CHAPTER 61. An Act to Enable the City of Halifax to Borrow Money. (Passed the 19th day of March, A. D. 1926.) Be it enacted by the Governor, Council and Assembly as follows: borrow. The City of Halifax may borrow the sums set out Authority to in the Schedule hereto for the purposes specified and no other. rowed to form Consolidated The sums so borrowed, which may be borrowed Amount borfrom time to time, and in such amounts as the Council part of of the City determines, shall be in addition to the Fund. amount authorized to be borrowed by the Halifax City Consolidated Fund Act, 1905, and amendments thereto, and shall form part of that fund, and shall be secured by stock or debentures to be issued in conformity with the provisions of that Act, at a rate of interest not exceeding six per cent. per annum, and the dates on which the same shall be made payable shall be determined by the Council. SCHEDULE. To defray expenses incurred in collection of tax arrears in accordance with Section 32 of Chapter 69 of the Acts of 1923 a further sum not exceeding. For the construction of new sewers and catchpits not exceeding.. $12,500.00 5,000.00 Schedule. CHAPTER 62. Title. Authority to borrow; sum to form part of Fund. An Act to Enable the City of Halifax to Refund (Passed the 19th day of March, A. D. 1926.) Be it enacted by the Governor, Council and Assembly as follows: I. 1. This Act may be cited as the Halifax City Refunding Act, 1926. 2. The City of Halifax (hereinafter called the Consolidated City) may borrow the sum of One Million Five Hundred Thousand Dollars ($1,500,000.00) for the purpose hereinafter specified. The sums so borrowed shall be in addition to the amount authorized to be borrowed by the Halifax City Consolidated Fund Act, 1905, and amendments thereto and shall form part of that Fund, and shall be secured by stock or debentures to be issued in conformity with the provisions of that Act, bearing interest at a rate not exceeding 6% per annum, payable half-yearly, and such stock or debentures shall be redeemable on the 1st day of July, 1961, and such an amount of stock or debentures may be issued as will be sufficient at the best price obtainable therefor to produce the said sum of One Million Five Hundred Thousand Dollars. Money bor rowed to repay Royal Bank loans. Sinking fund provisions of 3. The money so borrowed shall be applied exclusively in repaying to the Royal Bank of Canada moneys due that Bank for temporary loans made by the Bank to the City in anticipation of the collection of taxes and interest for Civic Years previous to the Civic Year which began on the first day of May, 1925. 4. The provisions of the Halifax City Charter City Charter requiring the establishment of a Sinking Fund for a loan by providing a yearly appropriation therefor shall not apply to the loan hereby authorized. do not apply. ed on account dealt with and 5. The principal amount of all moneys collected Moneys collect on account of taxes due the City for any year previous of taxes due previous to 1st to the Civic Year which began on the 1st day of May, 1925, how May, 1925, shall be paid into a separate account applied. out of which shall be paid first to the said Bank any balance remaining due to the Bank in respect of loans in anticipation of the collection of taxes for the years aforesaid after payment to it of the said sum of One Million Five Hundred Thousand Dollars, but not exceeding the sum of Two Hundred Thousand Dollars. After payment of the said amount due the Bank not exceeding Two Hundred Thousand Dollars, all further amounts collected for such taxes shall be paid to the Trustees of the General Sinking Fund of the City to be applied to the creation of a Special Sinking Fund for the redemption of the loan hereby authorized. taxes; how 6. All moneys collected by the City as interest Interest on on taxes for the aforesaid years shall be applied to applied. payment of interest on the moneys borrowed under the authority of this Act. If the amounts so collected are insufficient in any year for that purpose or it is deemed at the time when the yearly estimates of expenditure of the City are being prepared that such amounts will be insufficient, the deficiency of a preceding year, or the anticipated deficiency for an ensuing year, as the case may be, shall be included in the yearly estimates and form part thereof. If at the end of any civic year the amounts so collected together with any amount so provided in the estimates have been more than sufficient for such purpose the balance shall not be deemed an unexpended balance but may be applied to the payment of the said interest for the ensuing Civic Year. If the amounts provided for that purpose in any year prove insufficient the balance required shall be included in the estimates of the next succeeding year. General 7. The amounts of principal of taxes collected as Sinking Fund. aforesaid paid over to the Trustees of the General Sinking Fund, and the accumulations thereof shall be invested in securities authorized by law for the investment of Trust Funds. If on the 1st day of July, 1931, it is found that the amount then in the Sinking Fund surplus, how applied. Alternative disposition of surplus. fund so established, with the accumulations thereof calculated at four per cent. per annum will be insufficient to redeem the stock or debentures issued under the authority of this Act at their maturity on 1st July, 1961, provision shall be made by the City for the inclusion thereafter of such additional amounts in the yearly estimates as will enable the said Sinking Fund to retire such stock or debentures at maturity which shall be paid to the Trustees of the Sinking Fund. 8. If on the 1st day of July, 1931, the amount of the said Sinking Fund with the accumulations thereof, calculated as aforesaid, is found to be more than sufficient to retire the said stock or debentures at maturity, any surplus over the amount so required may be applied first to repay the sum of $65,376.86 due to the Reserve Fund for moneys advanced to certain of the years above mentioned, and second, to pay to the Reserve or General Sinking Funds any amounts due to those Funds, for unexpended balances in respect to the said years. If the amount in the Sinking Fund established Sinking Fund hereunder at any time has accumulated to an amount which, with the accumulation aforesaid will be more than sufficient to redeem at maturity the bonds or stock issued hereunder, the Trustees of the Fund may in the alternative and in place of the disposition thereof provided in the next preceding section on the request of the City apply the amount of any such surplus to the redemption of bonds or stock issued hereunder by the purchase of the same at the current market price. Such Bonds or Stock so purchased to be thereupon cancelled, or may invest the same in securities authorized by law for the investment of trust funds, and the income derived from any surplus so invested shall be paid by the Trustees to the City to be applied to the payment of the interest on the Stock or debentures issued under the authority of this Act. CHAPTER 63. An Act in Relation to the Water Supply of the (Passed the 19th day of March, A. D. 1926.) Be it enacted by the Governor, Council and Assembly as follows: 1. In this Act unless the context otherwise Interpretation. requires the expression (a) "City" means the City of Halifax; City. (b) "City Charter" means the City Charter City Charter. of Halifax, 1914, and any amendments thereto according to the sections of such charter as now in force under and by virtue of Chapter 80 of the Acts of 1919; (c) "Clerk" means the Clerk of Works of Clerk. that City; (d) "Council" means the City Council of that Council. City; Official. (e) Any "Committee" or "official" mentioned Committee; in this Act by name means the "Committee" or "official" of that name of the City Council or City; rates. (f) "Fire Protection rates" means the rates Fire Protection levied and assessed under that name and upon a property as provided for in this Act; Consumption (g) "Consumption rates" means the rates rates. payable for water passing through any water meter connected to any water service pipe; (h) "Meter rental" means the amount payable by any consumer as a rental for a meter connected to the water service pipe leading to such consumer's premises; Meter rental. |
