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CHAPTER 68

An Act to enable the City of Sydney to

Borrow Money.

(Passed the 19th day of March, A. D. 1926.)

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

Purpose of borrowing.

I. The City of Sydney is authorized to borrow or raise by way of loan on the credit of the City the sum of eighty thousand dollars for street purposes, including sidewalks, curb and gutter.

Sinking fund.

2. Where any money is borrowed or raised by the issue and sale of debentures of the City under this Act and The Municipal Debentures Act the Council of the City shall provide for a sinking fund with respect to said debentures.

The amount to be paid annually into the sinking fund shall not be less than three per cent. of the aggregate amount of said debentures and shall not be more than the council deems sufficient to provide for the payment of the debentures when the same are payable, and the first payment into such sinking fund shall be made within one year from the date of said debentures.

Interest and Sinking fund lawful cbarges.

3. Every sum required for

(a) Interest on said debentures;

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(b) The sinking fund so provided;
shall be held to be sums so required for the ordinary
lawful purposes of the city and shall be raised, levied
and collected in the same manner and in all respects
as other sums required for the ordinary lawful pur-
poses of the city are raised, levied and collected.

Ratopayers to
Approve.

4. No money shall be borrowed under this Act for street purposes including sidewalks, curb and gutter, until the question of the proposed borrowing

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has been submitted by the City Council to a vote of the ratepayers and such borrowing has been approved by a majority of the ratepayers voting thereon in the same manner mutatis mutandis as that prescribed by section 87 of chapter 174 of the Acts of 1903 as amended, for submitting a question of a proposed expenditure to a vote of the ratepayers and obtaining the approval of a majority of the ratepayers voting thereon. A certificate, under the hands of the Mayor and the City Clerk and under the corporate seal of the City that such question has been so submitted and that such borrowing has been so approved shall be conclusive evidence of the same.

,

5. Said Debentures and the coupons for the inter-Form of Debenest thereon may be in the form in the schedule to this Act and said debentures shall bear interest at such rate not exceeding seven per centum and be payable at such time, not more than thirty years from the date thereof as the City Council determines.

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No....

$.... CITY OF SYDNEY DEBENTURES. Issued under the authority of chapter of the Acts of the Legislature of Nova Scotia for the year Nineteen Hundred and Twenty Six, and in pursuance of a resolution passed at a meeting of the City Council held on the

day of

A. D. 1926.

The City of Sydney will pay, if unregistered, to the bearer hereof, or, if registered, to the registered holder hereof the sum of

dollars in lawful money of Canada, at

in years from the date hereof, and interest on the said sum at the rate of per centum per annum payable half yearly upon the days of

and in each year at

on the presentation of the coupons hereto attached.

Issued at Sydney in the County of Cape Breton this

day of

A. D. 192

FORM B.
No. of Coupon

$
The City of Sydney will pay to the bearer in lawful
money of Canada at

on the day of

A. D. 192 being six months' interest on debenture No.

issued the day of

A. D. 192

Mayor

City Clerk.

CHAPTER 69.

An Act to Enable the City of Sydney to Borrow

Money.

(Passed the 19th day of March, A. D. 1926.)

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

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Purpose of borrowing.

1. The City of Sydney is authorized to borrow or raise by way of loan on the credit of the City the sum of Twenty Thousand Dollars for the purpose of erecting a suitable memorial in commemoration of the soldiers who fell in the Great War.

Sinking fund.

2. Where any money is borrowed or raised by the issue and sale of debentures of the City under this Act and The Municipal Debentures Act the Council of the City shall provide for a sinking fund with respect to said debentures.

The amount to be paid annually into the sinking fund shall not be less than two per cent. of the aggregate amount of said debentures and shall not be more than the council deems sufficient to provide for the payment of the debentures when the same are payable, and the first payment into such sinking fund shall be made within one year from the date of said debentures.

3. Every sum required for

Interont and Sinking fund lawful charges.

(a) Interest on said debentures;

approve.

(b) The sinking fund so provided; shall be held to be sums so required for the ordinary lawful purposes of the city and shall be raised, levied and collected in the same manner and in all respects as other sums required for the ordinary lawful purposes of the City are raised, levied and collected.

4. No money shall be borrowed under this Act Ratepayers to for the purpose of erecting a suitable memorial in commemoration of the soldiers who fell in the Great War, until the question of the proposed borrowing has been submitted by the City Council to a vote of the ratepayers and such borrowing has been approved by a majority of the ratepayers voting thereon in the same manner mutatis mutandis as that prescribed by section 87 of Chapter 174 of the Acts of 1903 as amended, for submitting a question of a proposed expenditure to a vote of the ratepayers and obtaining the approval of a majority of the ratepayers voting thereon. A certificate under the hands of the Mayor and the City Clerk and under the corporate seal of the City that such question has been so submitted and that such borrowing has been so approved and shall be conclusive evidence of the

same.

5. Said Debentures and the coupons for the inter-Form of De

bentures, etc. est thereon may be in the form in the schedule to this Act and said debentures shall bear interest at such rate not exceeding seven per centum per annum and be payable at such time, not more than thirty years from the date thereof as the City Council determines.

Schedule.

SCHEDULE

No.....

$.

CITY OF SYDNEY DEBENTURES.

Issued under the authority of Chapter of the Acts of the Legislature of Nova Scotia for the year Nineteen Hundred and Twenty Six, and in pursuance of a resolution passed at a meeting of the City Council held on the

day of
A. D., 1926.

The City of Sydney will pay, if unregistered, to the
bearer hereof, or, if registered, to the registered holder
hereof the sum of
dollars in lawful money of Canada, at

in

years from the date hereof, and interest on the said sum at the rate of

per centum per annum payable half yearly upon the

days of and

in each

year at

on the presentation of the coupons hereto attached.

Issued at Sydney in the County of Cape Breton this

day of A. D., 192

,

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FORM B.

No. of coupon.

$.
The City of Sydney will pay to the bearer in lawful
money of Canada at

on the
day of

A. D.,
192

being six months' interest on deben-
ture No.
issued the

day of
A. D., 192

,

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Mayor.

City Clerk.

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