(c) the sum of five thousand dollars for the purpose of erecting a new school building in the said town. 2. For the purpose of effecting the loans authori-Debentures. zed by this Act, the Town Council of the said Town of Trenton is empowered to make and issue, subject to the provisions of the Municipal Debentures Act, 1902, and the Acts in amendment thereof, at any one time or from time to time, as determined by resolution of the Town Council, debentures, each in the sum of one hundred dollars or multiples thereof, bearing interest at a rate not exceeding five per centum per annum, and payable at such time, within thirty years from the issue thereof, as the Town Council shall determine. 3. Such debentures shall form a lien and be a Lien. charge against all property liable to taxation within the Town of Trenton and of the revenues of the said town. paid out. 4. The money borrowed under the provisions of Money, how this Act shall be paid into the hands of the Treasurer of the said Town of Trenton, and shall be by him paid out for the purposes mentioned in this Act, and for no other purpose. 5. The Town Council of the said town shall an- Interest. nually 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 sums 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. 6. In order to provide a sinking fund for the pay- Sinking Fund. ment of debentures authorized to be issued under this Act, the Town Council shall annually add to the general assessment to be levied on the ratepayers of the said town, such sum as may be fixed by resolution of the Town Council, not, however, to be less than two per cent. of the amount borrowed under the authority of this Act, and sufficient to retire said debentures issued under the authority of this Act, within thirty Meeting of ratepayers. Certificate. years from the issue thereof, and such sum 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. Inasmuch as the ratepayers of the said town have in manner by law provided already authorized the Town Council to apply to the Legislature for authority to borrow said moneys, and to make said expenditure, it shall not be necessary to convene any additional meeting of the said ratepayers, either under the provisions of the Towns' Incorporation Act, or under this Act, as a condition precedent to the borrowing of the moneys, the issuing of the town's debentures therefor, or the doing of any matter or thing by this Act authorized. 8. The 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 the Act, and of the passing of the resolution provided for in said section. Tax exemption. CHAPTER 114. An Act Respecting the Taxation of The Eastern Car (Passed the 13th day of May, A. D., 1913). Section. 1. Tax exemption. Be it enacted by the Governor, Council, and Assembly, as follows: 1. All the real and personal property, plant and earnings of the Eastern Car Company, Limited, at Trenton, in the County of Pictou, are exempt from all municipal rates and taxes, except school rates, for a period of twenty years, beginning January 1st, 1913, provided, that such exemption shall not apply to any dwelling or property not connected with the manufacturing business of the Company. CHAPTER 115. An Act to Authorize the Town of Truro to Lease (Passed the 13th day of May, A. D., 1913). Section. 1. Town may lease buildings or lands. Be it enacted by the Governor, Council, and Assembly, as follows: lease buildings 1. The Town Council of the Town of Truro, from Town may time to time, may upon such terms and for such per- or lands. iod as the said Council deems advisable, lease the whole or any part of the buildings or lands owned by said town which, in the discretion of the Council, may not be required for municipal purposes. CHAPTER 116. An Act to Enable the Town of Truro to Borrow Money. Be it enacted by the Governor, Council, and Assembly, as follows: borrow. 1. The Town of Truro is authorized to borrow, Authority to on the credit of the town, the sum of forty-four thousand nine hundred and eighty-five dollars, for the following purposes, that is to say:- (a) for sewerage extension, Moore and Alice Streets. $ 1,800.00 (k) for purchase of Coulson property.. 4,000.00 3,000.00 (1) for purchase of Smallman property... (m) for renewing maturing debentures issued in the year 1893 for the sum of $3,000.00, under provisions of Chapter 77 of the Acts of 1893, which debentures mature August 19th, 1913. . . . (n) For paying $565.00, the town's proportion of $2,000.00 on debenture maturing June 1st, 1913, being an instalment of the sum of $39,000.00 borrowed by the Municipality of Colchester, under provisions of Chapter 122,Acts of 1903, and Chapter 78, Acts of 1903-4, and of which the town is liable under said Acts, and by agreement with the Municipality for eleven thirtyninths. (0) for depreciation in bonds sold in 1912, to construct civic building, being $45,000, borrowed under provision of Chapter 141, Acts of 1912. (p) for depreciation in other bonds sold in 1912, being $11,100.00 borrowed under provisions of Chapter 141, Acts of 1912.... (q) for amount required to complete civic building.... 3,000.00 565.00 2,700.00 665.00 8,550.00 $ 44,985.00 2. The said town shall issue debentures for said Debentures. sum, redeemable in thirty years, which debentures shall be for such amounts as the Mayor and Town Council shall determine, and which shall bear interest at a rate not exceeding five per cent. per annum. The money borrowed under this Act and the interest thereon shall be a charge upon the property and funds of and shall be paid by the town, and the Council thereof shall annually make provision by rate and levy for paying the interest on such debentures and providing a sinking fund to pay such debentures at maturity. Such debentures shall be subject to the provisions of "The Municipal Debentures' Act, 1902,' and amendments thereof. 3. The money borrowed by virtue of this Act shall Money, how be paid into the hands of the Treasurer of the Town of expended. Truro, and shall be by him paid out as the Town Council of said town shall determine, for the purposes mentioned in the first section of this Act, and for no other purpose. 4. The sinking fund for the payment of such deben- Sinking Fund. tures required by the second section of this Act shall be provided for and applied in accordance with, and in the manner provided for by Chapter 125 of the Acts of Nova Scotia, 1903, entitled, "An Act relating to the debenture debt of the Town of Truro." ratepayers not 5. Inasmuch as the ratepayers of the said town Meeting of have in the manner by law provided already author- necessary. ized the Town Council to apply to the Legislature for authority to borrow said moneys, and to make said expenditure, it shall not be necessary to convene any additional meeting of the said ratepayers, either under the provisions of "The Towns' Incorporation Act" or under this Act, as a condition precedent to the borrowing of the moneys, the issuing of the town's debentures therefor, or the doing of any matter or thing by this Act authorized. |