1913

CHAPTER 93

An Act to amend the Act Authorising the City of Prince Albert to Construct Hydro-Electric Works, and to Validate a Certain Bylaw of the City of Prince Albert.

W

[Assented to December 19, 1913.]

HEREAS the corporation of the city of Prince Albert has petitioned for certain amendments to the Act passed in the first year of his Majesty's reign, being Chapter 56 of the statutes of the Province of Saskatchewan for the year 1910-11, intituled, "An Act to authorise the City of Prince Albert to establish certain Hydro-electric Works;"

And whereas the said corporation has represented that bylaw No. 44 of 1912, was duly passed by the council of the said corporation on the ninth day of December, 1912, after having been duly submitted to and receiving the assent of the burgesses of the said city in the manner provided for in The City Act, and in the said Act, chapter 56 of 1910-11, on the sixth day of December, 1912; and that certain doubts exist as to the validity of the said bylaw No. 44 of 1912 and that the said bylaw should be validated and confirmed;

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

Therefore his Majesty by and with the advice and consent of the Legislative Assembly of Saskatchewan enacts as follows:

1. The said corporation shall have the power to issue debentures in accordance with the provisions of the said Act to an extent not exceeding in the whole, two million, five hundred thousand dollars ($2,500,000) in lieu of the sum limited in and by the nineteenth section of the said Act, and all the provisions of the said Act shall apply to the said debentures and the holders thereof and to the sums of money borrowed thereon in the same way as if the issue of the said debentures had been authorised by the said Act, and the provisions of the said Act had been made especially applicable to them, and all the debentures issued under the said Act and this Act shall rank equally and without priority, as if all had been issued at the same time:

Provided however that section 23 of the said Act shall not apply or extend to any indebtedness incurred under the authority of this Act in excess of the sum of $500,000 authorised by the said Act.

2. The preamble to the said Act chapter 56 of 1910-11 is hereby amended by inserting before the figures "31," where the same occur in the eighteenth line thereof, the figures "30."

3. Section 1 of the said Act is hereby amended by inserting before the figures "31" where the same occur in the sixth line thereof the figures "30."

4. Section 34 of the said Act is hereby amended by striking out the word "three" where the same occurs therein and inserting in lieu thereof the word "five."

5. Section 19 of the said Act is hereby amended by striking out the words "the rate of four and a half" where they occur in the twentieth and twenty-first lines of the said section. and by substituting therefor the following words "a rate not exceeding six."

6. Section 21 of the said Act is hereby amended by adding thereto the following as subsection (2):

"(2) For the purpose of carrying the provisions of this secion into effect the city of Prince Albert shall have the right to execute in favour of any trustee or trustees to be appointed by the council of said city a deed of trust, mortgage, agreement to mortgage, hypothec, lien or charge upon the said works and land, to secure the aforesaid debentures, and the form and terms of such deed, mortgage, agreement, hypothec, lien or charge shall be such as the council of the said city may approve."

7. Bylaw No. 44 of 1912 of the corporation of the city of Prince Albert as set forth in schedule A to this Act is hereby declared to be valid and binding and to have been valid and binding upon the said corporation and upon the ratepayers thereof and upon all persons and parties whom the said bylaw purports to affect as and from the date of the final passing of the said bylaw, anything in the said Act chapter 56 of the statutes of Saskatchewan 1910-11 and anything in any other Act or law to the contrary notwithstanding.

8. The debentures issued under the authority of the said bylaw No. 44 of 1912 shall be deemed to have been issued. under the authority of the said statute chapter 56 of the statutes of Saskatchewan 1910-11 and to form part of the amount authorised to be issued under the said Act as extended by this Act.

9. This Act shall come into force upon a date to be proclaimed by the Lieutenant Governor in Council, and the

Lieutenant Governor in Council shall have power, before proclaiming the said date to refer the matters dealt with in this Act to the Local Government Board, to be appointed under the provisions of The Local Government Board Act of this session of the Legislature, for their inquiry and report.

SCHEDULE.

CITY OF PRINCE ALBERT.

Bylaw No. 44 of 1912.

A bylaw to provide for the expenditure of $275,000 for the designing, construction, building, purchasing, developing, improving, maintaining and conducting of a certain water power upon the North Saskatchewan river in the Province of Saskatchewan, where the same crosses sections thirty-one (31) and thirty-two (32) in township forty-nine (49) in range twenty-two (22) west of the second meridian at the locality known as La Colle Falls, and electric works in connection therewith for generating, supplying and producing electric power or energy and transforming, transmitting, conveying and distributing such energy or power to the city of Prince Albert and to authorise the issue of debentures of the city of Prince Albert to the amount of $275,000 for the purpose of raising the said sum.

Whereas it has been deemed advisable to provide for the designing, constructing, purchasing, building and acquiring, developing, improving, holding, maintaining, managing and conducting certain water power plant and works, and undertaking upon the North Saskatchewan river, where the same crosses section 31-32 township 49 range 22 west of the second meridian in Saskatchewan, at the locality known as La Colle Falls, and electrical works in connection therewith, and all buildings, generating stations, dynamos, generators, turbines, machinery and apparatus therewith connected, or necessary thereto for generating and supplying electric power therefrom and for transforming, transmitting, storing, using or distributing such power, and any material product, matter or thing arising or to be used in the process of such generation or supply in or through the city of Prince Albert, and to raise by way of loan on debentures the sum of $275,000 to provide for the cost of the said works, matters or things, and that the said sum should be raised upon the credit of the municipality at large;

And whereas it has been deemed expedient that the repayment of the indebtedness thus created should be spread over a period of twenty-five years;

And whereas in order to provide for the said indebtedness it will be necessary to issue debentures of the city of Prince Albert to an amount not exceeding $275,000 as hereinafter provided, which is the amount of the debt intended to be created by this bylaw, the proceeds of the said debentures to be applied to the aforesaid purposes and to no other;

And whereas the total amount required by The City Act to be raised annually during twenty-five years, by special rate for the purpose of creating a sinking fund for the payment of the debt secured by the said debentures is the sum of $6,603.29;

And whereas the amount required to be raised annually by special rate during twenty-five years for the payment of the interest upon the said debentures at the rate hereinafter specified is a sum not exceeding $13,750 making the total amount required to be raised for interest and sinking fund a sum not exceeding $20,358.29;

And whereas the amount of the whole rateable property in the city of Prince Albert liable for the payment of the said debentures according to the last revised assessment roll thereof is the sum of $17,862,112;

And whereas the total amount of the existing debenture debt of the city of Prince Albert exclusive of local improvement debts secured by special assessment and over and above the debt due for current expenses for the year 1912 is the sum of $1,120,281.11, whereof none is in arrears either for principal or interest the total amount of local improvement debt secured as aforesaid being $244,860.77;

And whereas it has been deemed expedient that this bylaw shall take effect on the ninth day of December, 1912:

Now therefore the mayor and council of the city of Prince Albert in council assembled enact as follows:

1. It shall and may be lawful for the mayor and council of the city of Prince Albert to undertake, perform and carry out the several works, matters and things hereinabove recited, and for the aforesaid purposes to expend the sum of $275,000.

2. And for the purpose of raising the said sum debentures of the city of Prince Albert to the amount of $275,000 shall be issued either in Canadian currency in sums of not less than $100 each or in sterling exchange in like amounts at the rate of $4.86 2-3 on the pound sterling each of which debentures shall be dated on the day of the respective issue thereof, and shall be made payable within twenty-five years from the said respective dates, at such place or places in the Dominion of Canada or elsewhere as the council of the city may direct, and the said council shall subject to the above limitations

have full power and authority to determine the place or places of payment of the said debentures, and the amount or amounts thereof respectively.

3. Each of the said debentures shall be signed by the mayor and treasurer of the city of Prince Albert, and shall have affixed thereto the corporate seal of the municipality of the city of Prince Albert.

4. Each of the said debentures shall bear interest at a rate not exceeding five per cent. per annum, computed from the days of the dates thereof respectively, and payable semiannually in each year during the currency thereof at the particular place where the debenture with respect to which such interest has accrued is payable and shall have attached to them coupons for the payment of the said interest which coupons shall be deemed to have been sufficiently executed by having printed or lithographed thereon the names of the mayor and treasurer of the city of Prince Albert.

5. There shall be raised annually during the period of the currency of the said debentures by special rate upon all the rateable property of the city of Prince Albert a sum sufficient to provide for the payment of interest falling due in each of the years respectively of the currency of the said debentures at a rate not exceeding five per cent. per annum and the sum of $6,603.29 for the purpose of creating a sinking fund for the payment of the debt secured thereby.

6. This bylaw shall take effect on the ninth day of December, A.D. 1912.

7. The votes of the duly qualified burgesses of the said city of Prince Albert shall be taken on this bylaw on Friday the sixth day of December, A.D. 1912, in the assessor's office in the city hall in the city of Prince Albert aforesaid, commencing at the hour of nine o'clock in the forenoon and continuing to the hour of five o'clock in the afternoon of the same day.

8. The returning officer duly appointed for that purpose shall sum up the number of votes for and against this bylaw on the seventh day of December, A.D. 1912, at the hour of ten o'clock in the forenoon at the council chamber in the city hall aforesaid in the city of Prince Albert.

9. The mayor of the city of Prince Albert shall attend at his office in the city hall in the city of Prince Albert on the fifth day of December, A.D. 1912, at the hour of four o'clock in the afternoon for the purpose of appointing persons to attend at the polling places and at the official summing up of the votes