1907

CHAPTER 36.

An Act to confirm certain By-laws of the City of Edmonton and a certain Agreement entered into between the Grand Trunk Pacific Railway Company and the City of Edmonton.

(Assented to March 15, 1907.)

WHEREAS, on the 30th day of January, 1905, a by-law was duly referred to a vote of the burgesses of the City of Edmonton and assented to by them and was finally passed by the council of the City of Edmonton on the 11th day of February, 1905, a copy of which by-law forms schedule A to this Act;

And whereas, the Grand Trunk Pacific Railway Company and the corporation of the City of Edmonton entered into an agreement dated the 6th day of March, 1906, a copy of which forms schedule B to this Act;

And whereas, on the 5th day of October, 1906, a by-law was duly referred to a vote of the burgesses of the City of Edmonton, and assented to by them and was finally passed by the council of the City of Edmonton on the 12th day, of October, 1906, a copy of which by-law forms schedule C to this Act;

And, whereas, it is expedient that the said by-laws and agreement be ratified and confirmed;

Now, therefore, His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Alberta, enacts as follows:

1. The said by-law finally passed on the 11th day of February, 1905, a copy of which forms schedule A to this Act, the said agreement dated the 6th day of March, 1906, a copy of which forms schedule B to this Act, and the said by-law finally passed the 12th day of October, 1906, a copy of which forms schedule C to this Act, are hereby confirmed and validated and the said agreement is hereby declared to be legally binding upon the Grand Trunk Pacific Railway Company and the corporation of the City of Edmonton, according to the tenor thereof. But for greater clearness it is expressly declared that nothing in this Act contained is intended to have the effect of increasing the liability of the city to third parties or diminishing the liability of the com

pany to third parties with respect to anything which the said agreement makes subject to the consent or approval of the board of railway commissioners.

SCHEDULE A.

BY-LAW NO. 7.

A By-law to Provide for the Granting of a Bonus of $100,000.00 to the Grand Trunk Pacific Railway Company, and for Granting Exemption from Taxation to the said Company and for other purposes.

Whereas, the council of the City of Edmonton and The Grand Trunk Pacific Railway Company, having entered into negotiations, have come to a provisional and preliminary agreement whereby it is proposed that the city should grant to the company a bonus of $100,000 payable in cash or in debentures of the city payable as hereinafter provided and exemption from taxation as hereinafter provided and certain other rights, privileges and concessions, in consideration whereof it is proposed that the company should establish and maintain at Edmonton its chief divisional point on their mail line between Winnipeg and the Pacific coast, and grant to the city a number of other important rights, privileges and concessions to the advantage of the city;

And whereas, it is expedient that the council should be authorized to conclude in the name of the city, a final and binding agreement with the said company, and as part of such agreement to bind the city to grant to the company the bonus and exemption from taxation above referred to;

And whereas, it is expedient that debentures of the city for the said sum of $100,000 be issued for the purpose of granting the said bonus and that the said debentures should be payable during the period of 40 years from the date of the issue thereof, and should bear interest at a rate not exceeding four and one-half per cent. per annum and should as the council shall deem expedient, be payable either, (1) in such manner that each instalment of principal and interest shall be as nearly as possible equal in each year of the said period of forty years, or (2) in such manner that the principal shall be paid at the end of the said period of forty years (an annual sum by way of sinking fund being raised annually during the said period sufficient with the accumulated interest thereon to meet the principal at maturity) and the interest thereon annually;

And whereas, the amount of the whole rateable property in the city according to the last revised assessment roll is $3,958,748.00;

And whereas, the total amount of the existing debenture debt, exclusive of local improvement debts, secured by special assessments is $369,037.39 of which no part is in arrear;

And whereas, it is expedient that this by-law should take effect on the day of the final passing thereof;

Now, therefore, the council of the City of Edmonton, duly assembled, enacts as follows:

(1) The mayor and secretary-treasurer of the City of Edmonton are hereby authorized and empowered to issue in the name and on behalf of the city one or more debentures to an amount not exceeding in the aggregate the sum of $100,000, for the purpose of the same or the proceeds of the sale thereof being delivered or paid to The Grand Trunk Pacific Railway Company as a bonus.

(2) The said indebtedness created by the said debentures shall be paid and the said debentures shall be made payable during the period of forty years from the date of the issue of such debentures, and shall bear interest at a rate not exceeding four and one-half per cent. per annum, and shall as the council shall deem expedient be payable either (1) in such manner that each instalment of principal and interest shall be as nearly as possible equal in each year of the said period of forty years, or (2) in such manner that the principal shall be paid at the end of the said period of forty years (an equal sum by way of sinking fund being raised annually during the said period sufficient with the accumulated interest thereon to meet the principal at maturity) and the interest thereon annually.

(3) During the currency of the said indebtedness there shall be raised annually by special general rate on all the rateable property in the city at the same time and in the same manner as the ordinary general city taxes a sufficient sum to meet the amount of the annual instalment of principal and interest, or the amount of the equal annual sinking fund and interest, as the case may be, payable in each year in respect of the said indebtedness.

(4) None of the debentures or the proceeds thereof shall be delivered to the company unless and until the council, on behalf of the said city, and the company shall have entered into an agreement binding upon both parties thereto setting forth the terms and conditions upon which and the consideration for which such bonus is granted, and unless and until such agreement is approved, and its execution by the mayor and secretary-treasurer, on behalf of the city, is authorized by by-law of the council and one of the terms of the agree

ment may be to the effect that for the term of five years from the first of January, 1905, the company and all its property within the city shall be exempt from all municipal taxation and that for the term of twenty years from the first of January, 1909, the total amount for and in respect of which the company or the property shall be assessed by the city, shall not exceed the actual valuation of the company's lands at the time of the purchase thereof by the company, such valuation not to be decreased by any bonus or deduction in the nature of a bonus allowed to the company.

(5) This by-law shall take effect on the final passing thereof.

(6) The votes of the burgesses for and against this by-law shall be taken at the council chamber in the City of Edmonton, on Monday, the 30th day of January, 1905. between the hours of 9 a.m. and 5 p.m.

(7) George Johnstone Kinnaird, secretary-treasurer of the city, is hereby appointed returning officer, and Kenelm Collings, deputy returning officer, to take the votes at the time and place aforesaid.

(8) The said council chamber at the hour of eleven o'clock on Saturday, the 28th day of January, 1905, is hereby fixed as the time when and the place where the mayor will be present and will make all such proper appointments as he shall be requested to make of persons to attend at the polling place and at the final summoning up of the votes by the said secretary-treasurer on behalf of the persons interested in promoting or opposing the passing of the by-law.

(9) The said council chamber at the hour of 5.30 p.m. on the said 30th day of January is hereby fixed as the place and time where and when the secretary-treasurer shall sum up the number of votes given for and against this by-law. Passed provisionally in council, this 3rd day of January, 1905.

K. W. MACKENZIE,

Mayor.

GEORGE J. KINNAIRD,
Secretary-Treasurer.

Finally passed in council, this 11th day of February,

1905.

CHARLES MAY,
Mayor.

GEORGE J. KINNAIRD,

Secretary-Treasurer.

SCHEDULE B.

Memorandum of Agreement made this 6th day of March, A.D. 1906, between the Grand Trunk Pacific Railway Company, hereinafter called "the company" of the first part, and the Corporation of the City of Edmonton, hereinafter called. "the city" of the second part.

WHEREAS, the company is authorized by its charter to construct its line of railway through or near the City of Edmonton;

And whereas, it is in the interest of the city and will greatly assist in its welfare and development if the company should make the said city a divisional point and there construct terminals, terminal facilities and other works in connection with their undertaking;

And whereas, on the 30th day of January, 1905, a by-law was duly submitted to the ratepayers of the City of Edmonton and assented to by them which by-law is in the words and figures following, that is to say:

A by-law to provide for the granting of a bonus of $100,000 to the Grand Trunk Pacific Railway Company, and for granting exemption from taxation to the said company and for other purposes;

Whereas, the council of the City of Edmonton and the Grand Trunk Pacific Railway Company, having entered into negotiations have come to a provisional and preliminary agreement whereby it is proposed that the city should grant to the company a bonus of $100,000 payable in cash. or in the debentures of the city payable as hereinafter provided, and exemption from taxation as hereinafter provided and certain other rights, privileges and concessions, in consideration whereof it is proposed that the company should establish and maintain at Edmonton its chief divisional point on their main line between Winnipeg and the Pacific coast, and grant to the city a number of other important rights, privileges and concessions to the advantage of the city;

And whereas, it is expedient that the council should ba authorized to conclude in the name of the city a final and binding agreement with the said company, and as part of such agreement to bind the city to grant to the company the bonus and exemption from taxation above referred to;

And whereas, it is expedient that debentures of the city for the said sum of $100,000 be issued for the purpose of granting the said bonus and that the said debentures should be payable during the period of 40 years from the date of the issue thereof, and should bear interest at a rate not exceeding four and one-half per cent. per annum and should as the council shall deem expedient, be payable either (1)