the said town under the aforesaid act for the right-of-way required for the extension of the Intercolonial Railway into the town of North Sydney;
And whereas, an application for a refund is now pending, and it is desirable that the said town be enabled to await the determination of the application in order to finally liquidate and discharge the indebtedness incurred by the said town under the before mentioned act on account of such right-of-way;
Be it therefore enacted by the Governor, Council, and Assembly, as follows:
Power to borrow.
1. The town council of the town of North Sydney is hereby authorized and empowered to borrow for a period of time, not extending beyond eighteen months from the date of the passing of this act, from any person or corporation, a sum of money, not, however, to exceed the amount of three thousand two hundred dollars, for the purpose of liquidating and discharging