Assessment for interest. Assessment for sinking fund Penalty for diverting or any multiple thereof, from time to time, or all at one time, as determined by resolution of the City Council, bearing interest at such rate not exceeding four per centum per annum, and repayable at such time, not exceeding twenty years, as the Council shall from time to time determine, which debentures shall be issued by the Mayor under the seal of the City, and sold for such sums as may be obtained therefor, and shall be a charge on all the property, real and personal of the City and its inhabitants, and the proceeds of such debentures shall be placed to the credit of the City, and shall be used only for the purposes mentioned in this Act. 2. The City Council shall annually add to the amount to be assessed and levied on the real and personal property of the City for general purposes, a sufficient sum to pay the annual interest on such debentures. 3. The City Council shall annually add to the general assessment to be levied upon the ratepayers of the said City, subject to assessment, such sums as may by resolution be determined by the City Council, not, however, to be less than one per cent. of the amount borrowed under the provisions of this Act, and such sums shall be rated and collected in the same manner, and with the same remedies as other rates and taxes in the said City are rated and collected; such sums when collected shall be deposited in some chartered bank or trust company in the Province of Nova Scotia, on deposit bearing interest, and such sums and the interest thereon, shall be used for payment of the debentures issued under the provisions of this Act, and for no other purpose. 4. Any member of the said City Council who shall sinking fund. move, second, put or support by his vote, any motion, resolution or proposal, under or in pursuance of which any portion or the whole of the moneys, borrowed under the provisions of this Act, or directed by this Act to be held as a sinking fund, shall be diverted to any other object, shall be liable to a penalty of Four Hundred Dollars, to be recovered by any ratepayer who may sue therefor, and one-half of the said penalty shall be for the benefit of the person so suing, and the other half shall be paid into the treasury of the said City. paid out. 5. The money borrowed under this Act shall be Money, how paid into the hands of the Treasurer of said City, and shall be by him paid out as the City Council thereof shall determine, for the purposes mentioned in the first section of this Act and for no other purpose. SCHEDULE. Issued under the authority of the Acts of the Legislature of Nova Schedule The City of Sydney will pay, if unregistered, to the bearer hereof, or if registered, to the registered holder hereof, the sum of One Thousand Dollars in lawful money of Canada at the office of the City Treasurer, at Sydney, in twenty years from the date hereof, and interest upon the said sum at the rate of four per centum per annum, payable half-yearly upon the second day of January and the second day of July in each year, at the said office of the City Treasurer, upon presentation and surrender of the coupons hereto attached. Issued at Sydney, in the county of Cape Breton, this day of A. D., 1910. Mayor. City Clerk. CHAPTER 53. An Act to enable the City of Sydney to Borrow Money. Borrowing powers. interest. Be it enacted by the Governor, Council, and Assembly, as follows: 1. The City of Sydney is hereby empowered to borrow, on the credit of the City, the sum of Ten Thousand dollars, ($10,000) for extensions to the water service. Such sum shall be borrowed on debentures, to be issued in the form and in accordance with the schedule to this Act, in sums of One Hundred Dollars each, or any multiple thereof, from time to time, or all at one time, as determined by resolution of the City Council, bearing interest at such rate not exceeding four and one-half per centum per annum, and repayable at such time, not exceeding thirty years, as the Council shall from time to time determine, which debentures shall be issued by the Mayor under the seal of the City, and sold for such sums as may be obtained therefor, and shall be a charge on all the property, real and personal, of the City and its inhabitants, and the proceeds of such debentures shall be placed to the credit of the City, and shall be used only for the purposes mentioned in this Act. Assessment for 2. The City Council shall annually add to the amount to be assessed and levied on the real and personal property of the City for general purposes, a sufficient sum to pay the annual interest on such debentures. sinking fund. Assessment for 3. The City Council shall annually add to the general assessment to be levied upon the ratepayers of the said City, subject to assessment, such sums as may by resolution be determined by the City Council, not, however, to be less than one per cent.of the amount borrowed under the provisions of this Act, and such sums shall be rated and collected in the same manner, and with the same remedies as other rates and taxes in the said City are rated and collected; such sums when collected shall be deposited in some chartered bank or trust company in the Province of Nova Scotia, on deposit bearing interest, and such sums and the interest thereon shall be used for payment of the debentures issued under the provisions of this Act and for no other purpose. diversion of 4. Any member of the said City Council who shall Penalty for move, second, put or support by his vote, any motion, sinking fund. resolution or proposal, under or in pursuance of which any portion or the whole of the moneys borrowed under the provisions of this Act, or directed by this Act to be held as a sinking fund, shall be diverted to any other object, shall be liable to a penalty of Four Hundred Dollars, to be recovered by any ratepayer who may sue therefor, and one-half of the said penalty shall be for the benefit of the person so suing, and the other half shall be paid into the treasury of the said City. paid out. 5. The money borrowed under this Act shall be Money, how paid into the hands of the Treasurer of said City, and shall be by him paid out as the City Council thereof shall determine, for the purposes mentioned in the first section of this Act and for no other purpose. come in force. 6. This Act shall not come into force until the Act, when to question of borrowing the said sum of Ten Thousand Dollars has been submitted to the ratepayers of the City of Sydney, under the provisions of Chapter 174. Acts of 1903, and amendments thereto, and approved by a majority of the said ratepayers. Debentures apply. 7. Such debentures shall be issued under the terms Municipal and subject to the provisions of the "Municipal De- Act" to bentures Act, 1902," and amendments thereto, in so far as the same are not inconsistent with the provisions of this Act. SCHEDULE. Issued under the authority of the Acts of the Legislature of Nova Scotia for the year 1910. The City of Sydney will pay, if unregistered, to the bearer hereof, Issued at Sydney, in the County of Cape Breton, this A. D., 1910. .Mayor .City Clerk. CHAPTER 54. An Act to enable the City of Sydney to Grant a Bonus and Exemption from Taxes to the National Rol ling Mills, Limited. (Passed the 22nd day of April, A. D., 1910.) Preamble. WHEREAS, by a plebiscite taken on the 8th day of January, A. D. 1910, the question of the bonus and exemption from taxation to the National Rolling Mills, Limited, hereinafter mentioned, was duly submitted to the vote of the ratepayers of the City of Sydney, and was approved by a majority of such ratepayers voting thereon; |