CHAPTER 112. Authority to borrow $16,000. Sinking fund. Interest and Sinking fund lawful charges. An Act to Authorize the Municipality of the District (Passed the 17th day of April, A. D., 1923). Be it enacted by the Governor, Council, and Assembly, as follows: 1. The Municipality of the District of Lunenburg is authorized to borrow or raise by way of loan on the credit of the said municipality a sum not exceeding sixteen thousand dollars for the purpose of redeeming debentures of the said municipality issued under Chapter 115 of the Acts of 1893, entitled "An Act to settle the difficulties that have arisen with regard to Court Houses in the County of Lunenburg," dated the 1st day of July, A. D., 1893, and payable in thirty years from the date thereof. 2. Where any money is borrowed or raised by the issue and sale of debentures of the said municipality under this Act and the Municipal Debentures Act, 1914, as amended, the council of the said municipality 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 three 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 said municipality, 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 said municipality are raised, levied and collected. 4. Such debentures shall be payable in twenty Debentures years from the date thereof. payable. CHAPTER 113. An Act to Authorize the Municipality of the County (Passed the 17th dayof April, A. D., 1923). Be it enacted by the Governor, Council, and Assembly, as follows: borrow $5,000. 1. The Municipality of the County of Richmond Authority to is authorized to borrow or raise by way of loan on the credit of said municipality the sum of five thousand dollars ($5000) for the purpose of paying an indebtedness to The Royal Bank of Canada. 2. Where any money is borrowed or raised by the Sinking fund. issue and sale of debentures of the municipality under this Act, and the Municipal Debentures Act, 1914, as amended, the council of the municipality shall provide for a sinking fund with respect to such debentures. The amount to be paid annually into the sinking fund shall be an amount which the Council deems sufficient to provide for the payment of the debentures when the same are payable, but which shall not be less than three per centum of the aggregate amount of said debentures, and shall not be more than the council deems sufficient to provide for repayment 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. Interest and sinking fund lawful charges. 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 municipality, 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 municipality are raised, levied and collected. Debentures. 4. The warden and the clerk of the said municipality are authorized and empowered on behalf of the said municipality to borrow or raise the said sum of five thousand dollars ($5,000) or any part thereof by the issue and sale of debentures of the said municipality under this Act and the Municipal Debenture Act, 1914, as amended, to such an amount as they deem necessary and to sell and dispose of such debentures for such price or prices on such terms and conditions and in such manner as they deem most advantageous to the municipality. Interest. 5. Such debentures shall be payable in fifteen years from the date thereof, at such place or places as the said warden and the said clerk deem expedient, and shall bear interest at the rate of five and onehalf per centum per annum payable half yearly at such place or places as the said warden and clerk think fit. CHAPTER 114. An Act to Facilitate the Incorporation of the Town of Berwick. (Passed the 23rd day of April, A. D., 1923). Be it enacted by the Governor, Council, and Assembly, as follows: in Sec 2, Ch. a town. 1. The area within the boundaries mentioned in Area described Section 2 of Chapter 131 of the Acts of 1913, entitled, 181, Acts 1913 "An Act to enable the inhabitants of Berwick to supply themselves with sewerage, electric lighting and water for domestic, fire and other purposes, shall be held to be a town for the purposes of Section 5 of the Towns' Incorporation Act. Towns Incor 2. In respect of the said town if the Sheriff of Section 4, the County of Kings receives a requisition under porated Act, Section 5 of the Towns' Incorporation Act, and he not applicable. under Section 6 of that Act fixes and defines as the boundaries of the said town those boundaries mentioned in Section 2 of said Chapter 131 of the Acts of 1913, then Section 4 of the Towns' Incorporation Act shall not apply. 3. This Act shall not affect any pending litigation. Pending litiga tion unaffected. Authority to borrow $20,000 bentures. CHAPTER 115. An Act to Enable the Commissioners of the Town of Canning to Borrow Money. (Passed the 23rd day of April, A. D., 1923). Be it enacted by the Governor, Council, and Assembly, as follows: 1. The Commissioners of the Town of Canning as to redeem de- constituted under Chapter 59 of the Acts of 1894, as amended, are hereby authorized and empowered to borrow on the credit of the said town a sum not exceeding $20,000 for the following purposes, that is to say: For the purpose of redeeming the water work debentures due November 1st, 1923, and May 1st, 1924. 2. For the purpose of said Chapter 59 of the Acts of 1894, as amended: (a) money borrowed or raised by the ssue and sale of debentures under this Act, and the Municipal Debentures Act, 1914, as amended, and (b) such debentures shall be deemed to have been borrowed and issued respectively under the provisions of said Chapter 59 as amended. |