CHAPTER 88. Authority to borrow $25,000.. Sinking fund. Interest and Sinking fund lawful charges. Debentures. An Act to Enable the Town of New Glasgow to (Passed the 23rd day of April, A. D., 1923). Be it enacted by the Governor, Council, and Assembly, as follows: 1. The Town of New Glasgow is authorized to borrow or raise by way of loan on the credit of the town the sum of twenty-five thousand dollars for the purpose of purchasing land and constructing a new school building. 2. Where any money is borrowed or raised by the issue and sale of debentures of the town under this Act, and the Municipal Debentures Act 1914, as amended, the Council of the town shall provide for a sinking fund with respect to such debentures. The amount to be paid annually into the sinking fund shall not be less than one per centum of the aggregate amount of said debentures, and shall not be more than the Council deems sufficient to provide for the payment of the debentures when the same are payable, and the first payment into such sinking fund shall be made within one year from the date of the debentures. 3. Every sum required for (a) interest on such debentures; (b) the sinking fund so provided, shall be held to be sums required for the ordinary lawful purposes of the town, and shall be raised, levied and collected in the same manner and in all respects as other sums required for the ordinary lawful purposes of the town are raised, levied and collected. 4. Such debentures shall be payable within such period, not exceeding forty-two years from the date thereof, and the principal and interest thereof shall be payable at such place or places, whether in Canada, Great Britain or the United States, as the Council determines. CHAPTER 89. An Act to Enable the Town of New Glasgow to Pioneer Association." (Passed the 23rd day of April, A. D., 1923). Be it enacted by the Governor, Council, and Assembly, as follows: contribute 1. The Town of New Glasgow is hereby authorized Authority to and empowered, by resolution of the Town Council, to $2,500. contribute a sum not exceeding twenty-five hundred dollars to 'The Scottish Pioneer Association" for the purpose mentioned in the Act incorporating the said Corporation, Chapter 128 of the Acts of 1922. rated, etc., as 2. The amount contributed as above mentioned Amount to be may be rated, assessed and collected in the same way ordinary expenas the ordinary expenditure of the town is rated, assessed and collected. 3. diture. meeting unnec Inasmuch as the ratepayers of the town have in Ratepayers' meeting in manner by law provided, already authoriz-essary. ed the expenditure of the said sum for the said purposes, it shall not be necessary to convene or hold any further or other meeting of ratepayers as a condition precedent to the expenditure of the said sum or any part thereof, or the doing of any matter or thing by this Act authorized. CHAPTER 90. Authority to borrow $15,000. Sinking fund. Interest and Sinking fund lawful charges. An Act to Enable the Town of New Waterford to (Passed the 23rd day of April, A. D., 1923). Be it enacted by the Governor, Council, and Assembly, as follows: 1. The Town of New Waterford is authorized and empowered to borrow, upon the credit of the town, a sum of money, not to exceed fifteen thousand dollars, for either of the following purposes, namely: (a) building an additional class room or rooms to the Central public school building, and providing same with furniture and other necessary school equipment, or, (b) as the Town Council may determine, purchasing land in any part of the town and erecting thereon a new public school building and providing the same with furniture and other necessary school equipment. 2. Where any money is borrowed by the issue or sale of debentures of the said town under this Act and the Municipal Debentures Act, 1914, as amended, the Council of the said town shall provide for a sinking fund with respect to such debentures. The amount to be paid annually into the sinking fund shall not be less than five per centum of the aggregate amount of said debentures, and shall not be more than the Council deems sufficient to provide for the payment of the debentures, when the same are payable, and the first payment into such sinking fund shall be made within one year from the date of the debentures. 3. Every sum required for (a) interest on such debentures; (b) the sinking fund so provided, shall be held to be sums required for the ordinary lawful purposes of the town, and shall be raised, levied and collected in the same manner and in all respects as other sums required for the ordinary lawful purposes of the town are raised, levied and collected. 4. This Act shall not take effect until the same Ratepayers apis adopted by a meeting of the ratepayers of the town proval required. duly convened in accordance with the provisions of Sections 143 and 144 of the Towns' Incorporation Act. 5. A certificate, under the hand of the Mayor and Certificate. Town Clerk, and under the corporate seal of the Town of New Waterford, of a resolution passed under the said Act, shall be conclusive evidence of the adoption of this Act, and of the passing of the said resolution. CHAPTER 91. An Act to Enable the Town of North Sydney to the Purpose of Installing a new (Passed the 23rd day of April, A. D., 1923). WHEREAS, the Town of North Sydney under Chapter Preamble. 87 of the Acts of 1903, has been supplying water to the Nova Scotia Steel and Coal Company, Limited, and the Town of Sydney Mines since August first, 1903; And Whereas, the contract between said parties is about to expire; And Whereas, said parties desire to enter into a new contract of a similar nature; Authority to supply water upon terms agreed. May enter into contract. Authority to borrow $35,000 line. And Whereas, the supplying of water under such contract will necessitate additional expenditure, which the Town of North Sydney is about to undertake; Be it enacted by the Governor, Council, and Assembly, as follows:— 1. The Town of North Sydney is hereby author ized and empowered to supply water to the Town of Sydney Mines and the Nova Scotia Steel and Coal Company, Limited, for such period, and upon such terms as may be agreed upon by the said parties, and for that purpose the Town of North Sydney and the Town Council of said town shall have all the powers conferred upon them by Chapter 87 of the Acts of 1903, and by Chapter 44, Acts of 1896, and any amendments thereof. 2. The Town of NorthSydney, the Town of Sydney Mines and the Nova Scotia Steel and Coal Company, Limited, are hereby empowered and authorized to enter into such a contract as to them seems fit for the purposes aforesaid; and such contract may include payments by way of compensation to the Town of North Sydney for loss sustained in supplying water under the said contract now existing; and the Town of North Sydney is hereby empowered to receive such compensation and to apply and expend the sums so received as the Council of said town may by resolution decide; and the Town of Sydney Mines and the Nova Scotia Steel & Coal Company, Limited, are empowered to bind themselves jointly and severally for all payments that may be agreed upon in such contract. 3. The Town of North Sydney is hereby authorfor new pipe ized to borrow or raise by way of loan on the credit of the town the sum of thirty-five thousand dollars ($35,000) for the purpose of installing a new pipe line and making such other expenditures as may be necessary to supply the Town of Sydney Mines and the Nova Scotia Steel & Coal Company, Limited, with water according to such contract. |