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An Act respecting the Repayment Terms of
[Assented to June 24, 1915.]
HEREAS several municipalities have issued or authorised the issue of debentures providing for the payment of certain works or undertakings, the date of maturity of such debentures being many years less than the estimated lifetime of the said work or undertaking;
And whereas several of the said works have been undertaken as local improvements, and assessments have been made under the provisions of the local improvement sections of the respective Act or Acts applicable thereto;
And whereas the issue of the said debentures on a short term basis causes an unduly heavy annual charge upon the general tax rate of the municipality, and also, in the case. of local improvement debentures, upon the properties charged;
And whereas it is deemed desirable that the burden of taxation should be distributed over the estimated lifetime of the various works undertaken in order that the burden. may be equitably distributed over the period during which the work is in existence and beneficially utilised;
And whereas it is expedient that municipalities be authorised to pass new bylaws and make new assessments and levies thereunder providing for payment of the said work or undertaking during the lifetime thereof, and providing for the payment of outstanding debentures issued in respect to such work or undertaking at the date of the maturity. thereof;
And whereas several municipalities have issued debentures providing for the payment of certain works or undertakings the date of maturity of such debentures extending beyond the estimated lifetime of such works or undertakings;
And whereas it is desirable that such works or undertakings should be paid for during the lifetime thereof and that a fund should be provided sufficient with accrued interest to meet the same within such lifetime:
Therefore his Majesty by and with the advice and consent. of the Legislative Assembly of Saskatchewan enacts as follows:
1. When a municipality has issued debentures or has permission of passed a bylaw duly authorising the issue of debentures and the council is of the opinion that the period for payment of such debentures is less than the lifetime of the work or undertaking and desires to pass a new bylaw extending the payof undertaking ment for the work or undertaking over the lifetime of the same, then the municipality may make application to the local government board for permission to do so pursuant to the provisions of The Local Government Board Act.
Local government board may fix extended period and estimate lifetime of work
Council may alter mode of assessment under local
2. In case the local government board decides to grant such application it shall do so on such terms as it may deem advisable and shall fix the period over which the indebtedness may be spread, such period to be based on the lifetime of the work or undertaking or other object of the proposed extending bylaw as the same may be estimated by the local government board.
3. When the proposed bylaw is one relating to local improvements and the council desires to alter the mode of improvement assessment, it may do so under the local improvement sections of the respective Act or Acts applicable thereto upon first obtaining the consent of the local government board to such altered mode of assessment and the reassessment shall be made accordingly.
local government board
No appeal except on ground of error in frontage assessed
Where assessment reduced municipality to rebate difference.
charge to be
4. Notwithstanding anything contained in any Act or law to the contrary, there shall be no appeal against such assessment except on the ground that there is an error in the frontage assessed, but the municipality shall forward notices of any such reassessment to the party assessed, giving particulars thereof as provided by the Act respecting such notice: Provided that the nontransmission or nondelivery of such notice shall not invalidate any such reassessment which shall be valid and binding in all respects.
5. In case the assessment and charges of a local improvement have been commuted and a different mode or method of assessment is adopted whereby a lesser assessment is made ment increased against the property affected, then the municipality shall rebate the difference if any to the party entitled thereto. If, however, the new methods of assessment shall result in a heavier assessment or charge being placed against the property affected, then the municipality shall assess and levy such additional charge in the same manner as it would an original charge pursuant to the provisions of the Act or Acts respectively applicable thereto.
6. Upon the consent of the local government board being Where consent obtained as herein provided, the council of the municipality government is hereby authorised without the assent of the burgesses authorised to vote on money bylaws to pass a bylaw or bylaws sary to provide of the municipality providing for the raising of a sum of ness at maturity money and levying of a rate or rates sufficient therefor to period meet the indebtedness at the maturity of the extended period as herein provided.
to levy yearly
(2) From and after the passage of such superseding Municipality bylaw and the execution and issue of debentures as thereby after passing authorised, the municipality shall levy yearly the respective bylaw sufficient sums thereby required to be raised sufficient with interest form sinking compounded yearly at the rate of four per cent. per annum repay principal to meet the indebtedness at maturity, taking into consideration the amount of the money at the credit of the sinking fund under the superseded bylaw, to form a sinking fund for the payment of the principal of the said debentures and shall cease to levy the respective sums required to be levied by and under the bylaw or bylaws superseded for the purpose of forming sinking funds for the payment of the principal of the debentures issued under such bylaws respectively.
or to pay
(3) The municipality shall continue to levy yearly under Levy to be the superseded bylaw the respective amounts required to pay under superthe interest on the debentures issued under such bylaws on such of the debentures issued under such bylaws as may debentures be outstanding. (4) The superseding bylaw shall make provision for the Superseding issue of debentures to an amount sufficient to meet the prin- provide for cipal at maturity, bearing the same rate of interest as that issue of provided for by the superseded bylaw, but no levy shall to meet be made for such interest during the period that levies are maturity being made for interest under the superseded bylaw.
meet difference in
(5) Such superseding bylaw shall also provide for the Superseding issue of a debenture or debentures to an amount sufficient provide for to meet any difference which may arise in the sinking fund from year to year between the amount provided by the super- sinking seded bylaw and the amount provided by the superseding fund bylaw, such debenture or debentures to be placed to the credit of the sinking fund until such time as it may be sold or otherwise disposed of and the proceeds placed to the credit of the sinking fund.
from sale of
(6) Any shortage which may arise from the sale or other Shortage disposition of such debentures shall be made up by annual debentures levies by the municipality as the same occur.
to be made
(7) A separate bylaw or bylaws may be passed by the Separate council of the municipality to provide for such difference be passed instead of making provision there for in the superseding bylaw. to provide for
Municipality may issue new debentures under superseding bylaw
in certain cases
Purchasers not bound
to see to
application of purchase money
under superseded bylaw not to form part of
7. When debentures have been issued under any superseding bylaw the municipality may, with the consent of the local government board and upon obtaining the consent of all parties interested, issue new debentures in such form as it may deem expedient, and may, if agreed, exchange such debentures for outstanding debentures under the same bylaw, which outstanding debentures shall be forwarded to the local government board for cancellation.
8. The municipality may in case any debentures authorised by any bylaw have not been issued, or, having been issued, become the property of the municipality, provide by bylaw that such debentures if issued be destroyed and if unissued be not issued, and may authorise debentures to be issued under the authority of the bylaw providing for the extended period of payment for any work or undertaking.
9. The purchasers of any of the debentures which may be issued under the authority of this Act shall not be bound to sce that the purchase money is applied for the purposes herein or in the bylaws specified.
10. No portion of any loan raised by any municipality under the provisions of a superseded bylaw shall, after the passage of superseding bylaw, form part of the general debt of municipality of the municipality within the meaning of the Act or Acts limiting the borrowing powers of municipalities, and it shall not be necessary to recite the amount of the loan secured by such superseded bylaw.
to be repealed until debt
created thereby fully paid
Acts to apply if not inconsistent
government board may fix period for raising
11. Any bylaw passed under the provisions of this Act, unless otherwise provided, shall not be repealed until the debt created under the bylaw is fully paid and satisfied.
12. The provisions of any Act or Acts relating to municipalities shall, except in so far as such Act is inconsistent herewith, be applicable hereto.
13. Application may be made to the local government board for authority to any municipality to provide a fund sufficient with interest at four per cent. per annum to retire the debenture indebtedness under any bylaw during the estimated lifetime of the work or undertaking, and prior to the maturity of the debenture.
14. In case the local government board decides to grant such application it shall fix the period within which a sufficient amount to retire the indebtedness within such shorter period is to be raised.
15. The council of the municipality shall thereupon pass Council to a bylaw without referring the same to the burgesses, which bylaw approved shall make provision for an annual levy sufficient, with government interest compounded yearly at four per cent. per annum, raising to raise the amount within the fixed period, such bylaw to within the be in a form approved by the local government board.
to be placed
to credit of
16. The amount of such annual levy shall from time to Annual levy time be placed to the credit of the sinking fund account of the municipality, but shall be specially marked "Depreciation Fund," such fund shall be subject to the same provisions "Depreciation as to the raising and investment thereof as the sinking fund.
sinking fund account marked
17. Application may from time to time be made to the Permission local government board for permission to use such fund or obtained from portion thereof to replace the work or undertaking or such government part thereof required to be replaced, and upon such consent to use being obtained the municipality may use so much of the replace "Depreciation Fund" as the said board may authorise.
to be conclusive
18. Notwithstanding anything contained in any Act or Approval of law to the contrary the bylaws and debentures herein referred government to may be in such form as may be approved of by the local forms of government board, and upon such approval being obtained and bylaws no irregularities in the form of any of the debentures issued under the authority of this Act or any bylaw authorising the issue thereof or any other bylaw herein referred to shall render the same invalid or be allowed as a defence to any action against the municipality for the recovery of the amount thereof or the interest thereon or any part thereof.
19. Unless the context otherwise requires where the word Meaning of "debenture" or "debentures" is used herein it shall be construed to include "stock" or "consolidated stock."