den and Treas cipality of the County of Cape Breton in making the said loans to the said Overseers of the Poor in each of the said Districts is hereby legalized, ratified and confirmed. Action of War- 8. The action of the Warden and Treasurer of the urer in borrow Municipality of the County of Cape Breton as approvized and con- ed at a special meeting of the Council of said Muni ing sum legal firmed. 1925, repealed, except Section 5. cipality called for that purpose and held on the 29th day of December, 1925, in borrowing by way of Promissory Note from the Royal Bank of Canada the sum of Twenty-Two Thousand, Five Hundred Dollars ($22,500.00) in order to make the said advance to the Overseers of the Poor of the said Districts and in pledging the credit of the said Municipality for the repayment of said loan to the said Royal Bank of Canada with interest not exceeding five and one half per cent. per annum, is hereby legalized, ratified and confirmed. 9. The whole of Chapter 118 of the Acts of 1925 is hereby repealed excepting section 5 thereof. Authority to borrow CHAPTER 104. An Act to Enable the Municipality of the County 1916. (Passed the 19th day of March, A. D. 1926.) Be it enacted by the Governor, Council and Assembly as follows: 1. The Municipality of the County of Cape Breton is authorized to borrow or raise by way of loan on the credit of the said Municipality, the sum of Thirteen Thousand, Five Hundred Dollars ($13,500.00) for the purpose of retiring debentures issued under the authority of Chapter 84, Acts of 1916, and for which the sinking fund was insufficient. 2. Where any money is borrowed or raised by Sinking Fund. the issue and sale of debentures of the said Municipality under this Act, and the Municipal Debentures Act, the Council of the Municipality shall provide for a sinking fund with respect to such debentures. The amount to be paid annually into the sinking fund shall not be less than eighteen per centum 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 the debentures. 3. Every sum required for, (a) interest on such debentures; (b) the sinking fund so provided; shall be held to be sums required for the ordinary lawful purposes of the said Municipality, 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 said Municipality are raised, levied and collected. Interest and Sinking Fund lawful charges. 4. The Warden and Clerk of the said Munici- Debentures. pality are authorized and empowered on behalf of the said Municipality to borrow or raise the said sum of Thirteen Thousand, Five Hundred Dollars ($13,500.00) or any part thereof by the issue and sale of debentures of the said Municipality under this Act, and the Municipal Debentures Act, to such an amount as they deem necessary to raise the sum to be borrowed, and to sell, and dispose of such debentures for such price or prices, and on such terms and conditions and in such manner as they deem most advantageous to the Municipality. 5. Such debentures shall, (a) bear such date; (b) be payable at such time not exceeding five years from the date thereof at such place or places; Terms of Debentures. Money borrow (c) bear interest at such rate not exceeding five per centum per annum payable half-yearly at such place or places; as the Warden and Clerk deem expedient. ed deemed for 6. The money borrowed under the authority Joint purposes of this Act shall be deemed to be money borrowed for the joint purposes or benefit of the said Municipality and the City and several towns in the said County of Cape Breton now incorporated or hereafter to be incorporated, excepting the Town of Sydney Mines. Interest and for. 7. The Clerk of the Municipality of the County how provided of Cape Breton is hereby authorized and empowered annually to add to the amount due for joint purposes by the said Municipality, the City of Sydney and the several incorporated Towns within the County of Cape Breton, excepting the Town of Sydney Mines, a sum sufficient to provide for the half-yearly interest payable on the said debentures and to provide for the sinking fund for the retiring of said debentures, the said sum so added to be apportioned to the said Municipality, the said City and the said several Towns, excepting the Town of Sydney Mines, in the manner set out in Chapter 84 of the Acts of 1916. Authority to borrow. CHAPTER 105. "An Act to Enable the Municipality of Cumberland to Grant Further Aid to the Maritime Winter Fair in the Town of Amherst." (Passed the 19th day of March, A. D. 1926.) Be it enacted by the Governor, Council and Assembly, as follows: I. The Municipal Council of the County of Cumberland, commencing with the year 1925, is hereby authorized and empowered to pay annually out of the general revenue of the said Municipality to the Maritime Winter Fair Commission a further sum of money not exceeding Three Hundred Dollars per year for a period of ten years. how raised, 2. The said additional sum when voted by the Sum borrowed, Council shall be held to be a sum required for the levied, etc. ordinary lawful purposes of the Municipality 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 Municipality are raised, levied and collected. CHAPTER 106. "An Act Relating to the Assessment of A. P. W. Pulp and Power Company, Limited, within the Municipality of the County of Halifax." (Passed the 19th day of March, A. D. 1926.) Be it enacted by the Governor, Council and Assembly, as follows: WHEREAS the Council of the Municipality of the Preamble, County of Halifax in session at the County Court House, Halifax, N. S., on Thursday, the 4th day of March, A. D., 1926, passed the following Resolution: "RESOLVED that all the real estate, plant, build"ings and stock of the A. P. W. Pulp and Power "Company, Limited, situated in Districts 22, 25 "and 26 of this Municipality, including any build"ings or improvements which may hereafter be "erected by said Company and all extensions of "such buildings be annually assessed and rated "for Municipal, School and District purposes at "the sum of $100,000, for a period of thirty years "beginning the 1st day of January, 1927; provided, "that if during said period the Company shall ac"quire any additional lands in said Districts, the "assessment of such additional lands shall be added "to the amount of the assessment above mentioned "at a fair value thereof;" Be it therefore enacted by the Governor, Council and Assembly, as follows: Assessment fixed at That all the real estate, plant, buildings and stock of the A. P. W. Pulp and Power Company, Limited, situated in Districts 22, 25 and 26 of the Municipality of the County of Halifax, including any buildings or improvements which may hereafter be erected by said Company, and all extensions of such buildings, be annually assessed and rated by the Municipality of the County of Halifax for Municipal, School and District purposes at the sum of $100,000, for a period of thirty years, beginning the 1st day of January, A. D., 1927, provided that if during said period the said Company shall acquire any additional lands in said Districts, the assessments of such additional lands shall be added to the amount of the assessment above mentioned at a fair value thereof. Authority to borrow for cur CHAPTER 107. "An Act Respecting the Municipality of the (Passed the 19th day of March, A. D. 1926.) Be it enacted by the Governor, Council and Assembly, as follows: 1. Notwithstanding any of the provisions of rent expenses. Chapter 83, Revised Statutes of Nova Scotia, 1923, the Municipality of the County of Inverness is hereby authorized and empowered to borrow from any chartered bank in Canada, a sum not exceeding twenty-five thousand dollars to meet the current expenses of the said Municipality, until the taxes for the year 1926 are collected. Said amount or any part thereof so borrowed shall be payable and repaid with interest thereon at a rate not exceeding six per cent. per annum on or before the fifteenth day of January, A. D. 1927. |