Preamble By-law No. 772 valid. Debentures where and CHAP. 40. An Act to Legalize a certain By-Law and certain [Assented to 2nd March, 1877.] WHEREAS doubts have arisen as to the validity of a cer tain by-law of the Corporation of the City of Toronto, authorizing the raising of a certain sum of money for the purposes therein mentioned, by the issue of debentures, and as to the validity of the debentures to be issued under and by virtue of the same by-law, and it is necessary and expedient in the interests of the public, and of the holders of the said debentures, that all such doubts should be removed, and that such by-law and debentures should be legalized and confirmed; Therefore Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: 1. By-law number seven hundred and seventy-two, passed December 26th, 1876, entitled "A by-law to provide for the issue of debentures to the amount of two hundred and sixtythree thousand two hundred and fifty dollars, redeemable in five yearly instalments, for the general purposes of the City of Toronto," and the debentures to be issued thereunder, and all acts done and contracts entered or to be entered into in pursuance thereof, are hereby legalized and declared valid, notwithstanding any want of power or authority in the said Corporation to raise money as aforesaid for the purposes in the said by-law mentioned, or any irregularity in the passing of the said by-law, or preliminary to the passing thereof. 2. The debentures to be issued thereunder shall be made payhow payable able in sterling at the banking house of Messrs. Bosanquet, Salt and Company, London, England, in collective amounts to mature as follows: Nine thousand six hundred pounds in one year from the date of issue; Ten thousand one hundred pounds in two years from the date of issue; Ten thousand seven hundred and fifty pounds in three years from the date of issue; Eleven thousand five hundred pounds in four years from the date of issue; Twelve thousand one hundred pounds in five years from the date of issue. CHAP. CHAP. 41. An Act to legalize a By-Law of the County of Sim сое. [Assented to 2nd March, 1877.] WHEREAS the Corporation of the Town of Barrie, did on Preamble. the nineteenth day of June, in the year of our Lord one thousand eight hundred and seventy-six, pass two bylaws, intituled respectively "By-law number two hundred and "twenty-six, to raise the sum of six thousand dollars by de'bentures, for the purpose of paying a debt to the County of Simcoe, amounting to the sum of five thousand and four hun"dred dollars, and for the payment of interest on the same," and "By-law number two hundred and twenty-seven, to raise the sum of twelve thousand dollars by debentures, for the pur"chase of land whereon to erect Public School Houses, and for "the erection and repair of Public School Buildings, in and for "the Town of Barrie:" And whereas the Corporation of the County of Simcoe, through the Council thereof, did, on the tenth day of October, in the year of our Lord one thousand eight hundred and seventy-six, pass a by-law intituled “By"law number two hundred and sixty-six, to guarantee certain "debentures of the Corporation of the Town of Barrie." And whereas the Corporation of the said Town of Barrie have by petition prayed that the said by-law of the Corporation of the County of Simcoe, may be legalized and confirmed, and whereas it is desirable to grant the prayer of said petition: Therefore Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: 1. The said by-law number two hundred and sixty-six of By-law 266, the Corporation of the County of Simcoe above cited, and the valid. payment of all debentures guaranteed or intended to be guaranteed thereby shall be, and are hereby declared to be legal, valid and binding. CHAP. 42. An Act respecting By-law No. 240 of the Town of [Assented to 2nd March, 1877.] W HEREAS the Municipal Council of the Corporation of Preamble. the Town of Windsor have petitioned, praying that an Act may be passed to confirm and legalize a by-law of the said Council, By-law 240 legalized. Council, passed on the twenty-sixth day of April, in the year of our Lord one thousand eight hundred and seventy-five, after having been approved by the ratepayers of the said Town, intituled "A By-law to raise by way of loan the sum of six thousand dollars to aid in the establishment of a line of steamers to ply between the Town of Windsor and Prince Arthur's Landing on Lake Superior, and intermediate Ports," numbered 240; and have by the said petition also represented that it is of advantage to the said Town as well as just and right that the said by-law should be made good: And whereas it is expedient to grant the prayer of the said petition; Therefore Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: 1. The said by-law numbered 240 of the Municipal Council of the Corporation of the Town of Windsor is hereby confirmed, and declared legal and valid to all intents and purposes; and the debentures issued under the said by-law declared valid and binding upon the said Corporation of the Town of Windsor and the ratepayers thereof. Preamble. CHAP. 43. An Act to consolidate the Debt of the Port Hope [Assented to 2nd March, 1877.] WHEREAS the Commissioners of the Port Hope Harbour have, under the Acts of Parliament relating to the Port Hope Harbour authorizing the same, issued debentures to the amount of forty-five thousand pounds for the purposes in said Acts set forth, and have petitioned to be authorized to issue debentures to an amount not exceeding seventy thousand dollars for the purposes of redeeming the present outstanding debentures, amounting to forty-three thousand dollars, of paying off the outstanding liabilities of the said Commissioners, and consolidating the present debt of said Harbour; and have also petitioned for power to make a promissory note, or notes, from time to time, for the purpose of defraying the current expenses in connection with the duties of the said Commissioners, to an amount, or amounts, not to exceed in the whole, at any one time, the sum of ten thousand dollars; and, whereas it is expedient to grant the prayer of the said petition; Therefore Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: debentures for 1. The said The Commissioners of the Port Hope Harbour Power to issue may issue debentures under their corporate seal, signed by 70.000. their Chairman and countersigned by their Secretary, for the time being, in such sums, not exceeding seventy thousand dollars in the whole, as the said Commissioners may from time to time direct, upon the security of the said Harbour, or on the security of the tolls thereof, and the principal sum secured by the said debentures, and the interest accruing thereon, may be Where paymade payable at such place, or places, as the said Commission- able. ers may deem expedient. 2. The moneys to be received from the sale of said deben- Application of tures shall be applied by said Commissioners to the redemption moneys raised. and payment of the said outstanding debentures, and the payment of the present liabilities of the said Commissioners, and for no other purpose whatsoever. 3. The debentures to be issued as aforesaid shall be payable Debentures, in not more than twenty years from the dates thereof, as the when to be payable. said Commissioners may direct; and the interest thereon at such rate not exceeding eight per centum per annum, as the Interest. said Commissioners shall determine, shall be payable halfyearly according to the coupons to be attached thereto. 4. The said debentures and coupons may be made payable Debentures in sterling money, if the said Commissioners shall so direct. may be in sterling. form not to in 5. No irregularity in the form, either of the said debentures, Irregularity in or of any by-law or resolution authorizing the issuing thereof, form te deshall render the same illegal or invalid, or be allowed as a de- bentures. fence to any action brought against the Commissioners for the recovery of the amount of the said debentures and interest, or any or either of them, or any part thereof. 6. The provisions of the Act passed in the sixteenth year of Provision for Her Majesty's reign, and intituled "An Act to vest the Har- sinking fund. bour of Port Hope and adjacent premises in Commissioners," relative to the Sinking Fund therein mentioned, and generally all the provisions thereof, and of any other Act passed with respect to said Harbour not inconsistent with this Act, shall apply to any debt to be contracted and any debentures to be issued by the said Commissioners under this Act, in like manner as to any debt contracted, or any debentures issued under the said Act or Acts. 7. The said Commissioners may make a promissory note, or Power to make notes, from time to time as occasion may require, for the pur- promissory pose of defraying the current expenses in connection with the notes. duties of the said Commissioners, to an amount, or amounts, not to exceed in the whole at any one time the sum of ten thousand dollars; and every such note shall be under their corporate seal, signed by their Chairman, and countersigned by their Secretary, for the time being. СНАР. Preamble. Aid to the Norval manufacturing company. Proviso. Harbour debentures. CHAP. 44. An Act to enable the Corporation of Cobourg to aid a certain Manufacturing Establishment. W [Assented to 2nd March, 1877.] HEREAS the Corporation of the Town of Cobourg by their petition, have represented that application has been made to them by the Norval Manufacturing Company, Limited, for a bonus to aid the said Norval Manufacturing Company, Limited, to establish its manufactory in the said Town, and have represented that the establishment of said. manufactory in said Town will be of great advantage to the said Corporation, and that it is desirable to aid the said the Norval Manufacturing Company, Limited, to the extent of two thousand five hundred dollars, and have asked for anthority to grant such aid and to enter into such agreements with the said Norval Manufacturing Company, Limited, in relation thereto as they the said Corporation may be advised; And whereas it is expedient to grant the prayer of the said petition; Therefore, Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows: 1. It shall and may be lawful for the Town Council of the Town of Cobourg to pass a by-law authorizing the issue by the said Council of debentures not exceeding the sum of two thousand five hundred dollars, bearing interest at the rate of eight per centum per annum, and the same when issued to hand over to the said Norval Manufacturing Company, Limited, to aid it in establishing its said manufactory in the said Town of Cobourg, upon such terms as may be agreed upon between the said Corporation and the said Norval Manufacturing Company Limited; Provided always, that the said by-law shall first be submitted to a vote of the ratepayers of the said Town in the manner provided by the Act respecting Municipal Institutions in the Province of Ontario, and the Act passed in the thirty-ninth year of Her Majesty's reign, and chaptered thirty-five, before its final passing by the said Town Council. 2. The debentures hereby authorized to be issued shall be and form part of the debentures which the said Council is empowered to issue for harbour purposes by statute passed in the thirty-sixth year of the reign of Her Majesty Queen Victoria, and chaptered one hundred and twenty; and the amount of debentures by the said last mentioned Act authorized to be issued for harbour purposes is hereby reduced by the amount of the issue authorized by this Act, and shall bear interest at the rate aforesaid of eight per cent per annum. |