Certain bylaws confirmed

Certain contracts confirmed

Debentures shall be issued

of the said debentures and coupons for the construction of the works aforesaid until such time as the said city deem it advisable to sell the same. And that certain doubts exist as to the legality of the said by laws. And that the debentures authorised to be issued by said bylaws cannot be issued in the form prescribed in The Municipal Ordinance aforesaid. And that it is doubtful whether debentures repayable in the manner prescribed by said bylaw might lawfully be issued by and under said bylaw.

And whereas it is desirable and in the interests of the ratepayers of the said municipality that such doubts should be removed and that the legality of the said bylaws and of the debentures be confirmed by special legislation of the Legislative Assembly of the North West Territories.

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

1. That bylaws numbers 229, 230, 234, 239 and 241 of the corporation of the city of Moose Jaw be and they are hereby validated and confirmed in so far as said bylaws or any of them authorises the mayor and secretary-treasurer of the corporation of the city of Moose Jaw to borrow on behalf of the said corporation the sum of one hundred and fifty thousand dollars for the purpose of constructing a system of waterworks, sewerage and electric lighting and the sum of ten thousand dollars for the purpose of erecting a city hall; and the said mayor and secretary-treasurer be and they are hereby authorised so to do.

2. That all contracts now made or hereafter to be made by the said corporation under and by virtue of the provisions of the said bylaws or any of them to borrow upon the credit of the corporation at large or upon the credit of the said undertakings or either of them or partly by one method and partly by the other the sums mentioned in said bylaws or any of them or any portions of said sums and to issue debentures of the said corporation therefor or to pledge or hypothecate said debentures or any portion thereof to secure any advance or advances made by any person, firm or corporation to the said corporation of the city of Moose Jaw to aid in the construction of said undertakings or either of them be and they are hereby validated and confirmed and are declared to be legal and binding upon the said corporation of the city of Moose Jaw and the ratepayers thereof.

3. The said corporation shall issue one hundred and fifty debentures of one thousand dollars each to secure the said sum to be borrowed in connection with the said system of water works, sewerage and electric lighting and ten debentures for the sum of one thousand dollars each to secure the sum so to be borrowed for the erection of the said city hall and which

said debentures shall be payable in manner following, that is to say Until the expiration of the fifth year after the issue of said debentures interest only in semi-annual instalments shall be payable in respect of the said debentures and thereafter the principal sum and interest shall be repayable in forty-five equal annual instalments of eight thousand four hundred and thirty-nine 85/100 dollars each in respect of the debentures to construct a system of waterworks, sewerage and electric lighting and of five hundred and sixty-two 50/100 dollars each in respect of the debentures to raise a loan to erect a city hall such payments of principal and interest to be made on the 15th day of December in each year of said period of fifty years.

debenture

4. Said debentures so to be issued as in the next preceding Form of paragraph mentioned shall be in the form provided by The Municipal Ordinance of the North-West Territories or in a form to like effect provided however that such form may be amended so as to provide that no payment of principal shall be made during the first five years after the issue of said debentures.

5. During the currency of said debentures there shall be Special raised annually by a special general rate on all the ratable general rate property in the said corporation in addition to all other rates a sum sufficient to meet the annual payments of interest or of principal and interest as the case may be falling due in each year in respect of the said debentures.

Preamble

Bylaw No. 288 confirmed

Charge on corporation at large

Debentures to be issued

1904

CHAPTER 17

An Ordinance to confirm Bylaw No. 288 of the City of Regina and to rectify and confirm certain debentures to be issued in pursuance thereof.

W

[Assented to October 8, 1904]

HEREAS the municipal corporation of the city of Regina has by its petition prayed that an Ordinance be passed altering the manner in which the sum of one hundred and thirty five thousand dollars to be raised under bylaw No. 238 of the said city passed on the 17th day of August, 1903, may be borrowed and secured;

And whereas it appears that the electors of the municipality have approved of an expenditure not exceeding the said sum for the purposes mentioned in the said bylaw and that the civic council considers it expedient to raise at the present time the whole of the said sum for the said purposes;

And whereas the said corporation has represented that in order to enhance the value of the debentures to be issued to secure the said sum special legislation is desirable in respect of the several matters hereinafter set forth;

And whereas it is expedient to grant the prayer of the said petition;

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

1. Bylaw No. 288 of the city of Regina passed on the 17th day of August, 1903, is hereby validated and confirmed in so far as it authorises the mayor and secretary-treasurer of the city of Regina to borrow on behalf of the corporation for the purposes referred to in the said bylaw the sum of one hundred and thirty-five thousand dollars and the said mayor and secretary-treasurer are hereby authorised and empowered so

to do.

2. The said sum so to be borrowed shall be borrowed on the credit of the corporation at large.

3. The said corporation shall issue one hundred and thirtyfive debentures of one thousand dollars each to secure the said Such debentures may be in the form given in the schedule hereto or to the like effect and shall be dated the

sum.

first day of July, 1904. Until the year 1909 interest only in semi-annual instalments shall be payable in respect of the said debentures and in each of the years 1909 to 1953 inclusive in addition to interest semi-annually the sum of three thousand dollars shall be paid on the first day of July on account of principal and three of the said debentures shall be made payable in each of the years 1909 to 1953 inclusive to provide for the said annual payments of principal.

general rate

4. During the currency of the said debentures there shall be Terms of raised annually by a special general rate on all the ratable repayment property in the said corporation in addition to all other rates Special a sum sufficient to meet the annual payments of interest or of principal and interest as the case may be falling due in each year in respect of the said debentures.

and assessments

5. All debentures to be issued hereunder and all assessments Debentures made or to be made for payment thereof are hereby validated and confirmed and are declared to be legal and binding upon the said municipal corporation and the ratepayers thereof.

validated

KNOW ALL MEN BY BY THESE PRESENTS: That the city of Regina, in the North-West Territories (Assiniboia) and Dominion of Canada acknowledges itself to owe and for value received hereby promises to pay to bearer the sum of one thousand dollars on the first day of July, A.D. 19 , together with interest on said sum from the date hereof until paid at the rate of four and one-half per centum per annum, payable semi-annually on the first days of January and July in each year in accordance with and upon presentation and surrender of the interest coupons hereto attached as they severally become due; both principal and interest payable in gold of the present standard of weight and fineness at the office of the bank of Montreal in the city of Chicago, state of Illinois or at said bank's office in the city of Regina,

North-West Territories, Canada, at the option of the holder hereof. And for the prompt payment of this bond, with interest as aforesaid at maturity, the full faith, credit and resources of said city are hereby irrevocably pledged.

This bond is issued by said city for the purpose of providing funds for the construction of a waterworks, sewerage and electric system respectively in accordance with the provisions of The Municipal Ordinance (Consolidated Ordinances 1898, cap. 70), An Ordinance to incorporate the city of Regina (Ordinances 1903, cap. 28) and An Ordinance respecting the city of Regina (Ordinances 1904, cap. 17).

And it is hereby certified and recited that all acts, conditions and things required by ordinances and laws of the North-West Territories and the Dominion of Canada to be done precedent to and in the issue of this bond have been done, happened and been performed in regular and due form and time as required by law that the total indebtedness of said city, including this bond, does not exceed the limitation of the borrowing power of said city imposed by section 164, subsection (h) of the said Ordinance to incorporate the city of Regina (Ordinances 1903, cap. 28); and that provision has been made for the collection of a direct annual tax, in addition to all other taxes, on all of the taxable property in said city, sufficient to pay the interest hereon as the same falls due, and also to pay and discharge the principal hereof at maturity.

In testimony whereof the said city of Regina, by order of its city council, has caused this bond to be sealed with its corporate seal and signed by its mayor and attested by the signature of its secretary-treasurer as of the first day of July, A.D. 1904.

city of Regina, North-West Territories (Assiniboia), Canada, will pay to bearer the sum of twenty-two and 50/100 dollars, in gold coin of its present weight and fineness, at the office of the bank of Montreal in the city of Chicago, state of Illinois, or at said bank's office in the city of Regina, North-West Territories, Canada, for semi-annual interest due that day on its waterworks, sewer and electric light bond, dated July 1, 1904, numbered

Attest:

Mayor.

Secretary-Treasurer.