Sinking fund.

Approval of ratepayers required.

sum sufficient to pay the interest on said debentures and the expenses of collecting and disbursing the same, and shall also provide for the payment of the principal of said debentures as herein provided.

6. In order to provide a sinking fund for the payment of the debentures authorized to be issued under this Act, the Town Council shall annually add to the general assessment to be levied upon the ratepayers of the said Town such sums as shall from time to time be determined by resolution of the said Town Council, not, however, to be less than seven per cent of the amount borrowed under the provisions of this Act, and sufficient to retire said debentures within the period for which the same are issued, and such sums shall be rated and collected in the same manner and with the same remedies as other taxes of the said Town are rated and collected.

7. This Act shall only take effect after a resolution has been passed approving of the borrowing of such sum at a meeting of the ratepayers of the said Town of New Glasgow convened in accordance with Sections 143 and 144 of "The Towns' Incorporation Act."

Certificate. 8. A certificate under the hand of the Mayor and Town Clerk and under the corporate seal of the Town 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.

CHAPTER 74.

An Act to Enable the Town of New Glasgow to Bor

row Money.

(Passed the 29th day of April, A. D. 1922.)

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

borrow $20,000.

1. The Town of New Glasgow is hereby authorized Authority to and empowered to borrow on the credit of the Town the sum of twenty thousand dollars for the purpose of redeeming the debentures issued under the authority of Chapter 114 of the Acts of the Legislature of Nova Scotia for the year 1903, entitled, “An Act to Enable the Town of New Glasgow to Borrow Money."

2. For the purpose of effecting the loans authorized Debentures. by this Act, the Town Council of the Town of New Glasgow is empowered to make and issue, subject to the provisions of the Municipal Debentures Act, 1914, and amendments thereto, at any one time or from time to time as determined by resolution of the Town Council, debentures as hereinafter mentioned, bearing interest at a rate not exceeding five and a half per centum per annum, and payable at such time or times as may be declared by resolution of Council, not exceeding twenty years from the issue thereof (and at such place either in Canada or United States, as the Council determines). Such debentures shall be each for:

(a) the sum of one hundred dollars or some multiple thereof.

3. Such debentures shall form a lien upon and be Lien. charged against all the property liable to taxation within the Town of New Glasgow and all the revenues of the Town.

4. The money borrowed under the provisions of Money, how this Act shall be paid into the hands of Treasurer of the Town of New Glasgow, and shall be by him paid out as the Town Council may direct for the purposes mentioned by this Act and for no other purpose.

Interest.

Sinking fund.

Approval of ratepayers required.

Certificate.

5. The Town Council shall annually add to the amount to be assessed and levied upon the real and personal property of the Town, for general purposes, a sum sufficient to pay the interest on said debentures and the expenses of collecting and disbursing the same, and shall also provide for the payment of the principal of said debentures as herein provided.

6. In order to provide a sinking fund for the payment of the debentures authorized to be issued under this Act, the Town Council shall annually add to the general assessment to be levied upon the ratepayers of the said Town such sums as shall from time to time be determined by resolution of the said Town Council, not, however, to be less than four per cent. of the amount borrowed under the provisions of this Act, and sufficient to retire said debentures within the period for which the same are issued, and such sums shall be rated and collected in the same manner and with the same remedies as other rates and taxes of the said Town are rated and collected.

7. This Act shall only take effect after a resolution has been passed approving of the borrowing of such sum at a meeting of the ratepayers of the said Town of New Glasgow convened in accordance with Sections 143 and 144 of "The Towns' Incorporation Act."

8. A certificate under the hand of the Mayor and Town Clerk and under the corporate seal of the Town 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.

CHAPTER 75.

An Act to Enable the Town of New Glasgow to Borrow Money to Pay Expenditure in Paving Street.

(Passed the 29th day of April, A. D. 1922.)

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

1. The Town of New Glasgow is hereby authoriz- Authority to ed and empowered to borrow on the credit of the Town borrow $9,000. the sum of nine thousand dollars to pay expenditure

incurred in constructing a permanent pavement on Stellarton Road.

2. For the purpose of effecting the loans authoriz- Debentures. ed by this Act, the Town Council of the Town of New Glasgow is empowered to make and issue, subject to the provisions of the Municipal Debentures Act, 1914, and amendments thereto, at any one time or from time to time, as determined by resolution of the Town Council, debentures as hereinafter mentioned, bearing interest at a rate not exceeding five and a half per centum per annum, and payable at such time or times as may be declared by resolution of Council, not exceeding ten years from the issue thereof (and at such place either in Canada or United States as the Council determines). Such debentures shall be each for:

(a) the sum of one hundred dollars or some multiple thereof.

3. Such debentures shall form a lien upon and be Lien. charged against all the property liable to taxation within the Town of New Glasgow and all the revenues of the Town.

applied.

The money borrowed under the provisions of Money, how this Act shall be paid into the hands of Treasurer of the Town of New Glasgow, and shall be by him paid out as the Town Council may direct for the purposes mentioned by this Act, and for no other purpose.

Interest.

Sinking fund.

Approval of ratepayers required.

Certificate.

5. The Town Council shall annually add to the amount to be assessed and levied upon the real and personal property of the Town, for general purposes, a sum sufficient to pay the interest on said debentures and the expenses of collecting and disbursing the same, and shall also provide for the payment of the principal of said debentures as herein provided.

6. In order to provide a sinking fund for the payment of the debentures authorized to be issued under this Act, the Town Council shall annually add to the general assessment to be levied upon the ratepayers of the said Town such sums as shall from time to time be determined by resolution of the said Town Council, not, however, to be less than seven per cent. of the amount borrowed under the provisions of this Act, and sufficient to retire said debentures within the period for which the same are issued, and such sums shall be rated and collected in the same manner and with the same remedies as other taxes of the said Town are rated and collected.

7. This Act shall only take effect after a resolution has been passed approving of the borrowing of such sum at a meeting of the ratepayers of the said Town of New Glasgow convened in accordance with Sections 143 and 144 of "The Town's Incorporation Act."

8. A certificate under the hand of the Mayor and Town Clerk and under the corporate seal of the Town 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.