102

Additional expenditure authorized

Not to afi‘ect borrowing powers

Cap. 22. VI EDWARD VII 1906

CAP. XXII.

An Act to amend ‘f An Act to consolidate and amend the several Acts incorporating the City of Charlottetown.”

(Assentod to 21st April. 1906.)

HEREAS it is desirable in the interests of

the City of Charlottetown, to authorize

the said City of Charlottetown to expend the

further sum of twenty thousand dollars, ($20,-

000) in permanent works, in addition to the sum

of fifty thousand dollars ($50,000) heretofore authorized for that purpose.

Be it therefore enacted by the Lieutenant Governor and Legislative Assembly of the Pro- vince of Prince Edward Island. as follows :

1. That the said City of Charlottetown be hereby authorized to expend a further or addi- tional sum of twenty-thousand dollars, ($20,000) in laying down permanent streets and sidewalks in addition to the sum of fifty thousand dollars ($50,000) already authorized, and to issue deben- tures for said sum of twenty thousand dollars, payable in twenty years from the date of issue, and bearing interest at a rate not exceeding four per cent. per annum, payable half-yearly; pro- vided always that a sum sufficient be set apart annually to provide a sinking fund for the re- demption af said debentures at the maturity

thereof.

2. This additional sum shall not affect or be held to affect the borrowing power of the said