"Merchant Flour Mill" in said town and to provide for exemption from municipal taxation of said mill and to authorise the issue of debentures of the said town to the amount of $5,000.00 for the purpose of raising the sum required therefor;

Whereas a majority of the resident ratepayers of the Town of Moosomin have petitioned the council of the said town praying that all necessary steps be taken to provide for the granting of a bonus by the said town of $5,000.00 to John S. Sutcliffe and Walter Muir both of Morris in the State of Minnesota, in connection with the erection of a "Merchant Flour Mill" by them in the said town and to provide for the exemption from municipal taxation of said mill until the first day of January, 1911;

And whereas the said council deem it advisable that such request be granted;

And whereas in order thereto it will be necessary to issue debentures of the said town for the sum of $5,000.00 as hereinafter provided (which is the debt to be created by this bylaw) the proceeds of said debentures to be applied to the purpose aforesaid and to no other;

And whereas it is desirable that such indebtedness should be spread over a period of twenty years and be repaid in equal instalments of principal and interest;

And whereas the amount of the whole ratable property of the said town according to the last revised assessment roll is $410,995.00;

And whereas the total amount of the existing debt of the said town outside of the debt due for the current expenses of the year is $14,912.60;

And whereas it is desirable that said bylaw take effect on Friday the first day of May, 1903;

Therefore the municipal council of the corporation of the Town of Moosomin enacts as follows:

1. A bonus of $5,000.00 is hereby granted by the said town of Moosomin to the said John S. Sutcliffe and Walter Muir in aid of the erection of such mill; and for the purpose of raising the said sum debentures of the said town to the said amount of $5,000.00 in the whole, shall be issued in sums of not less than $1,000.00 each; each of which debentures shall be payable to the bearer, in twenty equal consecutive annual instalments with interest at 4 per centum per annum and each instalment of interest as well as principal shall be equal.

2. The said mill and plant and grounds used in connection therewith is hereby exempted from municipal taxation by said town until the first day of January, 1911.

3. This bylaw shall take effect on the first day of May, 1903.

4. The votes of the electors of the said town shall be taken on this bylaw on Monday the 23rd day of February next, commencing at the hour of ten o'clock in the forenoon and continuing till five o'clock in the afternoon of the same day, at the council chamber, in White's block, in the said town, by John Smithers, Esq., returning officer.

5. The said returning officer shall attend at the said council chamber on Tuesday the 24th day of February next, at the hour of two o'clock in the afternoon to sum up the number of votes given for and against this bylaw.

Dated at council chamber, in the Town of Moosomin, this 28th day of January, A.D., 1903.

JOHN MCCURDY,

Separate accounts to be kept for special rate and sinking fund

Surplus in special rate amount

1903

CHAPTER 30

An Ordinance further to amend Ordinance No. 24 of 1890, intituled "An Ordinance to incorporate the Town of Lethbridge," as amended by Chapter 18 of the Ordinances of 1902.

THE

[Assented to April 25, 1903.]

HE Lieutenant Governor by and with the advice and consent of the Legislative Assembly of the Territories enacts as follows:

1. The provisions of The Municipal Ordinance in so far as they affect the Town of Lethbridge are hereby amended as follows:

Subsection 52 of section 95 and section 164 of the said Ordinance are hereby repealed and the following sections are hereby added after section 163 thereof.

164a. The council of the corporation of the Town of Lethbridge shall keep in its books two separate accounts one for the special rate and one for the sinking fund or 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 others that are necessary so as to exhibit at all times the state of every debt, and the amount of moneys raised, obtained and appropriated for payment thereof.

1646. If (after paying the interest of a debt and appropriating 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 be applied in payment of principal of such debt; provided always that any moneys levied and collected for the purpose of a sinking fund shall not in any case be applied towards paying off any portion of the current or other expenditures of the municipality save as may be otherwise authorised by this or any other Ordinance.

(2) In the event of the council of the municipality diverting any of the said moneys for such current or any other

expenditure save as aforesaid, the members who vote for the diverting of said moneys shall be personally liable for the amount so diverted and said amount may be recovered in any court of competent jurisdiction and the members who may have voted for the same shall be disqualified for holding any municipal office for the period of two years.

of special rate

164c. The council may by bylaw direct that such part of the Application of produce of the special rate levied and at the credit of the part of produce sinking fund account or of the special rate account as aforesaid, instead of being invested as hereinafter provided shall (from time to time as the same accrues) be applied to the payment or redemption at such value as the said council can agree for or of 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 bylaw; and the municipal 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 accounts as directed by such bylaw.

part of

164d. If any part of the produce of the special rate levied in Investment of respect of any debt and at the credit of the sinking fund produce of account or of the special rate account thereof cannot be special rate immediately applied towards paying the debt by reason of no part thereof being yet payable, the council shall from time to time invest the same in government securities, municipal or school debentures or in local improvement debentures of the municipality or in any other debentures of the municipality, or in first mortgage on real estate to an amount not exceeding one half of the sworn cash valuation of an independent appraiser or by way of loan to the general funds of the town, for temporary use of an amount not exceeding 75 per cent. of the estimated amount of the municipal taxes to be levied by the general rate of the current year, provided that such amount shall be replaced by the end of the current year, and from time to time as such securities mature may invest in other like securities.

(2) The council of such municipality may regulate by bylaw the manner in which such investments shall be made.

(3) It shall not be necessary that any local improvement or other debentures of the municipality referred to in this section shall have been disposed of by the council but the council may apply the sinking fund to an amount equal to the amount of such debentures for the purposes to which the proceeds of such debentures may be properly applicable, and shall hold the debentures as an investment on account of the sinking fund and deal with the same accordingly.

of surplus

164e. The council may direct by bylaw that any surplus Appropriation moneys in the hands of the secretary treasurer and not money to specially appropriated to any other purpose shall be credited to sinking fund. the sinking fund account of any debenture debt of the

Appropriation

of surplus income from public works, etc.

Member of corporation

municipality; and the council may invest such sinking fund in any of the securities named in and according to the provisions of the preceding section.

164f. The council may appropriate to the payment of any debt the surplus derived from any public or corporation work or from any share or interest therein (after paying the annual expenses thereof) or any unappropriated money in the treasury or any money raised by additional rate; and money so appropriated shall be carried to the credit of the sinking fund of the debt in payment of any instalment accruing due, or may use such surplus income or any part thereof for the purpose of defraying any portion of the amount which the municipality has to bear of any local improvement.

164g. No member of the said corporation shall take part in not to be party or in any way be a party to the investment of such moneys as to investment. are mentioned in this Ordinance otherwise than is authorised by this Ordinance or by any other law in that behalf made and provided, and such person so doing shall be held personally liable for any loss sustained by the corporation.

Limitation of borrowing power.

Local

improvement..

Special frontage assessment.

2. In so far as the same refers to the Municipality of Lethbridge, Part VI of The Municipal Ordinance is hereby repealed and the following substituted therefor:

Part VI.

Local Improvements and Assessments.

231. The term "local improvement" shall be taken to mean (a) The opening, widening, straightening, extending, grading, levelling, macadamising, paving or planking of any street or public land, alley, way or place; or

(b) The constructing of any sidewalk, bridge, culvert or embankment forming part of a highway; or

(c) The curbing, sodding or planking of any street or public lane, alley, square cr other public place; or

(d) The making, constructing, establishing, deepening, enlarging or prolonging of any common ditch, drain or sewer or the reconstructing but not the mere repair and maintenance of any of the said works.

(2) The term "special frontage assessment" shall be taken to mean a special assessment of the several lands abutting on the street or place whereon or wherein the improvement is to be made, according to the number of lineal feet measured along the front or other abutting portion of the said several lands of the total charge to be provided by special frontage assessment, the rate per foot being a uniform and equal rate computed by dividing the total charge to be provided by special frontage assessment on said lands by the number of lineal feet of