CHAPTER 109.

An Act to Enable the City of Sydney to Grant a Bonus and Exemption from Taxation to the National

Rolling Mills of Canada, Limited.

WHEREAS, by chapter 87 of the acts of 1907, the city Preamble of Sydney was authorized to grant a bonus and exemption from taxation to the National Rolling Mills of Canada, Limited, if the construction of the said plant was begun not later than May 1st, 1907, and completed before May 1st, 1908;

And whereas, owing to unforseen difficulties the said construction was not begun nor completed within the prescribed time;

And whereas, by a plebiscite taken on the 20th day of November, 1906, a large majority of the electors voted in favor of granting the said bonus and exemption;

Be it therefore enacted by the Governor, Council, and Assembly, as follows:

1. The city of Sydney is hereby authorized to Debentures issue its debentures to the amount of fifty thousand dollars, bearing interest at four per centum per annum, and redeemable in thirty years. Said debentures shall be subject to the provisions of the "Municipal Debentures Act" and amendments thereto.

to be delivered

2. The city of Sydney is further authorized to Debentures deliver to the National Rolling Mills of Canada, to Company. Limited, all of said debentures, in the manner and subject to the conditions hereinafter set forth.

3. The city of Sydney is further authorized to Water rate, supply to the said company water at the rate of six cents per thousand gallons..

Certain tax exemptions,

4. The said company shall be exempt from ordinand provisions ary municipal rates and taxes on its buildings (other than dwelling houses owned by the company) and machinery, excepting school, water and sewer rates, for a period of ten years from the first day of January, 1910.

But all of the above sections are subject to the following conditions:

(a) Before the company shall receive any part of said bonus, the water supply at the above rate, or be entitled to said exemption, it must construct within the city of Sydney a manufacturing plant for the manufacture of bar steel, angle bars, tie plates, pit rails, railway spikes, track bolts, and other articles used in connection with building and railway construction, such plant to have a capacity of forty thousand tons of finished material, to cost at least the sum of four hundred thousand dollars, and to continuously employ in the process of manufacturing at least two hundred and fifty regular permanent employees daily;

(b) The capacity, cost of said construction, and number of employees, shall be proved to the satisfaction of the city council for the city of Sydney, and said council shall have the right, through its officials, auditors, or agents, as it shall name, to examine the books or vouchers of the company for the purpose of ascertaining the cost of said construction, capacity of plant, and number of employees;

(c) Said debentures, to the amount of twenty thousand dollars, shall be issued and delivered to said company when the above described plant is completed and in full operation, and is employing permanently and continuously two hundred and fifty men daily;

(d) Said debentures, to the amount of ten thousand dollars, shall be issued and delivered to said company each year thereafter, for three

years, provided, that during those years the
said plant has been in continuous operation,
and employing two hundred and fifty regular
permanent employees daily;

(e) Said company shall take said debentures
at par.

5. In order to provide a sinking fund for the pay- Sinking fund. ment of the debentures authorized to be issued under this act, the city council shall annually include in the estimates of the sums required for the purposes of the said city, such sums as by resolution of council may be determined upon, not, however, to be less than one per cent. of the amount borrowed under this act.

be taken.

6. Sections one to five of this act shall not take Plebiscite to effect until the same are adopted by the city council and ratified by the ratepayers of the city of Sydney by a plebiscite to be taken in accordance with the provisions for same in the city charter and amendments thereof.

CHAPTER 110.

An Act to Enable the City of Sydney to Borrow

Be it enacted by the Governor, Council, and Assem

bly, as follows:

borrow

1. The city of Sydney is hereby empowered to Power to borrow on the credit of the city, and the property therein, the sum of one hundred and nine thousand dolars for the following purposes, that is to say:

(a) Fifty thousand dollars for the erection of
a new academy building and site;

Debentures.

Interest, how provided.

Sinking fund.

(b) Twenty thousand dollars for the extension of common school accommodation;

(c) Seventeen thousand dollars for the extension of the water main and increase of supply;

(d) Ten thousand dollars for the erection of a new fire station and improvement to city hall;

(e) Twelve thousand dollars for the erection of a new bridge at Whitney Avenue, and a new bridge at Wentworth Creek:

2. Such sums shall be borrowed on debentures, to be issued under the provisions of the Municipal Debentures Act, 1902, and amendments thereto, in sums of one hundred dollars each or any multiple thereof from time to time as determined by resolution of the city council, bearing interest at such rate, not exceeding five per centum per annum, and repayable at such time, not exceeding thirty years, as the council shall from time to time determine, which debentures shall be issued by the mayor under the seal of the city and sold for such sums as may be obtained therefor, and shall be a charge on all the property, real and personal, of the city and its inhabitants, and the proceeds of such debentures shall be placed to the credit of the city, and shall be used only for the purposes mentioned in this act.

3. The city council shall annually add to the amount to be assessed and levied upon the real and personal property of the city for general purposes a sufficient sum to pay the annual interest on such debentures.

4. The city council shall annually add to the general assessment to be levied upon the ratepayers of said city subject to assessment, such sums as may by resolution be determined by the city council, not, however, to be less than one per cent. of the amount borrowed under the provisions of this act, and such sum shall be rated and collected in the same manner, and with the same remedies, as other rates and taxes

in the said city are rated and collected. Such sums, when collected, shall be deposited in some chartered bank or trust company in the Province of Nova Scotia on deposit bearing interest, and such sums and the interest thereon shall be used for payment of the debentures issued under the provisions of this act, and for no other purpose.

whom paid.

5. The money borrowed under this act shall be Money," to paid into the hands of the treasurer of the said city, and shall be by bim paid out as the city council thereof shall determine for the purpose mentioned in the first section of this act, and for no other purpose.

CHAPTER 111.

An Act to Amend Chapter 174, Acts of 1903, entitled "An Act to Incorporate the City of Sydney."

(Passed the 23rd day of April, A. D. 1909.)

SECTION.

1. Section 252 amended.

SECTION.

2. Section 98 amended.

Be it enacted by the Governor, Council, and Assembly, as follows:

Chapter 174 of the acts of 1903 entitled "An Act to incorporate the City of Sydney," is amended as follows:

1. Section 252 is amended by striking out the word Section 252 sixty" in the fifth line thereof, and inserting instead amended. the word "fifty."

2. Section 98 is amended by adding thereto the Section 98 following clause:

And rule 5 of chapter 73, section 15, Revised Statutes of Nova Scotia, 1900, shall not apply to property within the limits of the city of Sydney, and any property within the limits of the city shall be assessed only in the city.

amended.