CHAPTER 81. "An Act to Amend Chapter 89 of the Acts of 1924, (Passed the 15th day of March, A. D. 1926.) Be it enacted by the Governor, Council and Assembly, as follows: I. Chapter 89 of the Acts of 1924 is amended by inserting between Sections 1 and 2 thereof the following section: 1-A. The Town of Lockeport is authorized and empowered to transmit, distribute and sell Electrical Power or energy outside the said Town within a distance of ten miles from the boundaries thereof. 2. This Act shall be deemed to be in force and to have effect on, from and after the 9th day of May, 1924. Preamble. CHAPTER 82. An Act Relating to Street and Sidewalk Funds in the (Passed the 15th day of March, A. D. 1 26.) Whereas the Town of New Waterford is authorized and empowered by Chapter 117 of the Acts of 1914 to borrow by way of debentures and upon the credit of the Town, the sum of twenty-five thousand dollars for the following purposes namely, that is to say: (a) the sum of ten thousand dollars for a sewerage system; (b) the sum of five thousand dollars for permanent sidewalks; (c) the sum of five thousand dollars for permanent streets; (d) the sum of four thousand dollars for fire equipment, and (e) the sum of one thousand dollars for furnishing a council chamber; And Whereas, Town debentures, bearing date the 25th day of May, A. D. 1917, were issued and sold for the full amount of the sum authorized by said Act and a due proportionate part of the proceeds from the sale of said debentures was set aside for the purpose of constructing permanent streets and sidewalks in said Town; AND WHEREAS, no permanent sidewalks have been constructed in said Town as contemplated by said Act, and there is at present on deposit in the Royal Bank of Canada at New Waterford the sum of four thousand seven hundred and five dollars and eighty-four cents to the credit of the Town sidewalk account, as also the sum of two thousand two hundred and eighty-one dollars and eighty-one cents to the credit of the Town street account, said sums being the full amount and the balance respectively of the proceeds of said debentures set aside for the construction of permanent sidewalks and streets in said Town under the provisions of said Act; AND WHEREAS, it is deemed expedient and advisable that the construction of permanent sidewalks in said Town be deferred indefinitely, and that the said sums of money on deposit as aforesaid to the credit of sidewalk and street accounts be used and applied for the purpose of constructing a permanent bridge over Barrachois Brook on the public street known as "County Road" and near No. 12 Colliery in said. Town; BE IT THEREFORE ENACTED by the Governor, Council and Assembly as follows: Amount to credit of Side accounts may I. That notwithstanding anything in Chapter 117 walk and Street of the Acts of 1914, the Town of New Waterford is be used to con- hereby authorized and empowered to use and apply over Barrachois the said sums of money borrowed under the provisions struct bridge Brook. Expenditure valid and lawful. Treasurer to pay out money. Ratepayers to approve. Certificate. of said Act and set aside out of the proceeds of said debentures as aforesaid, the same being the full amount and the balance respectively of the proceeds of said debentures now on deposit in the Royal Bank of Canada to the credit of sidewalk and street accounts, for the purpose of constructing a permanent bridge over Barrachois Brook on the public street known as "County Road" and near No. 12 Colliery in said Town. Provided that any balance of the said sums of money over and above the amount required for the construction of said bridge may be used and applied for effecting such other street improvements as the Town Council may determine. 2. The use and expenditure of the said sums of money for the purposes mentioned in Section 1 of this Act shall be deemed to be as valid and as lawful as if the same were used and applied for the purposes mentioned in clause (b) and clause (c) of Section 1 of Chapter 117 of the Acts of 1914. 3. The said sums of money now on deposit in the Royal Bank of Canada at New Waterford to the credit of sidewalk and street accounts shall be paid out by the Treasurer of said Town as the Town Council shall determine, for the purposes mentioned in Section 1 of this Act, and for no other purpose what soever. 4. This act shall not take effect until the same is adopted by a meeting of ratepayers of the Town duly convened in accordance with the provisions of Sections 142 and 143 of "The Towns' Incorporation Act." 5. A certificate under the hand of the Mayor and Town Clerk, and the corporate seal of the Town of New Waterford of a resolution passed under the next preceding Section of this Act, shall be conclusive evidence of the adoption of this Act, and the passing of the resolution provided for in said Section. CHAPTER 83 An Act to Enable the Town of New Waterford to (Passed the 15th day of March, A. D. 1926.) Be it enacted by the Governor Council and Assembly as follows: borrowing. 1. The Town of New Waterford is authorized Purpose of and empowered to borrow, upon the credit of said Town, a sum of money not to exceed Fifteen Thousand Dollars ($15,000.00) for the purpose of completing the sewerage system at present partly constructed in said Town. 2. For the purpose of effecting said loan, the Coun- Debentures. cil of the said Town is empowered to make and issue, subject to the provisions of "The Municipal Debentures' Act" 1923 and amendments thereto, debentures each in the sum of One Hundred Dollars or any multiple thereof, bearing interest at such rate, not exceeding six per centum per annum, as the Council shall by resolution determine, and redeemable at a period not exceeding twenty years from the date of the issue thereof. 3. Such debentures shall form a lien upon and be Lien. charged upon all the property liable to taxation within the Town of New Waterford, and all the revenues of the Town. 4. The Council of the said Town shall annually Interest. add to the amount of the estimates to be levied upon the Town for general purposes, a sum sufficient to pay the annual interest accruing upon the moneys borrowed under the authority 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 said Town are rated and collected. 5. paid out. The money borrowed under the provisions of Money, how this Act shall be paid into the hands of the Treasurer' of the Town of New Waterford, and shall be by him Sinking fund. Ratepayers to approve. Certificate. paid out for the purpose mentioned in this Act, as the Town Council shall determine, and for no other purpose. 6. In order to provide a sinking fund for the payment of the debentures authorized to be issued under this Act, the Council of the Town of New Waterford shall annually include in the estimates of the sums required for the purposes of the said Town, such sums, as may, by resolution, be determined by the Council not, however, to be less than seven per cent. of the amount borrowed under the provisions of this Act and to be sufficient to retire the said debentures when the same are due and such sums shall be rated and collected in the same manner and with the same remedies as other rates and taxes. 7. This Act shall not take effect until the same is adopted by a ratepayers' meeting of the Town duly convened in accordance with the provisions of Sections 142 and 143 of the Towns' Incorporation Act. 8. A certificate under the hands of the Mayor and Town Clerk, and under the corporate seal of the Town of New Waterford, of a resolution passed under the next preceding section of this Act, shall be conclusive evidence of the adoption of this Act, and of the passing of the resolution provided for in said section. |