Therefore, be it enacted by the Governor, Council, and Assembly, as follows: make by-laws. 1. The municipal council of the municipality of Barring- Power to ton shall have power to make by-laws and ordinances for the purpose of converting the road at Barrington, known as Woods Harbor Road, into, a pent road, and to erect and maintain such bars and gates across said road as they deem most convenient for the public, but all such by-laws and ordinances shall be subject to the approval of the Governorin-Council. CHAPTER 125. An Act to authorize the Municipality of Barrington to borrow money for Railway Damages and prescribing SECTION. the manner of assessing the same. 1. Power to borrow. (Passed the 7th day of April, A. D., 1905.) SECTION. 4. Interest, how paid. Be it enacted by the Governor, Council, and Assembly, as follows: 1. The municipality of Barrington is hereby authorized Power to borrow and empowered to borrow a sum not exceeding six thousand dollars, for the land required and taken by the Halifax and South Western Railway Company, for track and station purposes within the territorial limits of the municipality, said lands, however, not to exceed in extent the area allowed to be taken for railway purposes under the provisions of The Nova Scotia Railway Act. secured. 2. All moneys so borrowed shall be secured by de- Money, how bentures signed by the warden and countersigned by the clerk of the municipality, and sealed with the seal of the municipality, and shall be a charge upon the property and funds of the municipality and of the ratepayers thereof situate within the said municipality, and shall, when not inconsistent with the provisions of this Act, be subject to the provisions of The Municipal Debentures Act, 1902," and shall be used for payment of the awards of said ap Debentures. Taterest, how paid. Sinking fund praisers for said lands, including cost of appraisement and for no other purpose. 3. The said debentures shall be issued for sums of one hundred dollars or some multiple thereof, and shall bear interest at a rate not exceeding four and one-half per cent. per annum, and shall be redeemable at a period not exceeding thirty years from the date of issue thereof. 4. The interest shall be paid by the municipal treasurer out of the general revenue of the municipality on presentation of the interest coupons attached to the debentures. 5. The sum necessary to pay the interest on the said debentures, and also an amount required to provide for a sinking fund, not however to be less than two per cent. of the amount borrowed under the provisions of this Act, shall be included in the estimates for each year while the said debentures are outstanding by the council of the said municipality, and shall be assessed and collected as a part of the annual assessment. Preamble. CHAPTER 126. An Act to enable the Municipality of Barrington to guarantee the Bonds of the Barrington and Cape Island Steam Ferry Company and authorizing such Bonds. Whereas, the municipal council of the municipality of Barrington, on the 6th day of January, 1905, passed the following resolution: Ordered, that the municipality guarantee the bonds of the Barrington and Cape Island Steam Ferry Company for a sum not exceeding $5000.00; that the municipality have a first lien on all the property and earnings of said company, and that said company keep their boats and other property at all times insured for a sum sufficient to cover the amount of the bonds;" Be it therefore enacted by the Governor, Council, and Assembly, as follows: guarantee bonds. 1. The municipal council of the municipality of Barring- Bower to ton is hereby authorized and empowered to guarantee the bonds of the Barrington and Cape Island Steam Ferry Company, to an amount not exceeding in the whole five thousand dollars, and to that end each of said bonds shall have written or printed on the back thereof the words, "Guaranteed by the Municipality of Barrington," and upon such words or endorsement being signed by the warden. and clerk of said municipality, each and every such bond shall be and be deemed to be guaranteed by the said munipality, and thereupon, in the event of the said company failing to duly pay either the principal or interest of such or of any of such bonds, shall become and be a charge on the said municipality and upon all the property situate therein to the amount either of principal or interest, as the case may be, which the said company shall have so failed to pay, or in respect to which it shall at any time be in default, in respect to such or any of such bonds. lien on company. 2. Said bonds, when made and issued and so guaranteed, Bonds to be a shall, subject to any liens or charges existing at the date of the passing of this Act, be and constitute a lien or charge upon all the real and personal estate, property, plant, revenues, earnings, moneys and assets of the said company, until all principal and interest thereof shall be fully paid, and in the event of said municipality being called upon to pay principal and interest, or either principal or interest, or any part thereof, under such guarantee, the municipality shall stand, pro tanto, in the place of the holder or holders of such or of any of such bonds in respect to which it has been so called upon, and in addition to any other remedy it may have or be entitled to, shall be relegated to all the rights and remedies of the holder or holders of such or of any of such bonds. property of 3. It shall be competent and lawful for the said com- Insurance on pany to enter into a contract or agreement with said muni- company. cipality respecting such bonds and for securing the municipality in respect to such guarantee, and as to the insuring and keeping insured by the company of the boats and other property of the company, to cover the amount of such bonds or ensure the municipality in respect to such guarantee, and in the event of its being required by such agreement that the company shall give a mortgage to secure the municipality against or in respect to the municipality's Amount to be borrowed. Municipality may assess. liability incurred in regard to said bonds, it shall be lawful for the company to make and deliver a mortgage to a trustee or otherwise, of all or any of its property, for that purpose, as may be provided or stipulated in such agreement, but all the proceeds of such insurance shall be applied towards meeting the liability of the municipality incurred in such guarantee or for such amount as may then be due. 4. The said company is authorized to borrow said sum, not exceeding in the whole five thousand dollars, and to make and issue its bonds therefor to secure the same, to be for sums of one hundred dollars each, or for any multiple of one hundred dollars, bearing interest at such rate not exceeding five per cent., and to mature or be redeemable at such period or periods not exceeding thirty years, as may be fixed by said agreement, or as the said company may determine, such bonds to be subject to the provisions of the Municipal Debentures Act and amendments, as far as the same shall be applicable and not inconsistent with this Act or with such agreement. 5. Any sums that the said municipality shall be called upon to pay, either as principal or interest on said or on any of said bonds, shall be assessed and collected in the same manner and with the same remedies as ordinary rates and taxes; but this is without prejudice to any other remedy the municipality may have or be entitled to in respect thereto either under this Act or otherwise. Preamble. CHAPTER 127. An Act to enable the Municipality of Victoria to exempt the North River Lumber Company from taxation. Whereas, the municipal council of the municipality of Victoria County has agreed to exempt the real and personal property of the North River Lumber Company, operating timber, lumber, pulp or paper business, from taxation for all local and municipal purposes for the period of twenty years from the date of the passing of this Act: Therefore, be it enacted by the Governor, Council, and Assembly, as follows: 1. All the real and personal property of the North Tax exemption, River Lumber Company, operating a timber, lumber, pulp or paper business, and situated in the municipality of the county of Victoria, is and shall be exempted from taxation for all local and municipal purposes other than rates levied for the support of public schools within the said municipality for the period of twenty years from the date of the passing of this Act. how withdrawn, 2. Notwithstanding anything in this Act, the municipal Exemption, council of the said municipality may withdraw the exemption upon resolution being passed by said council. CHAPTER 128. An Act to enable the Trustees of School Section Number Whereas, at a public meeting of the ratepayers of school Preamble. section No. 1, Baddeck, the trustees were authorized to borrow the sum of four thousand dollars, to enlarge and renovate the present school building; Be it enacted by the Governor, Council, and Assembly, as follows: 1. The trustees of Baddeck school section, No. 1, in the Power to borrow. county of Victoria, are hereby authorized and empowered to borrow on the credit of the said school section and the property of the ratepayers therein, a sum not exceeding four thousand dollars, for the purpose of enlarging and renovating the present school building, such sum to be raised by the issue of debentures under the authority of the trustees of such section. 2. Such debentures shall be issued in the form in the Debentures. -schedule for one hundred and sixty dollars each, shall be |