Levy to be made for pay

(3.) The by-law shall recite: 1. The amount of the debt which such new by-law is intended to create, and, in some brief and general terms, the object for which it is to be created. 2. The total amount required by this Act to be raised annually by special rate for paying the new debt and interest. 3. The amount of the whole ratable property of the town, according to the last revised assessment rolls; and 4. The annual special rate on the dollar for paying the interest and creating an equal yearly sinking fund for paying the principal of the new debt, according to this Act.

14. Every by-law for raising upon the credit of the town any money not required for its ordinary expenditure, and not payable within the same municipal year, shall, before the final passing thereof, receive the assent of the electors of the town in the manner provided for in this Act, except as herein or otherwise provided.

15. All debentures and other specialties duly authorized to be executed on behalf of the corporation shall, unless otherwise specially authorized or provided be sealed with the seal of the corporation, and signed by the Mayor, or some other person authorized by by-law to sign the same and countersigned by the Secretary-Treasurer, otherwise the same shall not be valid.

16. The Council shall assess and levy on the whole ratable ment of debts. property within its jurisdiction a sufficient sum in each year to pay all valid debts of the corporation, whether of principal or interest, falling due within the year; but the council shall not levy in any one year more than an aggregate rate of two cents on the dollar on the actual value, exclusive of school rates.

Taxes may be payable by instalment.

Unpaid taxes

to be interest.

Debt contract

ed may be pay

ments.

17. The council may by by-law make the taxes payable by instalments at such times as they may think proper, and fix and allow a discount for prompt payment of such instalments.

18. In case of default being made in payment of the taxes by any person, the same shall bear interest at the rate of ten per cent. per annum until paid, and all arrears of taxes shall bear interest at that rate until paid.

19. In any case of passing a by-law for contracting a debt able by instal by borrowing money for any purpose, the council may in its discretion make the principal of such debt repayable by annual instalments, during the currency of the period (not exceeding thirty years), within which the debt is to be discharged; such instalments to be of such amounts that the aggregate amount payable for principal and interest in any year shall be equal as nearly as may be, to what is payable for principal

to.

and interest during each of the other years of such period; and may issue the debentures of the corporation for the amounts, and payable at the times corresponding with such in- Provisions as stalments, together with interest annually or semi-annually, as may be set forth and provided in such by-law. Such by-law shall set forth the annual special rate to be raised in each year, during the period of the currency of the debt, which shall be sufficient according to the amount of ratable property appearing by last revised, or revised and equalized assessment rolls, before the passing of the by-law to discharge the several instalments of principal and interest accruing due on said debt, as the said instalments and interest become respectively payable according to the terms of said by-law, and in cases within this section it shall not be necessary that any provision be made for the creating of a sinking fund.

enue of cor

dealt with.

20. In case in any particular year one or more of the fol- Surplus revlowing sources of revenue, namely: (1) The sum raised by poration in the special rate imposed for the payment of a debt and col-any year, how lected for any particular year, and (2), the sum on hand from previous years, and (3), any sum derived for such particular year from the surplus income of any work or of any share or interest therein applicable to the sinking fund of the debt, and (4), any sum derived from the temporary investment of the sinking fund of the debt or of any part of it, and carried to the credit of the special rate and sinking fund account respectively, amount to more than the annual sum required to be raised as a special rate to pay the interest and the instalments of the debt for the particular year and leave a surplus to the credit of such accounts or either of them, then the By-law to recouncil may pass a by-law reducing the total amount to be levied under the original by-law for the following year, to a sum not less than the difference between such last mentioned surplus and the annual sum which the original by-law named and required to be raised as a special rate.

duce levy.

law to recite.

21. The by-law shall recite (1), the amount of the special What such byrate imposed by the original by-law, (2), the balance of such rate for the particular year, or on hand from former years, (3), the surplus income of the work, share or interest therein received for such year, and (4), the amount derived for such year from any temporary investment of the sinking funds, nor unless the by-law causes the reduced amount on the dollar to be levied under the original by-law.

appropria

22. In case the council desires to make an anticipatory ap- Anticipatory propriation for the next ensuing year, in lieu of the special tions, provirate for such year, in respect of any debt, the council may do sions and reso by by-law in the manner and subject to the provisious and making. restrictions following:

s rictions in

What by-law must recite.

Council to keep certain accounts in connection with loan.

(1.) The council may carry to the credit of the sinking fund account of the debt as much as may be necessary for the purposes aforesaid, (a) of any money at the credit of the special rate account of the debt beyond the interest on such debt for the year following that in which the anticipatory appropia tion is made, (b) and of any money raised for the purpose aforesaid by additional rate or otherwise, (c) and of any money derived from any temporary investment of the sinking fund, (d) and of any surplus money derived from any corporation work or any share or interest therein, (e) and of unappropriated money in the treasury. Such moneys respectively, not having been otherwise appropriated.

(2.) The by-law making the appropriation shall distinguish the several sources of the amount and the portions thereof to be respectively applied for the interest and for the sinking fund appropriation of the debt for the ensuing year.

(3) In case the moneys so retained at the credit of the special rate account and so appropriated to the sinking fund account from all or any of the sources above mentioned are sufficient to meet the sinking fund appropriation and interest for the next ensuing year, the council may then pass a by-law directing that the original rate for next ensuing year be not

levied.

23. The by-law shall recite: (1) the original amount of the debt, and in brief and general terms the object for which the debt was created; (2) The amount, if any, already paid of the debt; (3) The annual amount of the sinking fund appropriation required in respect of such debt; (4) The total amount then on hand, of the sinking fund appropriation in respect of the debt, distinguishing the amount thereof in cash in the treasury from the amount temporarily invested; (5) The amount required to meet the interest of the debt for the year after the making of such anticipatory appropriation; (6) Ìhat the council has retained at the credit of the special rate account of the debt, a sum sufficient to meet the next year's interest (naming the amount of it), and that the council has carried to the credit of the sinking fund appropriation (naming the amount of it) for such year,

24. The council shall keep in its books two separate accounts, one for the special rate, and one for the sinking fund, or for instalments of principal of every debt, to be both distinguished from all other accounts in the books, by some prefix, designating the purpose for which the debt was contracted and shall keep the said accounts with any other that are necessary so as to exhibit at all times the state of every debt and the amount of money raised, obtained and appropriated for payment thereof.

surplus.

25. If after paying the interest of a debt and appropriating Application of the necessary sum to the sinking fund of such debt, or in payment of any instalment of principal for any financial year, there is a surplus at the credit of the special rate account of such debt, such surplus shall so remain and may be applied, if necessary, towards the next year's interest, but if such surplus exceeds the amount of the next year's interest, the excess shall be carried to the credit of the sinking fund account, or in payment of the principal of such debt.

Lieut-Gov. in council.

26. The Lieutenant-Governor in council may, by order, Application of direct that such part of the produce of the special rate levied by direction of sinking fund and at the credit of the sinking fund account or of the special rate account, as aforesaid, instead of being so invested as hereinafter provided, shall, from time to time, as the same shall accrue, be applied to the payment or redemption at such value as the council can agree upon for, or any part of such debt or of any of the debentures representing or constituting such debt, or any part of it though not then payable, to be selected as provided in such order, and the council shall thereupon apply, and continue to apply, such part of the produce of the special rate at the credit of the sinking fund or special rate account as directed by such order.

plus moneys

priated to pay

27. The council may appropriate to the payment of any Certain surdebt the surplus income derived from any public or corpora- may be approtion works, or from any share or interest therein, after paying ment of debts, the annual expenses thereof or any unappropriated money in ete the treasury, or any money raised by any additional rate, and any money so appropriated shall be carried to the credit of the sinking fund of the debt, or in payment of any instalment accruing due.

ment of sur

28. The town having surplus moneys may, by by-law, in- Other investvest the same in a loan or loans to any board or boards of plus moneys. school trustees within the limits of the town for such term or terms and at such rate or rates of interest as may be agreed upon by and between the parties to such loan respectively, and set forth in such by-law, or to other persons or corporations upon such securities as such council may deem expedient.

in respect to

ed.

29. The council may pass by-laws, (1), For obtaining such Other matters real and personal property as may be required for the use of which by-laws the corporation, within the limits of the said town, or outside may be passsaid limits if necessary, for the purpose of establishing cemeteries and parks; and for any purpose whatsoever in the manner provided in the "Manitoba Town Corporations General Clauses Act," for the expropriation of property, and pass bylaws, rules and regulations governing the same, and for appointing trustees, from time to time, from the members of the

Interpreta

tion or mean

said council, who shall have the power and authority under the said council to sell and execute deeds for the purchase and sale of burial plots in said cemeteries, and generally to exercise full powers and control over said cemeteries and parks, and other property not otherwise contrary to, or inconsistent with the Dominion or Provincial Statutes, and for erecting, improving and maintaining a town hall and other houses and buildings required by and being upon the land of the corporation, and for disposing of such property when no longer required.

30. Unless otherwise declared and indicated by the coning of certain text, wherever any of the following words occur in this Act, words in Act. the meanings hereinafter expressed shall attach to the same,

Public Act.

namely:

(1.) The word "council" means the mayor and council of the town of Morris.

(2.) The words "land," "lands," "real estate," "real property," respectively include lands, tenements and hereditaments, and all rights there and interests therein.

(3.) The word "property" includes both real and personal property.

(4.) The word "town" means the town of Morris.

(5.) The word "corporation" means the mayor and council of the town of Morris.

31. This Act shall be deemed a public Act.

SCHEDULE "A."

By-law number four of the municipality of the town of Morris.

Text of confirmed by-law.

BY-LAW NO. 4 OF THE TOWN OF MORRIS.

A by-law to aid and assist the Canadian Pacific Railway Company by granting them a bonus of fifty-four thousand dollars.

Whereas, it being to the advantage of the town of Morris, it wasagreed with the Canadian Pacific Railway Company that the said town of Morris should give them, by way of bonus, the sum of fifty-four thousand dollars ($54,000) in consideration of said company constructing and operating a line of railway from Winnipeg to the town of Morris and thence to the boundary line at a point between the town of Emerson and