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CHAPTER 91.

An Act to enable the Town of Glace Bay to borrow Money.

(Passed the 28th day of March, A. D., 1907.)

SECTION.

Preamble. 1. Authority to borrow, 2. Debentures Ac. 3. Debentures,

SECTION.

4. Money, to whom paid.
5 How rated and collected.
6. Binking fund.

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Whereas, at a public meeting of the ratepayers of the Preamble. town of Glace Bay, in the county of Cape Breton, held at said town of Glace Bay, on Thursday, the 14th day of March, A. D. 1907, legal notice of the said meeting having been given in accordance with the " Towns' Incorporation Act," the Town Council of the said town was, by resolution passed, authorized to make application to the Provincial Legislature for authority to borrow a sum of money, not exceeding ninety thousand dollars, for the purpose of paying off the outstanding debts and obligations of the said town.

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

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borrow,

1. The town of Glace Bay is authorized and empowered Authority to to borrow, on the credit of the said town, a sum of money, not to exceed ninety thousand dollars, for the purpose of paying off the outstanding indebtedness and obligations of the said town, and for no other purpose.

Act.

2. The said sum shall be borrowed on debentures, and Debentures the Town Council is hereby authorized to make and issue from time to time, or at one time, as they may deem expedient, debentures and coupons in the form specified in the "Municipal Debentures Act of Nova Scotia, 1902,” bearing interest at a rate not exceeding five per centum per annum, payable semi-annually, and to be redeemable at periods not exceeding thirty years from the date of the issue thereof. Such debentures sball not be issued for less than one hundred dollars, nor more than one thousand dollars each, and shall be signed by the mayor and by the town clerk of the said town.

3. Such debentures, when issued, sball form a lien and Debentures. be a charge upon all the assessable property and all the crevenues of the said town of Glace Bay.

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4. The money borrowed under the provisions of this Act shall be paid into the hands of the treasurer of the

town of Glace Bay, and shall be by him paid out as the Town Council of the said town determine, for the purposes mentioned in this Act, and for no other purpose.

5. The Town Counci! shall in each year, while said debentures are outstanding, include in the estimates for the year a sum of money sufficient to pay the interest on such debentures for the current year, and such sum shall be rated and collected as part of the annual or general assessment.

How rated and collected.

Sinking fund.

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, in each year, while said debentures are outstanding, include in the estimates for the year such sum as the Council, by resolution, may determine, but not in any case less than two per centum of the amount borrowed under this Act, and such sum shall be rated and collected as a part of the annual assessment. All such sums, when so collected, shall be deposited by the town treasurer in some chartered bank in Nova Scotia, to the credit of an account to be called the “Town of Glace Bay Liability Sinking Fund Account,” and shall, with the interest thereon, be used for payment of the debentures issued under the authority of this Act, and for no other purpose.

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CHAPTER 92.

An Act to enable the Town of North Sydney to borrow

Money for School and other purposes.

(Passed the 25th day of April, A. D., 1907.)

SECTION.

1. Power to borrow.
2. Debentures.
3. To whom paid.
4. Interest, how provided.

SECTION,

5. Sinking fund.
6. Town meeting:
7. Evidence of adoption of Act,
8. Money, how borrowed.

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

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Power to borrow.

1. The town of North Sydney is authorized to borrow on the credit of the said town the sum of twenty-five

thousand dollars for the following purposes, that is to
say :
(a) Ten thousand dollars for the improvement and

extension of the schools of the town, and for the
additional accommodation provided in said sebools;

(6) Ten thousand dollars for water works extension,

and providing further or additional supplies of
water connected with the establishment of the
system of the North Sydney water works ;

(c) Five thousand dollars for extension and improve

ment of the streets and sidewalks of the town.

2. (1) For the purpose of effecting the said loan the Debentures. said town is empowered to make and issue, from time to time, as its Council deems expedient, the town's debentures, bearing interest at such rate as the Council determines, not exceeding, however, five per centum per annum, payable half yearly, and redeemable in thirty years from the issue thereof. Such debentures shall be issued under the provisions of “The Municipal Debentures Act, 1902,” in so far as the same are consistent with this Act.

(2) Such debentures shall form a lien upon and be a charge against the property liable to taxation within the town of North Sydney, and all the revenues of the town.

3. The money borrowed under the provisions of this Act To whom paid shall be paid into the hands of the treasurer of the town of North Sydney, and shall, by him, be paid out as the Town Council of said town may determine, for the purposes contained in the first section of this Act, and for no other purposes.

4. The Town Council shall annually add to the amount Interest, how to be rated and levied upon the real and personal property provided. of the town for general purposes, a sufficient sum to pay said interest and the expenses of collecting and disbursing the same, and shall also provide for the payment of the principal of said debentures as they mature as hereinafter provided.

5. (1) In order to provide a sinking fund for the pay- Sinking fund. ment of the debentures authorized to be issued under this Act, the Council of the town of North Sydney shall annually add to the amount to be rated and levied upon the town of

North Sydney such sum as the Council by resolution determines, not however, in any case to be less than two per cent. of the amount borrowed under this Act, and such sum shall be rated annually apon the property of the ratepayers of the town liable to assessment, and shall be levied and collected in the same way and with the same remedies as ordinary rates and taxes.

(2) Such sums, when so collected, shall be deposited in some chartered bank in the Province of Nova Scotia, to the credit of an account to be called “The Town of North Sydney Sinking Fund Account," and shall, with interest thereon, be used for paying off the debentures issued under this Act, and for no other purpose.

Town meeting.

6. This Act shall not take effect until the same is adopted by a meeting of the ratepayers of the town, duly .convened in accordance with the provisions of sections 143 and 144 of "The Towns' Incorporation Act." And it shall be

. lawful for the said meeting to direct the Town Council to borrow the whole, or from time to time any part of the sums mentioned and set out in sub-sections a, b and c of section 1 of this Act.

Evidence of adoption of Act.

Money, how borrowed.

7. 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 the Act, and of the passing of the resolution provided for in said section.

8. Upon approval by vote of the ratepayers, in accordance with the provisions of sections 143 and 144 of “The Towns' Incorporation Act,” the Town Council of the said town is authorized to borrow the sum of twenty-five thousand dollars, in whole or in part, or in such amounts from year to year, as the said Council

, by resolution, declares to be necessary and expedient, but so that the amount so borrowed shall not in the aggregate exceed the said sum of twenty-five thousand dollars.

CHAPTER 93.

An Act to amend Chapter 89, Acts of 1903, entitled, “An
Act to enable the Town of North Sydney to

appoint a Board of Assessors.'

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(Passed the 28th day of March, A. D., 1907.)

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

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1. Chapter 89, of the Acts of 1903, entitled, "An Act to Sec, added. enable the Town of North Sydney to appoint a Board of Assessors," is amended by adding thereto the following section :

3. The Town Council may appoint, as

one of its aggessors, the tax collector of said town, who may be appointed chairman of the board of assessors.

CHAPTER 94.

An Act relating to the Town of North Sydney.

(Passed the 25th day of April, A. D., 1907.)

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

86, Acts of 1885,

1. Section two of chapter 86 of the Acts of 1885, entitled, Sec. 2 of Chap: “An Act to incorporate the Town of North Sydney,” is amended. amended by adding thereto the following :-And the

« western boundary line of said town shall be held to include all of the property known as Allan's or Kelly's Beach, and the said property shall form part of ward number one of said town.”

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