under By-law No. 1194 of the said city, and the Council have prayed that authority be granted to the Council to issue stock in place of the debentures authorized by the said two by-laws above recited in one uniform issue and maturing at the same date as the stock authorized by said By-law No. 1194: And whereas it is further represented that, owing to an advance in the rate of interest on such securities since the said two By-laws Nos. 1159 and 1161 were passed, the stock so to be issued cannot be sold or disposed of except at a discount involving a substantial reduction in the amount required to be provided: And whereas the Council have prayed that it be authorized to pass a by-law increasing the rate of interest which the unsold stock to the said amount of two hundred and five thousand four hundred and eighty pounds sterling and the stock to be so issued to the amount of one hundred and thirty-three thousand five hundred and sixty-one pounds sterling should bear, and 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 the Province of British Columbia, enacts as follows: 1. It shall be lawful for the said Council to pass a by-law provid. ing that the rate of interest on the stock authorized by such By-law No. 1194, which remains unissued, to the amount of two hundred and five thousand four hundred and eighty pounds sterling, be at a higher rate of interest than four per centum, but not exceeding the rate of five per centum per annum, and by such by-law to provide for the interest in excess of four per centum per annum to be paid on such stock to the amount of two hundred and five thousand four hundred and eighty pounds sterling being levied and raised annually during the term of the said stock by a rate sufficient therefor on all the rateable land and improvements or real property in the City of Victoria. Increased rate of interest on stock issued under By-law No. 1194. to certificate. 2. The by-law to be so passed may make provision for such altera- Provision as tions in the form of certificate for such stock to the amount of two hundred and five thousand four hundred and eighty pounds sterling, and in the conditions thereof as to make the same in accordance with the other terms and provisions of such by-law. 3. It shall be lawful for the said Council to pass a by-law to Authority to issue registered stock. create a debt of one hundred and thirty-three thousand five hundred and sixty-one pounds sterling by the issue of registered stock, to be styled "City of Victoria (British Columbia) Consolidated Stock," the said amount to be made up by a consolidation of the said By-laws Nos. 1159 and 1161 of the Corporation of the City of Victoria. Dates of payment of principal, ete. Increased rate of interest. Contents of by-law. 4. It shall be lawful for the said Council in the by-law to be passed under section 3 hereof to change the dates of payment of the principal of the stock so to be authorized so as to make the same payable on the first day of February, 1962, and to make the dates of payment of the interest the first day of February and the first day of August in each year. 5. The by-law to be passed under section 3 hereof may provide that the rate of interest on the stock authorized by such by-law shall be at the rate of four per cent. per annum or at a higher rate, but not exceeding the rate of five per centum per annum, and such by-law may provide for the interest in excess of four per centum per annum to be paid on such stock being levied and raised annually during the term of the said stock by a rate sufficient therefor on all the rateable land and improvements or real property in the City of Victoria. 6. The by-law to be passed under section 3 hereof shall contain the following clauses in respect to the payment of the registered stock so to be issued:-- (a.) There shall be annually set aside and appropriated out By-law No. 1161), and the sum of six hundred and five pounds thirteen shillings and fivepence for the purpose of forming a sinking fund for the payment of such principal sum, and such two sums shall be raised by a rate sufficient therefor on all the rateable land and improvements or real property of the City of Victoria, commencing with the year 1913 and ending with the year 1962: (c.) That the said sums to be raised for sinking fund shall be annually set aside on the first day of February in each year, commencing with the year 1914, the first year's sinking fund amounts having been raised and set aside: (d.) No stock or debentures shall be issued under either of the said By-laws Nos. 1159 and 1161, but loans shall be made. thereunder exclusively by the sale of the stock above mentioned, which said stock shall be called "City of Victoria (British Columbia) Consolidated Stock"; but the said several by-laws shall remain in full force and effect for the purposes of effecting thereunder the assessment, levy, and collection of the rates imposed by the said by-laws respectively, and for the purpose of directing the allocation of the moneys received from the sale of the said stock, and for such purposes only: (e.) For the expense and for discount and other charges and all other matters herein before mentioned, each of the said By-laws Nos. 1159 and 1161 shall share in proportion of the amount provided by each by-law. for registration, etc. 7. Subject to the "Municipal Act," the by-law to be passed under Council may provide section 3 hereof may contain such other provisions providing for the issue, registration, sale, and transfer of the said debenture stock as the said Council may direct. All such stock shall be issued on the credit of the Corporation of the City of Victoria, and shall rank pari passu. one year issue 8. When the said stock shall have been issued under the by-law When interest paid. to be passed under section 3 hereof, and the interest thereon which validated. shall have fallen due shall be paid for the period of one year by the Corporation, the said several by-laws, none of which have been quashed by any competent Court, and the by-law authorized to be passed by section 3 of this Act and the stock issued thereunder, shall be valid and binding upon the Corporation and the ratepayers thereof and on all parties concerned: Provided that this section shall in no way affect or interfere with pending litigation. by-laws consolidated 9. It is hereby declared that it shall not be competent for any By-law No. 1320 and Court to quash or set aside or otherwise refuse to recognize the thereby. validity of By-law No. 1320 of the by-laws of the Corporation of the City of Victoria, entitled "By-law to consolidate Debentures Increase of rate of interest on all authorized debentures unissued or unsold. issued under By-laws 1100, 1126, 1154, 1155, 1216, 1218, 1220, 1262, 1263, 1264, 1305, and 1306," or of any of the said twelve by-laws mentioned in said By-law No. 1320, or any other by-laws of the said Corporation passed prior to the thirty-first day of December, A.D. 1912, assessing the cost of any work of local improvement within the said city, by reason (a) of the fact that there has been short notice or any other non-compliance with the provisions of section 259, subsection (2), of the "Municipal Act" respecting publication of notice of any Court of Revision held in respect of any assessments made by virtue of any of said by-laws, or (b) that the time for repayment of loan and maturing of debentures provided for under any of said by-laws is not within the proper life of the work as certified by the proper officers appointed for the purpose, and cost of which is assessed for under such by-law. 10. It shall be lawful for the said Council to pass a by-law or by-laws providing that the rate of interest upon all debentures of the said municipal corporation which at the date of the passing of this Act have been authorized by any by-law of the Council, and are unissued or unsold, shall be increased, but not so as to exceed the rate of five per cent. per annum, and by such by-law or by-laws to provide for the interest in excess of the present rate of interest to be levied and raised annually during the term of the said respective debentures by a rate sufficient therefor on all rateable land and improvements or real property in the City of Victoria. VICTORIA, B.C.: Printed by WILLIAM H. CULLIN, Printer to the King's Most Excellent Majesty. 1913. An Act to ratify and confirm an Agreement between the Corporation of the City of Victoria and Sooke Harbour Water Company, Limited, bearing Date the Thirtieth Day of October, 1912. [1st March, 1913.] IS MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows: 1. The Agreement, bearing date the thirtieth day of October, Agreement ratified. 1912, and made between the Corporation of the City of Victoria and Sooke Harbour Water Company, Limited, as set out in Schedule A hereto, is hereby ratified and confirmed and declared valid and binding upon the parties thereto and upon the Water Commissioner of the Corporation of the City of Victoria under the "Corporation of Victoria Waterworks Act, 1873," and amendments thereto: Provided that nothing in this Act or the Schedule thereto contained shall for any purpose be deemed or construed to be an acknowledg ment or declaration that the Corporation of the City of Victoria has any interest in or control of any waters within a radius of twenty miles from the said city beyond the interest and control therein to which the Corporation is at present entitled by virtue of any Statute. tion to apply. 2. All rights of expropriation given under any Act of the Legisla- Right of expropriature now in force or hereafter passed to any municipality now or hereafter incorporated, and having jurisdiction over the area mentioned in clause 3 of said Schedule A, shall apply to the said Sooke Harbour Water Company, Limited, and all its undertakings. 3. Notwithstanding the provisions of this Act and the said Limitation Agreement, the said Corporation shall not be deemed to be under of supply. |