To enable the town of Dartmouth to grant a subsidy and levy an assessment in aid of Railway extension into the town, 1882 c37

An Act to enable the town of Dartmouth to grant a subsidy and levy an assessment for the same, in aid of the extension of the railway into the town.
(Passed the 10th day of March, A.D., 1882.)

1. Town authorized to make agreement.
2. Assessment of subsidy authorized.
3. Assessments, when to be made
4. Debentures may be issued, &c.
5. Proviso for reducing subsidy.
6. Act to be ratified by ratepayers.
7. Inconsistent law repealed.

Be it enacted by the Governor, Council and Assembly, as follows:

Town authorized to make agreement:
1. The town of Dartmouth is hereby authorized and empowered to enter into an agreement with any company furnishing satisfactory guarantees and assurances to the Town Council, and which shall undertake the construction, equipment, and continuous operation of a line of railway to extend from Windsor Junction or other suitable point on the Intercolonial railway to the eastern shore of the harbor of Halifax, and to a point on said shore within the limits of the town of Dartmouth, approved of by the Town Council of Dartmouth, for the payment to said company, out of the funds of the said town, an annual subsidy not exceeding four thousand dollars, for any period not exceeding twenty years, and on such terms, not inconsistent with this Act, as the Town Council shall deem advisable; but no portion of said subsidy shall be payable until after said railway has been thoroughly completed and fully equipped, in accordance with the said agreement.

Assessment of subsidy authorized:
2. The Town Council of Dartmouth is hereby author-Assessment of ized to assess the amount of such subsidy in each year ized. during the continuance thereof, with a proper allowance for short collection, on the inhabitants and on the property within the town, by a special rate or assessment for railway purposes, such assessment to be independent of, and not to be regarded as any part of, the sum of fifteen thousand dollars at present limited by law to be assessed by the Town Council in any one year. But such rate shall be assessed, levied and collected in the same way, at the same time, and with the same remedies as the ordinary assessment of the said town.

Assessments, when to be made:
3. The first assessment of the said subsidy shall be Assessments, made at the next annual assessment for general town purposes, after the said railway is fully completed, equipped and opened for business, in accordance with the said agreement, and the payments of said subsidy shall be made in each year at the times, and upon the conditions not inconsistent with this Act, which shall be mentioned in the said agreement.

Debentures may be issued, etc.:
4. Nothing herein contained shall prevent the Town be issued, etc.
Council in any year in which they may deem it advisable, during the first five years of such subsidy, from raising a portion of the same, not exceeding two thousand dollars, by the issue of debentures of the town instead of levying an assessment for the whole amount of said subsidy. Such debentures shall issue under the hand of the Warden, and any two or more of the Councillors, under the seal of the town, and countersigned by the Clerk, and shall bear interest at the rate of six dollars by the hundred by the year, payable half-yearly, and shall be redeemable at periods to be expressed in such debentures, not exceeding twenty years from the date of issuing the same, and shall not be issued for a less sum than one hundred dollars each; and such debentures shall be free from municipal taxation.

Proviso for reducing subsidy:
5. In the event of any concessions or subsidies or property of any kind whatsoever being received from the Government of Canada in aid of the construction of said railway, the Town Council shall be at liberty to hand over the same to the company in reduction of the subsidy, as may be mutually agreed upon between the Council and the company, and in the event of the Council being unable to arrange with the company for a reduction of the subsidy payable by the town in exchange therefor, the Council shall be empowered to sell or dispose of said property or concessions in such manner and on such terms as they shall see fit, and the moneys derived from said sale shall be invested, and the interest appropriated to the payment of the subsidy in reduction of the assessment therefor, or the principal paid directly in reduction of said subsidy, as the Council shall determine.

Act to be ratified by ratepayers:
6. This Act shall be inoperative until ratified by the
vote of the rate-payers of the said town, taken by a special poll to be appointed for the purpose, at such time and in such
manner as the Town Council shall hereafter appoint.

Inconsistent law repealed:
7. So much of any Acts, laws or by-laws as are inconsistent with this Act, are hereby repealed.

“To enable the town of Dartmouth to grant a subsidy and levy an assessment in aid of Railway extension into the town”, 1882 c37