CHAPTER 76. An Act to Enable the Town of New Waterford to (Passed the 29th day of April, A. D. 1922.) WHEREAS, New Waterford General Hospital (a Preamble. body corporate, incorporated by special Act of Legislature of Nova Scotia in the year 1914) proposes to borrow, by way of debentures, the sum of fifty thousand dollars for the purpose of building and equipping a suitable hospital in the Town of New Waterford, and Whereas, the market price of such debentures is likely to be enhanced and the sale of such debentures facilitated by the guarantee of the Town of New Waterford that the principal and interest thereby secured will be paid and discharged at maturity; Be it therefore enacted by the Governor, Council, and Assembly, as follows: bentures. Authority to 1. The Town of New Waterford is authorized and guarantee deempowered to guarantee, by indorsement or otherwise, the payment of the principal and interest on debentures issued by New Waterford General Hospital corporation for the purpose of building and equipping a suitable hospital in said Town. Such contract of guarantee shall not exceed or extend beyond the sum of fifty thousand dollars, together with interest thereon, and such debentures shall be redeemable at any time within ten years from the date of the issue thereof. town liable are 2. It shall be lawful for the Town of New Water- Sums for which ford to pay out of the funds of said Town all moneys taxable. by reason or on account of such contract of guarantee, and all sums of money for which said Town may be liable as aforesaid shall be charged upon all the property liable to taxation within the Town of New Waterford and all the revenues of the Town. 3. The Council of said Town shall annually add to sums may be the amount of the estimates to be levied upon the rated and colTown, for general purposes, a sum sufficient to pay all lected. Lien. ed, for hospital sums of money for the payment of which said Town may be liable, at the date of such estimates, by reason or on account of such contract of guarantee, 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. 4. All moneys paid by the Town of New Waterford by reason or on account of such contract of guarantee shall form a lien upon and be charged upon all the real and personal property, credits, assets and revenues of said New Waterford General Hospital corporation, and may be sued for and recovered by said Town in any court of competent jurisdiction. Money borrow- 5. The money borrowed by said hospital corporapurposes only. tion upon debentures guaranteed by the Town of New Waterford under the provisions of this Act shall be used by said hospital corporation for the purpose of building and equipping a suitable hospital in said Town, and for no other purpose whatsoever. proval ed requir Ratepayers' ap- 6. This Act shall not take effect until the same is adopted by a ratepayers' meeting of said Town duly convened in accordance with the provisions of Sections 143 and 144 of the Towns' Incorporation Act. Certificate. 7. A certificate, under the hand 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. CHAPTER 77. An Act Relating to the Town of North Sydney. (Passed the 29th day of April, A. D. 1922.) Be it enacted by the Governor, Council, and Assembly, as follows: borrow $27,000 1. The Town of North Sydney is hereby authoriz- Authority to ed and empowered to borrow on the credit of the Town a sum not exceeding twenty-seven thousand dollars for the purpose of retiring debentures due the first day of September, 1922. 2. For the purpose of effecting the loans authoriz- Debentures. ed by this Act, the Town Council of the Town of North Sydney 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 six per centum per annum, and payable at such time or times as may be decided by resolution of the Council, not exceeding twenty years from the issue thereof. Such debentures shall be each for 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 North Sydney and all the revenues of the Town. Money, how 4. The money borrowed under the provisions of this Act shall be paid into the hands of Treasurer of the applied. Town of North Sydney 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. 5. The Town Council shall annually add to the Interest. 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, Sinking fund. Ratepayers' approval ed. 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 three 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 requir-has been passed approving of the borrowing of such sum or part thereof at a meeting of the ratepayers of the said Town of North Sydney convened in accordance with Sections 143 and 144 of "The Town's Incorporation Act.” Certificate. Council to determine sum necessary. Sec. 6, Chap. 113, Acts 1917, amended. Pending litiga tion unaffected. 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. 9. The Council shall determine by resolution what sum it is necessary to borrow to retire said debentures, taking into account any sinking fund applicable there to. 10. (1) Section 6 of Chapter 113, Acts of 1917, is hereby amended by striking out all the words in said section after the word "expire" in the fourth line thereof and inserting in lieu thereof "until the 31st day of December, A. D., 1922." (2) This section shall not affect any pending litigation. CHAPTER 78. An Act to Enable the Town of Pictou to Borrow (Passed the 18th day of April, A. D. 1922.) WHEREAS, for the purpose of redeeming the deben- Preamble. tures issued by the Town of Pictou under Chapter 117 of the Acts of 1902 it is necessary to borrow certain moneys; And Whereas, under Chapter 108 of the Acts of 1913, the said Town was authorized to borrow certain other sums to provide for a fire hall and equipment; And Whereas, the proposed expenditure and issue of debentures under the last mentioned Act was duly approved by a meeting of ratepayers held in 1921, as required by the said Act, and the fire hall has been erected, but no debentures have been issued under said Act; And Whereas, instead of issuing two series of debentures for the aforesaid purposes it is proposed to consolidate the amounts required and to issue one series of debentures to cover the whole sum required for both purposes; Be it enacted by the Governor, Council, and Assembly, as follows: borrow$12,000. 1. The Council of the Town of Pictou is hereby Authority to authorized and empowered from time to time to borrow sums of money, not exceeding in the whole twelve thousand dollars, upon the credit of the Town for the purposes aforesaid. 2. Debentures, each in the sum of one hundred Debentures. dollars or multiples thereof, redeemable in such time or times not less than fifteen years or more than thirty years from the date thereof as the Council shall by resolution decide, and bearing interest at a rate not exceeding six per centum per annum, payable half yearly, may be issued for the said total sum, in the name of the Town and in accordance with the form prescribed by Chapter 1 of the Acts of Nova Scotia, 1914, entitled, "An Act to Consolidate and Amend the Acts Respecting Municipal Debentures," and the Acts in amendment thereof. |