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Local, Personal and Private Statutes SNL1978 CHAPTER 9 THE CITY OF Amended: 1980 c29 ss2 to 4; 1981 c74; 1983 c74; 1986 c48; 1993 c43; 2002 c9 CHAPTER 9 AN ACT TO EMPOWER THE (Assented
to June 6, 1978) Analysis 1. Short title 2. Interpretation 3. Power to borrow 4. Repayment 5. Priority 6. Issuance and sale 7. Signing of bonds and coupons 8. Application of proceeds 9. Sinking fund 10. Ancillary powers 11. Appointment of transfer agent Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: Short title 1. This
Act may be cited as The City of 1978 c9 s1 Interpretation 2. In this Act (a) "bonds"
means the bonds referred to in section 3; (b) "City"
means the City of (c) "Council"
means the (d) "minister" means the minister appointed under the Executive Council Act to administer this Act. 1978 c9 s2; 2002 c9 s1 Power to borrow 3. (1)
The Council may borrow upon the
credit of the City, by the issue and sale of bonds of the City at an interest
rate to be set by the Council, such amounts as may from time to time be
approved, in writing, by the minister. (2) The payment of the bonds and interest thereon authorized under subsection (1) may be secured by a charge upon the assets and revenue of the City. 1978 c9 s3; 1981 c74 s1; 1983 c74 s1; 1986 c48 s1; 2002 c9 s2 Repayment 4. The bonds are to be repayable within forty years from the date of their issue. 1978 c9 s4 Priority 5. The bonds rank as obligations of the City pari passu with all existing bonds or debentures of the City. 1978 c9 s5 Issuance and sale 6. The bonds may be issued and sold in such kind, numbers, and amounts and at such times as the Council may decide, but no bonds shall be issued or sold by the Council until the proceeds of the sale of such bonds are from time to time immediately required by the Council for any of the purposes authorized in section 8 and after the issue and sale of the bonds has been approved by the minister. 1978 c9 s6; 2002 c9 s3 Signing of bonds and coupons 7. (1) The
bonds shall be signed on behalf of
the City by (a) the
Mayor, whose signature on the bonds may be lithographed or otherwise
mechanically reproduced; and (b) the
City Manager, the City Clerk, or a trustee authorized by resolution of the
Council. (2) Any interest coupon attached to the bonds shall be signed by the City Manager, whose signature may be lithographed or otherwise mechanically reproduced. 1978 c9 s7; 1980 c29 s1; 1993 c43 s1 Application of proceeds 8. Subject to the prior approval, in writing, of the minister, the bonds may be issued and sold and the proceeds from the sale applied towards the financing of any municipal projects or improvements for the benefit of the City and within the powers of the Council and for the repayment in whole or in part of any loan, debt or bond issue of the Council. 1978 c9 s8; 2002 c9 s4 Sinking fund 9. (1) The Council may establish a sinking fund for
the redemption of bonds, if other than serial bonds. (2) The
sinking fund established under subsection (1) shall be under the control of the
province, or a bank or trust company appointed by the Council as trustees for
the holders of the bonds. (3) The
Council shall pay into a sinking fund each year an amount at least equivalent
to two and one-half per cent of the principal amount of all bonds issued under
this Act and in addition an amount equivalent to the yearly interest on all
bonds retired by the Council under section 8. (4) The
Council may provide for the application of moneys in a sinking fund from time
to time to the reduction of the principal amount of the bonds by the retirement
of any of the bonds, either by drawing or by purchase in the market or both,
and all bonds so retired shall be cancelled. (5) The
Council may empower the trustees for the holders of the bonds to invest moneys
contained in the sinking fund from time to time in any trustee investments
authorized by The Trustee Act. (6) Subject to subsections (4) and (5), the sinking fund shall be applied towards payment of the bonds on maturity. 1978 c9 s9; 1980 c29 s3 Ancillary powers 10. Subject to the Act, the Council may exercise
all such powers as may be necessary or proper for conducting all business connected with (a) the
raising of the borrowing authorized under subsection (1) of section 3; (b) the
issue of the bonds; (c) the
management of the bonds and the payment of interest thereon; and (d) the making of proper provision for the payment of the borrowing authorized under subsection (1) of section 3. 1978 c9 s10 Appointment of transfer agent 11. Without limiting the generality of section 10, the council may appoint the province to be and act as transfer agent with respect to the bonds issued under this Act. 1980 c29 s4 ©Queen's Printer |