98 
     
    
   
   
    
     Cup. 15. V EDWARD VII. 1905 
     
    
   
   
    
     wires and laying said pipe and making the 
     
     necessary connections, and paying the interest 
     
     on the debentures hereinafter mentioned, during 
     
     the progress of construction of the said works, 
     
     and expenses attendant thereon, or for the 
     
     purpose of meeting a payment or any other 
     
     matter or thing contemplated by this Act, the 
     
     City shall have power to pass a By—law or 
     
     .By-laws for the issue of debentures of the said 
     
     city, to be called “Electric Light and Power” 
     
     Debentures, and to issue such debentures for a 
     
     sum of money not exceeding Seventy- -f1ve 
     
     Thousand Dollars ($75,000) of lawful money of 
     
     Canada in sums not less than five hundred 
     
     dollars each, as.to the city seems expedient, 
     
     which debentures shall be made payable and at 
     
     the times following, that is to say,———within a 
     
     period not exceeding twenty-five years from the 
     
     dates of the respective issues thereof. Said 
     
     debentures shall bear interest at the rate of not 
     
     more than four per cent. per annum. which shall 
     
     be payable not oftener than half—yearly. The 
     
     said debentures shall be signed by the Mayor 
     
     and City Clerk of the City of Charlottetown for 
     
    
   
   
    
     tbe‘time being, or by such other additional 
     
    
   
   
    
     officers as may be prescribed by by-law, and 
     
     may be made payable in current money of the 
     
    
   
   
    
     . Dominion of Canada ; and the Council and their 
     
    
   
   
    
     successors shall, for the purpose of providing a 
     
     sinking fund for the payment of said debentures 
     
     as aforesaid, and the interest on the same. raise 
     
     annually from the completion of the said works 
     
     or at the expiration of twenty-five years from the 
     
     date of the first issue of, said debentures, such 
     
     sum or sums as may be necessary to pay the 
     
     interest and provide a sinking fund to meet the 
     
     whole of such debentures in full as the same 
     
     shall become due respectively, and shall levy a