Cost of arbitration When Act shall go into operation. acquired by the town, appears to the Council excessive when compared with the benefits that will enure to the town by this Act, or with the work proposed to be done thereunder, the Council may, at any time, suspend or abandon operations under this Act, or any portion thereof, affected by such, award, and may, within one month after the making of the award, notify the owner or owners of such suspension or abandonment. (b) If the Town Council decides to proceed with such operations the town shall, within six months after the arbitrators' award has been filed with the town clerk, pay to the owner or owners the amount of the compensation awarded to him or them. 28. The costs of any arbitration hereunder, and incident thereto, shall be determined by the arbitrators. 29. This Act shall not go into operation or effect until authority to borrow the sum of twenty thousand dollars, the amount specified in the eighth section of this Act, is given by a vote of the ratepayers of the town, called and held under the provisions of the one hundred and fortythird and one hundred and forty-fourth sections of The Towns' Incorporation Act," which vote shall be taken within six months after the passing of this Act. (Electric Light and Power Debentures, A. D. 1907.) Issued nuder the authority of chapter.......of the Acts of the Legislature of Nova Scotia for the year 1907. The town of Wolfville will pay, if unregistered, to the bearer hereof, or, if registered, to the registered holder hereof, the sum of.... ...dollars in lawful money of Canada, at the office of the town clerk, in the town of Wolfville, in...... years from the date hereof, and interest upon the said sum at the rate of....... per centum per annum, payable half-yearly, upon the... ....days of .and... .in each year, at the said office of the town clerk, upon presentation and surrender of the coupons hereto attached. Issued at Wolfville, in the County of Kings, this...... day of........, A. D. 19.... [L. S.] Mayor. Town Clerk. No. of Debenture.. (Form of Coupon.) The town of Wolfville will pay to bearer dollars, in lawful money of Canada, at the office of the town clerk at Wolfville, on the ..... .day of..... A. D. 19...., being six months interest on debenture No.......... issued the..... A. D. 19.... day of.... Town Clerk. Power to sell. CHAPTER 123. An Act to enable the Municipality of Kings County ot dispose of Certain Lands. (Passed the 25th Day of April, A. D., 1907.) Be it enacted by the Governor, Council, and Assembly, as follows: The Council for the municipality of Kings county, is hereby authorized and empowered to sell and dispose of that certain lot of land in Kentville, on which the old court house in Kentville is situate, together with the said building thereon, said lot being bounded on the west by Cornwallis Street, on the north by land of the Dominion and Atlantic Railway, on the east by drill shed lot, and on the south by new road, by public auction or private sale, and to execute and deliver a deed of the same to any purchaser or purchasers thereof, said deed shall be sealed with the seal of the said municipality, and countersigned by the warden and clerk of the said municipality, and when so executed shall convey to the purchaser or purchasers thereof, all the right and title of said municipality therein and thereto. CHAPTER 124. An Act to enable the Town of Bridgewater to grant SECTION. Company. (Passed the 25th day of April, A. D., 1907.) SECTION. 9. May sell bonds. 11. General provisions. 12. Erection of poles by the company. 5. May purchase bonds of the com- 13. Lien 6. Agreement with company. 7. Free water to company. 16. Town meeting not necessary. 8. Free lighting. Power to borrow. Be it enacted by the Governor, Council, and Assembly, as follows: : 1. The town of Bridgewater is authorized to borrow a sum not exceeding $30,000, to be applied for the purposes in this Act mentioned, and to issue debentures therefor under the provisions of "The Municipal Debentures Act, 1902." 2. Said debentures shall be for a period of twenty years, Debentures. and shall bear interest at a rate not exceeding five per cent. per annum, payable half-yearly. site. 3. Out of the amount so borrowed the town is author- May purchase ized to purchase, or pay towards the purchase, of a site in the town of Bridgewater of not less than ten acres in extent, for the establishment of car manufacturing works, and, if purchased by the town, to convey, or have the same conveyed, to the company, provided that not more than $2,500.00 be paid or contributed by the town for such site or purpose. 4. Said site, and all property and plant of the company Tax exemption. situate thereon, shall be exempt from taxation for local or municipal purposes, not including rates for the support of public schools, for a period of twenty years, provided that such exemption shall only extend to snch parts of said real estate and personal property as are used exclusively for the purpose of the manufacturing business of the company. bonds of the 5. The Town Council is authorized to apply such part May purchase of the money borrowed under the provisions of this Act as company. may be necessary for the purchase of $25,000 face value of the bonds of the company, at such price as may be agreed upon with the company. Such bonds shall be part of a total issue of $200,000, bearing interest at six per centum per annum, payable half-yearly, redeemable in twenty years from date of issue, or such earlier time as may be agreed upon, and such total bond issue shall be secured by a first mortgage of all the property owned, and of all property afterwards acquired, by the company, the terms and conditions of the mortgage to be subject to the approval of the Town Council. 6. The Town Council is authorized to enter into an Agreement with company. agreement with the company containing the following, among other provisions : (a) That before any amount is paid by the town on Free water to company. thereof, and the proceeds thereof have been deposited to the credit of the company on special account, in some chartered bank doing business in the town of Bridgewater; (b) That the proceeds of the said bond issue of $200,000 shall be deposited as provided in the next preceding sub-section, and shall be applied exclusively to the purchase of property and pro. viding working capital for the company, provided that not less than the sum of $150,000 of said proceeds shall be expended in the erection of buildings for manufacturing purposes in the town of Bridgewater, and in the purchase and installation of plant and machinery in connection therewith sufficient to ensure an output of at least ten cars per day, and the balance, if any, to be used as working capital; (c) That while any of the bonds held by the town are outstanding and unpaid the town shall have the right of appointing a resident of the town of Bridgewater as one of the directors of the company, whether such person is a member of the company or not; (d) That the town shall have and exercise such check and control upon and over the expenditure of the amount deposited on special account, as provided in this section, as may be agreed upon; e) That the company may at any time, on three months' notice, redeem the whole or any part of the bonds held by the town, notwithstanding anything contained in said bonds or the mortgage securing the same; (f) Such other conditions as may be deemed necessary or expedient for the carrying out of the purposes of this Act, and for securing to the town any advantages or privileges which may be conferred upon the bondholders. 7. The town is authorized to furnish to the company free water for the ordinary purposes of the company for twenty years from the passing of this Act, not, however, to include water for running water motors or for the genera tion of power. |