this Act and interest thereon shall be paid and satisfied, and that the until debt created one hundred and seventy-eighth section of the Municipal Corporations pal. Sec. 178 of Act of Upper Canada shall extend to any By-law passed under this extend to any Act. by this Act be 12 V. c. 81, shall By-law passed under this Act. KINGSTON CONSOLIDATION LOAN. ACT 16 VIC., CAP. 32. An Act to authorize the City of Kingston to negociate a Loan of Seventy-five Thousand Pounds to consolidate the City Debt, and for other purposes. Whereas the City of Kingston have petitioned to be authorized by Preamble. law to borrow on the Debentures of the said City, a sum not exceeding seventy-five thousand pounds, for certain purposes and under certain restrictions in the said petition set forth, and it is expedient that the prayer of their said petition should be granted: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and of the Legislative Assembly of the Province of Canada, constituted and assembled by virtue of and under the authority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, and intituled, An Act to reunite the Provinces of Upper and Lower Canada, and for the Government of Canada, and it is hereby enacted by the authority of the same, That it shall and may be lawful to and for the corporation of the City of Kingston City of Kingston, to raise by way of Loan upon the credit of the de- borrow £70,000 bentures hereinafter mentioned, from any person or persons, body or bodies corporate, either in this Province, in Great Britain or elsewhere, who may be willing to lend the same, a sum of money not exceeding the sum of seventy-five thousand pounds of lawful money of Canada. authorized to on Debentures. Debentures. II. And be it enacted, That it shall and may be lawful for the Form of Mayor of the said City of Kingston for the time being, to cause to be issued Debentures of the said City, under the Corporation Seal, signed by the Mayor and counter-signed by the Chamberlain of the said City for the time being, in such sums, not exceeding in the whole the said sum of seventy-five thousand pounds, as the Common Council shall direct and appoint, and that the principal sum secured by the said Debentures and the interest accruing thereon, shall be made payable Part of the said Loan appropriated 10 certain purposes. Money raised to be deposited in Commercial Bank until required. £2,500 to be applied to pay road shares. either in this Province, in Great Britain or elsewhere, as the said Com mon Council shall deem expedient or necessary. III. And be it enacted, That so much of the said Loan so to be raised as aforesaid, as shall be necessary for the purpose, shall be applied by the said City of Kingston, in the payment of the debt due or to become due on account of the English Loan of twenty thousand pounds sterling; the debt due to the Commercial Bank of the Midland District, amounting to fourteen thousand pounds, currency, or thereabouts, and all such promissory notes, debentures, and other debts as are now due and payable, including the sum of two thousand five hundred pounds hereinafter mentioned; and the remainder of the said loan, after paying off all the debts due by the said City, shall be applied in aid of any Rail-ways and macadamized Roads now or hereafter to be constructed, and leading to or from the City of Kingston, and for no other purpose whatever. IV. And be it enacted, That the funds derived from the negotiation of the said debentures so to be appropriated as aforesaid, shall, when received, be deposited by the Chamberlain of the said City for the time being, in the Commercial Bank of the Midland District at Kingston, on such conditions as the said Common Council shall from time to time agree upon, and only be withdrawn therefrom as they may from time to time be required for the payment and redemption of the said promis sory notes, debentures and debts in the next preceding section of this Act mentioned. V. And be it enacted, That the sum of two thousand five hundred for certain Rail- pounds of the said Loan so to be raised as aforesaid, shall be specially applied in payment of one hundred shares in the capital stock of " The Wolfe Island Rail-way and Canal Company," for which debentures have been given under authority of a By-law of the Common Council of the said City, made in that behalf. Council em powered to By-law. VI. And be it enacted, That for and notwithstanding any provision, repe la certain clause, matter or thing contained in any Act of Parliament of this Province to the contrary, it shall and may be lawful for the Common Coun cil of the said City of Kingston, after having called in the debentures described in the next preceding section, to repeal the By-law of the said Council authorizing the same and declaring the levy of a special rate for the payment thereof, and also to repeal a certain other By-law of the said Common Council, if they shall see fit so to do, providing for the issue of debentures to the amount of one thousand pounds, for the improvement of "Division" and other streets, and levying a rate for And to impose a the said one thousand pounds; and for the payment, satisfaction and to form a discharge of the debentures issued by virtue of this Act, it shall and special rate may be lawful for the Common Council of the said City, in a By-law Sinking Fund. to be passed authorizing the said Loan of seventy-five thousand pounds, or any part thereof, and the issuing of the debentures therefor, to impose a special rate per annum to be called, "The Consolidated Loan Rate," over and above, and in addition to all other rates to be levied in each year, which shall be sufficient to form a Sinking Fund of two per cent per annum for that purpose. how to be in vested and managed. VII. And be it enacted, That it shall be the duty of the Chamberlain Sinking Fund of the said City of Kingston, from time to time, to invest all sums of money raised by special rate for the Sinking Fund provided in the next preceding section, either in the debentures to be issued under this Act, or in any debentures issued by the Government of Canada, or in such other securities as the Governor of this Province shall, by order in Council, direct or appoint, and to apply all such dividends or interest on the said Sinking Fund to the extinction of the debt created under this Act. thorizing the repealed until the loan be paid off. VIII. And be it enacted, That any By-law to be passed under the By-law ausixth section of this Act, authorizing the said loan of seventy-five thou- Loan not to be sand pounds, or any part thereof, shall not be repealed until the debt created under this Act and the interest thereon shall be paid and satisfied, and that the one hundred and seventy-eighth section of the Municipal Corporations' Act of Upper Canada shall extend to any By-law passed under this Act. HAMILTON LOAN ACT. ACT 16 VIC, САР. 95. Act to authorize the City of Hamilton to negociate a Loan of Fifty Thousand Pounds to consolidate the City Debt, and for other purposes. Whereas the Corporation of the City of Hamilton have petitioned to be authorized by law to borrow on the Debentures of the said City, a sum not exceeding Fifty Thousand Pounds, for certain purposes and under certain restrictions in the said petition set forth, and it is expedient that the prayer of their said petition should be granted: Be it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and of the Legisla Preamble. tive Assembly of the Province of Canada, constituted and assembled by virtue of and under the authority of an Act passed in the Parliament of the United Kingdom of Great Britain and Ireland, and intituled, An Act to re-unite the Provinces of Upper and Lower Canada, and for the Government of Canada, and it is hereby enacted by the Corporation may authority of the same, That it shall and may be lawful to and for the Mayor, Aldermen and Commonalty of the City of Hamilton, to raise by way of loan upon the credit of the Debentures hereinafter mentioned, from any person or persons, body or bodies corporate, either in this Province, in Great Britain, or elsewhere, who may be willing to lend the same, a sum of money not exceeding the sum of Fifty Thous and Pounds of lawful money of Canada. raise £30,000 on Debentures. Debentures to be II. And be it enacted, That it shall and may be lawful for the corporate seal. Mayor of the said City of Hamilton for the time being, to cause to be issued Debentures of the said City, under the Corporation seal, signed by the Mayor and countersigned by the Chamberlain of the said City for the time being, in such sums not exceeding in the whole the said sum of Fifty Thousand Pounds, as the Common Council shall direct and appoint, and that the principal sum secured by the said Debentures, and the interest accruing thereon, shall be made payable either in this Province, in Great Britain, or elsewhere, as the said Common Council shall deem expedient or necessary. Applications of certain portions of the money raised. III. And be it enacted, That so much of the said Loan so to be raised as aforesaid, as shall be necessary for the purpose, shall be applied by the said the Mayor, Aldermen and Commonalty of the said City of Hamilton, in the payment of the Debt due on the Market Ground, amounting to about Seven Thousand Five Hundred Pounds; on the Central School, amounting to about Seven Thousand Five Hundred Pounds; and to the Gore Bank, amounting to about Five Thousand Pounds; and the public purpose. remainder of the said Loan shall be applied in aid of any public improvements now or hereafter to be erected or constructed in the said City. Remainder to any two per cent. per vided. Sinking Fund of IV. And be it enacted, That for the payment, satisfaction and disannum, to be pro- charge of the Debentures to be issued by virtue of this Act, it shall and may be lawful for the Common Council of the said City of Hamilton, and they are hereby required so to do, in any By-law or By-laws to be passed authorizing the said Loans or either of them and the issuing of the Debentures therefor, to impose a special rate per annum over and above and in addition to all other rates to be levied in each over and above the interest to be payable on such Debentures, which shall be sufficient to form a Sinking Fund of two per cent. per annum for that purpose. year, and application of V. And be it enacted, That it shall be the duty of the Chamberlain Investment and of the said City of Hamilton, from time to time, to invest all sums of Sinking Fund. money raised by special rate for the Sinking Fund provided in this Act, either in the Debentures provided for by this Act or in any Debentures issued by the Government of Canada, or in such other securities as the Governor of this Province shall, by order in Council, direct or appoint, and apply all dividends or interest on the said Sinking Fund to the extinction of the Debts created by this Act. repealed so long it shall remain Corporation may raise a further sum not exceed ing £50,000, to Railway Com VI. And be it enacted, That any By-law to be passed under this By-law not to be Act shall not be repealed until the Debt or Debts created by this Act as any debt under and interest thereon shall be paid and satisfied, and that the one unpaid, &c. hundred and seventy-eighth Section of the Municipal Corporations Act of Upper Canada shall extend to any By-law passed under this Act. VII. And be it enacted, That it shall and may be lawful for the Mayor, Aldermen and Commonalty of the City of Hamilton, if they in like manner, should deem it for the interests of the said City, to raise by way of Loan upon the credit of Debentures similar to those hereinbefore men- pay for 2000 shares in the tioned, from any person or persons, body or bodies corporate, either in Great Western this Province, in Great Britain, or elsewhere, who may be willing to lend pany. the same, a further sum of money not exceeding the sum of Fifty Thousand Pounds of lawful money of Canada, and which last mentioned sum of money shall be applied in payment of two thousand Shares of the Capital Stock of the Great Western Railroad Company, lately purchased by the said City of Hamilton; and the Chamberlain of the said City is hereby authorized and empowered, on receiving instructions so to do this Act may be from the said Common Council, and with the consent of the holders those heretofore issued in payment thereof, to call in such Debentures of the City of Hamilton as may of the said stock. have heretofore been issued under any By-law of the Common Council of the said City, and taken in payment of such Stock, and to substitute therefor so much of the funds received on account of the Debentures Debentures under substituted for may be repealed, tures last men tioned are called in. to be issued under this Section, as may be necessary for that purpose. VIII. And be it enacted, That for and notwithstanding any provision, A certain By-law clause, matter or thing, contained in any Act of Parliament of this when the DebenProvince to the contrary, it shall and may be lawful for the Common Council of the said City of Hamilton, after having called in the Debentures described in the next preceding Section, to repeal the By-law of the said Council passed on the twenty-ninth day of August, one thousand eight hundred and fifty, authorizing the levy of a special rate for the purpose of paying and satisfying certain Debentures issued or to be issued, in favor of the said Great Western Railroad Company, or payment of the said Stock. |
