1905. V EDWARD VII Cap. 15.

rate for that purpose to be settled, imposed and levied in each and every year. to pay said principal and interest on such debentures over and above such revenue as shall from year to year be ascertained as the surplus, over and above the cost of operating and repairing said works

21. The proceeds of such debentures shall be paid into some chartered bank and kept separate from any other funds of the said city. and the same shall only be paid out on resolution of the Council on the check of the Mayor and the city clerk as may from time to time be required for the discharge of the liabilities that may be incurred in carrying out the works and improvements contemplated by this Act and for the payment of interest accruing due on said debentures during the period of erection and completion of the said works» Provided also that nothing herein contained shall prevent the city, should they deem it advantageous so to do, from paying the contractor or contractors or others in debentures, either at par or at such rate of discount as the city in its judgment shall deem advisable, nor for selling or negotiating the same as to them may seem most expedient and advantageous to the interests of the city.

22. The said works to be erected and con— structed under this Act, and also the land to be acquired for the purposes thereof, and ever matter and thing therewith connected, shall be and they are hereby specially charged. pledged,‘ mortgaged and hypothecated for the repayment of any sum or sums which may be borrowed by the city for the purpose of this Act, in

99

Proceeds of Debent u res

Pay men t. in Debentures

Works, el 0. mortgaged for

y repayment of

sums bar rOWerl