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Sinking fund.

5. (1) 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 include in the estimates of the sums required for the purpose of the said town, such sums as may, by resolution, be determined by the said Council, not, however, to be less than three per cent. of the amount borrowed under the provisions of this Act, 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,

(2) Suoh sums, when 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 Parrsboro Water Loan, 1907. Sinking Fund Account," on deposit, bearing interest, and such sums shall be used for payment of the debentures issued under the provisions of this Act, and for no other purpose.

Town meeting not necessary.

6. Inasmuch as the ratepayers of the said town have, in the manner by law provided, already authorized the Town Council to apply to the Legislature for leave to borrow said moneys, and to issue the town's debentures therefor, 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 issuing of the said debentures or the doing of any matter or thing by this Act authorized.

Chap. 63, Acts of 1897, to apply.

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7. The provisions of chapter 63 of the Acts of 1897, entitled “An Act to provide for supplying the town of Parrsboro with water," shall be applicable to the expenditure of the moneys borrowed under the authority of this Act, and said town shall, in respect to the said extension of such water system, have all the powers conferred by said Act.

CHAPTER 110.

An Act to enable the Town of Springhill to borrow Money

for School purposes.

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

SECTION.

1. Power to borrow.
2. Debentures.
3. Amount to be rated.

SECTION.

4. Sinking fund.
5. Town meeting not necessary.

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

borrow.

1. The town of Springhill is authorized to borrow on the power to credit of the town the sum of fifteen thousand dollars for school purposes, in addition to the sum of nineteen thousand five hundred dollars already authorized for the same purpose by chapter 108 of the Acts of the Legislature of Nova Scotia for the year 1903.

2. The Town Council may issue debentures for the sum Debentures. so borrowed in sums of one hund:ed dollars, or any multiple thereof, bearing interest at a rate not exceeding four and one-half per centum per annum, redeemable at the end of any period, not, however, exceeding thirty years from the date of the issue thereof. Such debentures shall be subject to the provisions of “ The Municipal Debentures Act, 1902," in so far as the same are consistent with this Act.

rated

3. The Town Council shall annually add to the amount Amount to be to be rated upon the town for general purposes, a sufficient sum to pay the interest upon said debentures and the expenses of collecting and disbursing the same, and such sum shall be rated and collected in the same manner and with the same remedies as other rates and taxes.

4. For the purpose of providing a sinking fund for the sinking fund. payment of the said debentures at maturity, the Town Council sball annually add to the amount to be rated upon the town, such sum as the Council determines, not, however, to be less than two per centum of the amount so borrowed, and such sum shall be rated and collected in the same manner and with the same remedies as ordinary rates and taxes.

5. In as much as the ratepayers of the said town have Town meeting in the manner by law provided, already authorized the not necessary. town to apply to the Legislature for leave to borrow said moneys and to issue the town's debentures therefor, 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 issuing of the said debentures, or the doing of any matter or thing by this Act authorized.

CHAPTER 111.

An Act to change the name of a Settlement in the

County of Digby.

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

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

Name changed.

1. The settlement heretofore known under the name of Mink Cove, in the county of Digby, shall be hereafter known under the name of “ Highland.'

CHAPTER 112.

An Act to authorize the Town of Inverness to borrow Money for the purpose of erecting a Town Hall and

Fire House.

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

SECTION.

Preamble.
1. Power to borrow.
2. Lien upon property.
3. Purposes.
4. Interest, how provided.

SECTION,

5. Sinking fund.
6. Debentures Act.
7. Town meeting.
8. Evidence of adoption of Act.

Preamble.

Whereas, at a meeting of the ratepayers of the town of Inverness, held on the 25th day of March, 1907, pursuant to notice duly given, the following resolution was unanimously adopted by the ratepayers present at such meeting:

Resolved, that this meeting of ratepayers, convened this 25th day of March, 1907, at the C. M. B. A. Hall, in the

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town of Inverness, empower the Town Council to apply to the Legislature for power to borrow a sum of money, not exceeding $4,000.00, for the purpose of erecting a town ball and fire bouse.”

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

1. The town of Inverness is authorized to borrow a sum Power to not exceeding four thousand dollars, on debentures, bearing

borrow. interest at a rate not exceeding four and a half per centum per annum, redeemable in thirty years from the date thereof.

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

3. The moneys borrowed under the provisions of this Purposes. Act shall be paid into the hands of the treasurer of the town of Inverness, and shall be by him paid out for the purchase of a site and the erection of a town hall and fire house, and for the necessary repairs to the fire station, as the Town Council determines, 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 collectiog and disbursing the same, and shall also provide for the payment of the principal of said debentures as hereinafter provided.

5. In order to provide a sinking fund for the payment sinking fund. of the 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, by resolution, be determined by the Town Council, not, however, to be less than two per cent. of the amount borrowed under the provisions of this Act, and such sum shall be rated and collected in the same manner and with the same remedies as other rates and taxes in the said town are rated and collected.

6. Such debentures, and the sinking fund in connection Debentures Act. therewith, shall be subject to the provisions of,“ The Municipal Debentures Act, 1902,” in so far as the same are not inconsistent with this Act.

Town meeting

7. No money shall be borrowed under the provisions of this Act until a meeting of the ratepayers of the town has been called pursuant to the provisions of sections 143 and 144 of “The Towns' Incorporation Act," and the said meeting has approved and ratitied by a majority vote the borrowing of the amount proposed.

Evidence of adoption of 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 113.

An Act to enable the Town of Inverness to borrow Money

to extend its Water System.

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

SECTION.

Preamble.
1. Power to borrow.
2. Debentures.
3. Lien
4. To whom paid.

SECTION.

5. How rated.
6. Sinking fund.
7. Town meeting.
8. Evidence of violation.

Preamble.

Whereas, at a meeting of the ratepayers of the town of Inverness, duly convened under the provisions of “The Towns' Incorporation Act,” and held on the 25th day of March, 1907, it was resolved that the Town Council be authorized “to apply to the present session of the Legislature for power to issue new water debentures to the amount of six thousand dollars,"

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

Power to borrow,

1. The Town Council of the Town of Inverness is hereby authorized and empowered to borrow on the credit of the town, as defined in the “ Act for supplying the Town of Inverness with Water,” chapter 93, Acts of 1905, and for the purposes only of the water system and supply of the town, and extensions and improvements thereof, a sum or sums not exceeding in all the sum of six thousand dollars.

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