chapter 47. an act to authorize the refunding of certain

1943 NORTH VANCOUVER DEBT REFUNDING. CHAP. 47

C H A P T E R 47.

A n Act to authorize the Refunding of certain Indebtedness of The Corporation of the City of N o r t h V a n c o u v e r .

[Assented to March 18th, 1943.]

WHEREAS The Corporation of the City of North Vancouver preambie. is presently liable for principal of and interest on the bonds

and debentures of the City listed in Schedule A, and on its guarantees of the principal of and interest on the bonds and debentures of The North Vancouver City Ferries, Limited, listed in Schedule B, and of the bonds and debentures of The Burrard Inlet Tunnel and Bridge Company listed in Schedules C and D:

And whereas by Order of the Lieutenant-Governor in Council, No. 628, approved on the twenty-sixth day of May, 1936, George Washington Vance was appointed Commissioner for the City pursuant to the provisions of Part XXIII. of the " Municipal A c t " :

And whereas the City has been and is unable to meet and discharge its liability for payment of the principal of and interest on the said bonds and debentures on the due dates for payment thereof:

And whereas a petition has been presented by the City, praying that His Majesty, by and with the advice and consent of the Legislative Assembly, do grant relief to the City by authorizing the City, without the assent of the electors thereof, to issue refunding debentures equal in total principal amount to the total principal amount of the bonds and debentures above mentioned; and to recast the debt structure of the City in the manner prescribed by this Act, with the object of alleviating the burden in respect of the indebtedness of the City:

155

CHAP. 47 NORTH VANCOUVER DEBT REFUNDING. 7 GEO. 6

And whereas the owners of a majority in value of the bonds and debentures above mentioned have consented in writing to the plan of refunding authorized by this Act:

And whereas it is desirable and in the best interests of the City and its electors and of the owners of the bonds and debentures above mentioned to grant the prayer of the said petition, subject to the provisions contained in this Act:

Now, therefore, His Majesty, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:—

Short title. 1. This Act may be cited as " City of North Vancouver Debt Refunding Act."

Definitions. 2. In this Act, unless the context otherwise requires:— " City " means The Corporation of the City of North Van

couver : " Commissioner" means the Commissioner for the time

being for the City appointed pursuant to Part XXIII. of the " Municipal Act " :

" Electors " means the persons and corporations entitled to vote on any by-law for raising money upon the credit of the City:

" Inspector " means the Inspector of Municipalities of the Province of British Columbia:

" Minister " means the Minister of Municipal Affairs for the Province of British Columbia:

" Outstanding debentures of the City " means all bonds and debentures heretofore issued by the City that are unpaid at the date when this Act comes into force, but does not include bonds or debentures of the City that have remained unsold or that the City holds in the sinking fund of the City on such date:

" Refunding debentures " means the debentures authorized to be issued pursuant to the provisions of this Act and of the by-law referred to in section 3 :

" Trustees " means the Board of Debt Retirement Fund Trustees constituted pursuant to the provisions of this Act.

Power to pass debenture by-law.

3. Notwithstanding anything contained in the " Municipal Act," the " Local Improvement Act," or any other Statute or law, the Commissioner is hereby authorized, empowered, and required to pass and make a by-law, in the form of Schedule E, without the assent of the electors, for the purpose of authorizing the issuance of refunding debentures to the amount of two million five hundred and fifteen thousand eight hundred and sixty-five

156


dollars and sixty-five cents, and levying, in addition to all other rates, a special rate on all the rateable land or land and improvements within the City in each year sufficient to provide the following sums in each year, to wit:—

In each of the years 1943 to 1950, inclusive, ninety thousand dollars:

In each of the years 1951 to 1957, inclusive, one hundred and ten thousand dollars:

In each of the years 1958 to 1964, inclusive, one hundred and twenty-five thousand dollars:

In each of the years 1965 to 1972, inclusive, one hundred and thirty thousand dollars.

4. The said by-law shall be registered in the office of the validation of by-iaw County Court in and for the County of Vancouver by depositing an

with the Registrar a true copy of the by-law, written or printed, and certified by the Clerk of the City under the seal of the City, and such by-law shall take effect and come into force and be binding on all persons from the date of such registration. The by-law shall not be quashed or held to be invalid or defective by reason of it being inconsistent with or failing to comply with any provision of the " Municipal Act," the " Local Improvement Act," or any other Statute or law. The refunding debentures, when issued, shall be deemed to be valid and shall be binding on the City and the electors, notwithstanding anything contained in the " Municipal Act," the " Local Improvement Act," or any other Statute or law.

5. The refunding debentures shall be in a form approved by certificate of the Inspector. The refunding debentures shall bear a certificate approva ' similar in form to that prescribed in Par t XXI. of the " Municipal Act," and such certificate shall bear the lithographed signature of the Inspector.

6. The refunding debentures shall have endorsed upon them a certificate of provision to the effect of the provision set out in section 146 of owners IP' the " Municipal Act," and thereupon sections 146, 147, and 148 of said Act shall apply to the refunding debentures.

7. As soon as practicable after the coming into force of the Notice of refunding by-law authorized by this Act, the City shall cause to be published d°b™Sa

rf

in the manner provided in section 8 a notice to all owners of outstanding debentures of the City and all owners of outstanding bonds or debentures of The North Vancouver City Ferries, Limited, that are guaranteed by the City and all owners of outstanding bonds or debentures of The Burrard Inlet Tunnel and Bridge Company that are guaranteed by the City to transfer said

157


bonds and debentures to the City and deliver them and all relevant matured and unpaid and all relevant unmatured and unpaid coupons on a date to be named in the notice (which date shall not be later than the thirtieth day of June, 1943), to the City at the office of The Royal Bank of Canada, at the City of North Vancouver, British Columbia, in exchange for a refunding debenture or refunding debentures equal in principal amount to the principal amount of the outstanding bond or bonds, debenture or debentures transferred and delivered for exchange.

Method of giving notice.

8. The notice prescribed by section 7 shall be given by publication thereof in two consecutive issues of the Gazette and once a week for two consecutive weeks in a newspaper published in each of the places where the refunding debentures are made payable; the second publication in the Gazette and in the newspapers to appear not less than thirty days before the date named for the exchange.

Exchange of refunding debentures.

9. Before the date named for exchange the City shall issue and deposit with the said bank refunding debentures equal in total principal amount to the total principal amount of (a) the outstanding debentures of the City, and (b) the bonds and debentures listed in Schedules B, C, and D, with an authority and direction of the City, signed by the Commissioner, authorizing and directing the said bank to deliver to the owner of any such bond or bonds, debenture or debentures transferred by the owner to the City and delivered to the bank for exchange, a refunding debenture or debentures equal in principal amount to the principal amount of the said debenture or debentures, bond or bonds so transferred and delivered, along with the relevant coupons referred to in section 7, for exchange by the owner as aforesaid, and the exchange shall be carried out and completed accordingly.

Liability in respect of outstanding debentures.

10. Upon the said by-law coming into force, and when the deposit of the refunding debentures mentioned in section 9 is made by the City, (a) the liability, present and future, of the City for payment by the City of principal money and interest, or principal money or interest now or hereafter payable, due, or accruing under any of the outstanding debentures of the City and under any debenture or debentures, bond or bonds listed in Schedule B, C, or D, and under any guarantee or covenant by the City for payment of principal money and interest, or principal money or interest payable or to become payable under any debenture or debentures, bond or bonds listed in Schedule B, C, or D shall absolutely cease and determine; and (b) the guarantees and covenant by the City contained in paragraphs 2 and 2 (a) of Article XVIII. of an Indenture bearing date the first

158


day of September, 1923, made between The Burrard Inlet Tunnel and Bridge Company of the First Part, and Montreal Trust Company of the Second Part, and The Corporation of the District of North Vancouver and The Corporation of the City of North Vancouver of the Third Part, a copy of which paragraphs is set out in Schedule F, and the guarantees and covenant by the City contained in paragraphs 2 and 2 (a) of Article XVIII. of an Indenture bearing date the first day of September, 1925, made between The Burrard Inlet Tunnel and Bridge Company of the First Part, and Montreal Trust Company of the Second Part, and The Corporation of the District of North Vancouver and The Corporation of the City of North Vancouver of the Third Part, a copy of which paragraphs is set out in Schedule G, shall be null and void and of no effect; but this section shall not apply to coupons referred to in section 12.

11 . Upon the said by-law coming into force no action or pro- NO action to be ceeding shall be brought, maintained, or continued in any Court of the Province against the City founded upon or in respect of any debenture, bond, guarantee, or covenant referred to in section 10, or founded upon or in respect of any coupon for payment of interest pursuant to any such debenture, bond, guarantee, or covenant, or founded upon or in respect of any judgment relating to any such debenture, bond, guarantee, covenant, or coupon, notwithstanding the provisions of any Statute or law to the contrary ; but this section shall not apply to coupons referred to in section 12.

12. Unpaid interest on the outstanding debentures of the City unpaid coupons prior and on the bonds and debentures listed in Schedule B, as repre- to January ls4,1933-sented by unpaid coupons that accrued due before the first day of January, 1933, shall be paid by the City at face value in lawful money of Canada upon presentation of such coupons at The Royal Bank of Canada, in the City of North Vancouver, along with the bonds or debentures to which they relate, when such bonds or debentures are exchanged for refunding debentures pursuant to section 9.

13. The City shall not cancel the bonds or debentures of The Bonds of company Burrard Inlet Tunnel and Bridge Company purchased by the City, or the bonds or debentures of said Company exchanged for refunding debentures as aforesaid. The said bonds and debentures of said Company and the moneys received by the City in respect thereof shall be applied and used for the lawful general purposes of the City, notwithstanding anything contained in the " Municipal Act," the " Local Improvement Act," or any other Statute or law.

159


Cancellation of debentures.

Payment of interest.

Board of Debt Retirement Fund Trustees.

Vacancies on Board and removal of Trustees.

Payment to Debt Retirement Fund.

Payments to Trustees.

14. All debentures, bonds, and coupons, other than bonds and debentures of The Burrard Inlet Tunnel and Bridge Company, and coupons relating thereto, transferred to the City and delivered to the bank in accordance with section 9 shall forthwith be delivered by the bank to the Treasurer of the City and shall thereupon be cancelled and annulled.

15. Out of the moneys levied by the special rate as provided in said by-law in each year commencing with the year 1943 and ending with the year 1972 the City shall pay the interest for each year on the outstanding refunding debentures at the rates of interest, on the times, and in the manner provided in the said by-law for payment of interest on the refunding debentures.

16. As soon as practicable after the coming into force of the said by-law, there shall be constituted a Board of Debt Retirement Fund Trustees composed of three members. One member shall be appointed by the City, one by the Lieutenant-Governor in Council, and one by the Chief Justice of the Supreme Court. The Treasurer of the City shall be the Secretary of the Trustees. The Secretary shall carry out the directions of the Trustees. The Trustees shall receive no remuneration. They shall be charged with the duty of receiving and disbursing moneys in accordance with the provisions of this Act, and of administering the City of North Vancouver Debt Retirement Fund.

17". When a Trustee retires or dies, a new Trustee to fill the vacancy shall be appointed by the authority that appointed the original Trustee. If it becomes necessary or advisable for any reason to remove a Trustee from office, application may be made by the City to a Judge of the Supreme Court, who shall have authority to effect such removal, and the vacancy so created shall be filled by the authority that appointed the original Trustee.

18. The City shall, upon making the payments directed to be paid by section 32, transfer and deliver to the Trustees the whole of the remainder of the sinking fund then in the hands of the City (except the securities mentioned in section 28 and except bonds, debentures, and coupons of The Burrard Inlet Tunnel and Bridge Company guaranteed by the City that have been purchased by the City) to form a nucleus of the City of North Vancouver Debt Retirement Fund. The Trustees shall have power to sell, transfer, and convert into money any and all bonds, debentures, and other securities received by them pursuant to this section.

19. On or before the thirty-first day of December in each year, commencing with the year 1943 and ending with the year 1950, the City shall pay to the Trustees the sum of ninety thousand

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dollars, less the moneys required to pay interest at the rate set out in said by-law on the refunding debentures outstanding in such year. On or before the thirty-first day of December in each year, commencing with the year 1951 and ending with the year 1957, the City shall pay to the Trustees the sum of one hundred and ten thousand dollars, less the moneys required to pay interest at the rate set out in said by-law on the refunding debentures outstanding in such year. On or before the thirty-first day of December in each year, commencing with the year 1958 and ending with the year 1964, the City shall pay to the Trustees the sum of one hundred and twenty-five thousand dollars, less the moneys required to pay interest at the rate set out in said by-law on the refunding debentures outstanding in such year. On or before the thirty-first day of December in each year, commencing with the year 1965 and ending with the year 1972, the City shall pay to the Trustees the sum of one hundred and thirty thousand dollars, less the moneys required to pay interest at the rate set out in said by-law on the refunding debentures outstanding in such year.

20. In addition to the said annual instalments, the City may, city may pay other with the approval in writing of the Minister first had and moneys

obtained, pay to the Trustees other moneys.

21 . The moneys received by the Trustees, pursuant to the Debt Retirement provisions of sections 18, 19, and 20, shall be placed by them in a fund to be known as the " City of North Vancouver Debt Retirement Fund," which shall be kept in an account with a chartered bank in the City of North Vancouver. The said fund shall be used by the Trustees in:—

(a.) The purchase in the open market or by private or public tender of refunding debentures at a price not greater than their face value and accrued interest; or

(6.) The redemption by call, subject to the provisions of section 24, on any interest date at face value and accrued interest of refunding debentures pursuant to the provisions of section 22:

(c.) The payment to the City of any surplus remaining after all the refunding debentures have been purchased or redeemed by the Trustees.

22. The Trustees may from time to time redeem by call on any Riehttocaii interest date or dates fixed by the Trustees at face value and forUrede ptfonn urea

accrued interest any of the refunding debentures in the order of maturity of the corresponding outstanding bonds and debentures for which the said refunding debentures to be redeemed were exchanged. In the case of the redemption under this section of a part only of the refunding debentures, exchanged for out-

161 12


standing bonds or debentures of any one maturity date, the particular refunding debentures to be redeemed by call shall be chosen by drawing. Notice of any such call for redemption shall be advertised in a newspaper published in each of the places where the refunding debentures so to be redeemed are payable, once a week for two consecutive weeks, the second advertisement in said newspapers to appear at least sixty days prior to the date on which the debentures are to be redeemed. The advertisement shall describe the debentures to be redeemed, the places where such redemption is to be carried out, and shall state that from and after such interest date the interest on the debentures described in the advertisement shall cease to accrue.

Cancellation of refunding debentures purchased or redeemed.

Definition of '* default."

Refunding debentures payable on default.

23. All refunding debentures purchased or redeemed under the provisions of this Act shall be cancelled and annulled by the Treasurer of the City. Refunding debentures called for redemption and not delivered for refunding pursuant to the notice mentioned in section 22 shall cease to bear interest from and after the interest date fixed by the said notice for their redemption by call.

24. Final default under the terms of the refunding debentures shall be deemed to have occurred in any of the following events:—

(a.) If default is made in the payment of interest on any of the refunding debentures as and when due, and the default under this clause is not remedied within six months after the same has first occurred:

(6.) If default is made in the payment of the annual instalments to the Trustees as and when due, and the default under this clause is not remedied within six months after the same has first occurred:

(c.) If default is made by the Trustees (1) by failing to apply the moneys in their hands in the purchase within six months of refunding debentures pursuant to clause (a) of section 21, or (2) by failing to give within the said period of six months the initial notice required by section 22 of redemption pursuant to clause (&) of section 21.

Provided that during such times as the money in the hands of the Trustees does not exceed ten thousand dollars default shall not be deemed to have occurred by their failure to apply such money during such times in the purchase of refunding debentures or by their failure during such times to give the initial notice referred to in clause (c) of this section.

25. Upon final default occurring, the whole of the principal amounts of the refunding debentures then unpaid, together with accrued interest, shall immediately become due and payable.

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26. Forthwith after any transaction has taken place in con- Report to nection with the City of North Vancouver Debt Retirement Fund, Mmlster-either by way of purchase or redemption of refunding debentures, the Trustees shall forward to the Minister full details of the transaction. On or before the thirty-first day of January in each year the Trustees shall submit to the Minister a detailed statement showing all dealings with the City of North Vancouver Debt Retirement Fund.

27. Once at least in each year the Inspector shall audit the Audit of accounts accounts of the Trustees and verify the securities held by them. ofTrustees-

28. Upon the coming into force of the said by-law, all securi- cancellation of out-ties in the form of bonds or debentures of the City or in the form ItTredlf o/sfnwnl3

of bonds or debentures of The North Vancouver City Ferries, fund' Limited, then held at the credit of any sinking fund account or of any special rate account of the City, shall be forthwith delivered to the Treasurer of the City and shall thereupon be cancelled and annulled by him.

29. As soon as practicable after the coming into force of the cancellation of debentures autl unissued. said by-law, all those bonds and debentures, if any, of the City tures authorized but

that have been authorized prior to the coming into force of this Act but have remained unsold shall be cancelled and annulled by the Treasurer of the City.

80. Where, pursuant to this Act, any bond, debenture, or other cancellation of security for money is directed to be cancelled or annulled, it shall securities-be cancelled by the Treasurer of the City in the presence of the Clerk of the City and of a representative of the Department of Municipal Affairs, and a certificate in writing of the fact of such cancellation shall be signed by the Treasurer and Clerk and representative of the Department of Municipal Affairs and forthwith delivered to the Minister.

3 1 . After the by-law authorized by this Act comes into force Levy of rates on no money shall be raised or levied under or pursuant to any oldb^Iaws-by-law of the City listed in Schedule H. Rates shall be levied pursuant to the Local Improvement by-laws of the City listed in Schedule J and the moneys raised by such levies shall be applied and used for the lawful general purposes of the City, notwithstanding anything contained in said by-laws or in the " Municipal Ac t " or the " Local Improvement Ac t " or any other Statute or law.

32. Subject to the provisions of section 28, all legal and other Provision for expenses incurred in connection with the investigation, prepara- rXnlfng^ tion, formulation, and the carrying-out of the refunding author-

163


ized by this Act shall be paid by the City out of the present sinking fund in the hands of the City, or if such fund is insufficient the balance unpaid shall be paid out of the general funds of the City.

Expenses of admin- 33 . All expenses incidental to the administration of the City EetfremeSt Fund. of North Vancouver Debt Retirement Fund that are authorized

by the Minister shall be paid by the City out of the revenue of the City.

Restrictions on powers of City.

34. Until the refunding debentures are redeemed, the City shall comply with the following restrictions, namely:—

(a.) Before disposing of any of its capital assets, the City shall obtain the approval of the Minister in writing, and the proceeds derived from such disposal shall be applied for such purpose as the Minister may approve:

(6.) The annual estimate of expenditure of the City shall be submitted to the Minister and shall be subject to alteration as directed by him, and shall not be finally passed or acted on without the written approval of the Minister. Nothing contained in this clause shall relieve the City from providing for the payment of debenture interest and the payments to the Trustees for the retirement of debenture principal in accordance with the provisions of this Act and the said by-law:

(c.) The City shall not issue or sell any other debentures or bonds, except with the approval of the Lieutenant-Governor in Council given upon the recommendation of the Minister.

Administration of affairs of City.

35. The affairs of the City shall continue to be administered by a Commissioner for the years 1943 and 1944. In the year 1944 and before exercising the power contained in section 512 of the " Municipal Act," the Lieutenant-Governor in Council shall by regulations provide for the submission to the electors of a referendum on the question " Are you in favour of the powers and authority of the Commissioner being continued for the years 1945 and 1946 ? " In the event of a majority of the votes on such referendum being cast in the affirmative the affairs of the City shall continue to be administered by a Commissioner for the years 1945 and 1946. Thereafter the Lieutenant-Governor in Council may make such provision for the administration of the affairs of the City as to it shall seem proper in the circumstances. If at any time after the City reverts to government under an elected Council pursuant to section 512 of the " Municipal Ac t " default occurs under any of the provisions of section 24 or if the City fails to comply with any of the provisions

164


of section 34 to the satisfaction of the Minister, the Minister may report such default or failure of the City to the Lieutenant-Governor in Council and the Lieutenant-Governor in Council may thereupon appoint a Commissioner for the City. The appointment of a Commissioner for the City pursuant to this section shall be deemed to be the appointment of a Commissioner for the City under Part XXIII. of the " Municipal A c t " and shall have the like effect in all respects as if an Order authorizing the appointment of a Commissioner for the City had been made by a Judge of the Supreme Court pursuant to said Part XXIII., and as if the Lieutenant-Governor in Council duly appointed a Commissioner for the City under that Part .

SCHEDULES.

SCHEDULE A.

OUTSTANDING DEBENTURES OF THE CITY.

Issued under By laws No Date of Maturity.

Amount of Principal

Outstanding-

603 25 Jan., 1934 $1,000.00 338 1 Sept , 1935 3,000 00 879 1 Nov., 1937 3,000.00 1123 15 Oct, 1939 4,000 00 485 1 Feb., 1942 5,000.00 807 15 April, 1942 13,500.00 836 1 May, 1942 4,500.00 1360 5 Oct., 1942 33,800 00 955 (consolidating By-laws No. 910 to 924 15 June, 1943 12,000.00

inclusive and 929 and 930) and the bylaws so consolidated

1060 (consolidating By-laws No. 1029 to 15 June, 1944 5,300.00 1047 inclusive) and the by-laws so consolidated

617 1 Aug., 1944 11,500.00 627 1 Mar., 1945 7,500.00 321 (consolidating By-laws No. 171 to 176 15 April, 1945 27,000.00

inclusive) and the by-laws so consolidated

1170 (consolidating By-laws No. 1133 to 15 April, 1945 17,500.00 1157 inclusive) and the by-laws so consolidated

647 20 June, 1945 4,500.00 648 20 June, 1945 1,000.00 1295 (consolidating By-laws No. 1265 to 15 June, 1946 18,436.00

1280 inclusive) and the by-laws so consolidated

719 10 July, 1946 11,000.00

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OUTSTANDING DEBENTURES OF THE CITY—Continued.

Issued under By laws No. Date of Maturity

Amount of Principal

Outstanding

809 15 April, 1947 $35,500 00 563 31 Mar., 1948 49,000.00 897 1 June, 1948 4,000.00 956 (consolidating By-laws No. 925 to 928 15 June, 1948 19,500.00

inclusive) and the by-laws so consoli-dated

985 15 Aug., 1948 65,500.00 589 1 Nov., 1948 2,000.00 1020 15 June, 1949 2,000.00 1051 15 June, 1949 67,000.00 1061 (consolidating By-laws No. 1048 and 15 June, 1949 1,800.00

1049) and the by-laws so consolidated 1171 (consolidating By-laws No. 1158 to 15 April 1950

1160 inclusive and 1162 to 1164 inclu 92,000.00 sive) and the by-laws so consolidated

1248 15 Jan., 1951 50,000.00 1249 15 Jan., 1951 25,000.00 1294 (consolidating By-laws No. 1258 to 15 June, 1951 31,551 00

1264 inclusive) and the by-laws SO c o n -

solidated 616 1 Aug., 1954 16,500 00 808 15 April 1957 34,500.00 16 17 Oct., 1957 15,000 00 15 1 Nov., 1957 6,000 00 37 30 April, 1958 59,000.00 32 14 May, 1958 17,000.00 896 1 June, 1958 42,900.00 57 4 Jan., 1959 15,800.00 54 18 Jan., 1959 6,700.00 58 18 Jan., 1959 22,200.00 72 17 Jan., 1960 10,000.00 73 17 Jan., 1960 1,000.00 74 17 Jan., 1960 40,000.00 75 17 Jan., 1960 4,000.00 84 17 Jan., 1960 60,000 00 85 17 Jan., 1960 8,000.00 99 28 Mar., 1960 10,000.00 100 28 Mar., 1960 11,200 00 108 1 Aug., 1960 120.00 109 1 Aug., 1960 18,600.00 110 , 1 Aug., 1960 9,620.00 111 1 Aug., 1960 2,110.00 120 15 Aug., 1960 4,000.00 121 15 Aug., 1960 6,000.00 135 5 Dec, 1960 10,000 00 139 27 Dec, 1960 66,000.00 142 17 Jan., 1961 8,000.00 143 17 Jan., 1961 8,000.00 144 17 Jan., 1961 25,000 00 145 17 Jan , 1961 99,000 00 718 10 July, 1961 25,800 00

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OUTSTANDING DEBENTURES OF THE CITY—Continued.

Issued under By laws No Date of Maturity.

Amount of Principal

Outstanding

166 1 Sept., 1961 $973 34 201 (consolidating By-laws No. 180 to 182 1 Sept., 1961 356,239 96

inclusive and 184 to 196 inclusive) and the by-laws so consolidated

206 1 April, 1962 18,000.00 255 26 Mar., 1963 13,000.00 282 (consolidating By-laws No. 236 to 243 1 July, 1963 277,993.35

inclusive and 258) and the by-laws so consolidated

316 26 Mar., 1965 23,000.00 547 10 Jan., 1973 120,222.00 581 1 Sept., 1973 100,000.00

Total

1 Sept., 1973

$2,199,865 65

SCHEDULE B.

OUTSTANDING BONDS OR DEBENTURES OF THE NORTH VANCOUVER CITY FERRIES, LIMITED, GUARANTEED BY THE CITY THAT ARE NOT OWNED BY THE CITY.

Thirty-one bonds or debentures bearing the senal numbers 23, 27, 34, 35, 39, 40, 41, 42, 43, 44, 45, 46, 47, 50, 53, 54, 55, 61, 62, 63, 66, 67, 68, 73, 74, 75, 80, 81, 91, 93, and 99, respectively, the date of maturity of each of them being the 10th day of March, 1950, and the amount of principal outstanding on each of them being $1,000, the total principal amount outstanding on them being $31,000.

SCHEDULE C.

OUTSTANDING BONDS OR DEBENTURES OF THE BURRARD INLET TUNNEL AND BRIDGE COMPANY, GUARANTEED BY THE CITY UNDER INDENTURE BEARING DATE THE 1ST DAY OF SEPTEMBER, 1923, REFERRED TO IN SECTION 10, AND NOT OWNED BY THE CITY.

One hundred bonds or debentures beaimg the senal numbers 160 to 188 inclusive and 190 to 260 inclusive, respectively, the date of maturity of each of them being the 1st day of September, 1973, and the amount of principal outstanding on each of them being $500, the total principal amount outstanding on them being $50,000; and

Two hundred bonds or debentures beaimg the serial numbers 554, 555, and 557 to 576 inclusive, and 578 to 680 inclusive, and 683 to 689 inclusive, and 692 to 759 inclusive, respectively, the date of maturity of each of them being the 1st day of September, 1973, and the amount of principal outstanding on each of them being $1,000, the total principal amount outstanding on them being $200,000.

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SCHEDULE D.

OUTSTANDING BONDS OR DEBENTURES OP THE BURRARD INLET TUNNEL AND BRIDGE COMPANY, GUARANTEED BY THE CITY UNDER INDENTURE BEARING DATE THE 1ST DAY OF SEPTEMBER, 1925, REFERRED TO IN SECTION 10, THAT ARE NOT OWNED BY THE CITY.

Ten bonds or debentures bearing the serial numbers 11 to 20 inclusive, respectively, the date of maturity of each of them being the 1st day of September, 1945, and the amount of principal outstanding on each of them being $500, the total principal amount outstanding on them being $5,00©; and

Thirty bonds or debentures bearing the serial numbers 51 to 80 inclusive, respectively, the date of maturity of each of them being the 1st day of September, 1945, and the amount of principal outstanding on each of them being $1,000', the total amount outstanding on them being $30,000.

SCHEDULE E.

THE CORPORATION OF THE CITY OF NORTH VANCOUVER.

BY-LAW NO.

A BY-LAW TO ENABLE T H E CORPORATION OF THE CITY OF NORTH VANCOUVER

TO ISSUE REFUNDING DEBENTURES TO THE AGGREGATE PRINCIPAL AMOUNT

OF Two MILLION FIVE HUNDRED AND FIFTEEN THOUSAND EIGHT HUN

DRED AND SIXTY-FIVE DOLLARS AND SIXTY-FIVE CENTS, AND TO RECAST

THE BONDED DEBT STRUCTURE OF THE CITY FOR THE PURPOSE OF GIVING

EFFECT TO THE " CITY OF NORTH VANCOUVER DEBT REFUNDING ACT."

Whereas by the provisions of the " City of North Vancouver Debt Refunding Act," the Commissioner for The Corporation of the City of North Vancouver is empowered and required to pass and make a by-law in the form of Schedule E of said Act without the assent of the electors for the purpose of authorizing the issuance of refunding debentures to the amount of two million five hundred and fifteen thousand eight hundred and sixty-five dollars and sixty-five cents:

The Commissioner for The Corporation of the City of North Vancouver therefore enacts as follows:—

1. In defining any word or expression used in this by-law reference may be had to section 2 of the said Act.

2. It shall be lawful for the City to issue and the City shall issue before the thirtieth day of June, 1943, refunding debentures of the City to the amount of two million five hundred and fifteen thousand eight hundred and sixty-five dollars and sixty-five cents.

3. The said refunding debentures shall bear date the second day of January, 1943, and shall be payable on the second day of January, 1973, and shall bear interest payable on the second day of January and the second day of July in each year as follows:—

For the period commencing the second day of January, 1943, and ending the first day of January, 1951, at the rate of two and one-half per centum per annum:

168


For the period commencing the second day of January, 1951, and ending the first day of January, 1958, at the rate of three per centum per annum:

For the period commencing the second day of January, 1958, and ending the first day of January, 1965, at the rate of three and one-half per centum per annum:

For the period commencing the second day of January, 1965, and ending the second day of January, 1973, at the rate of four per centum per annum:

After the second day of January, 1973, until the principal of the debentures is paid in full, at the rate of four per centum per annum.

4. The said refunding debentures shall be made payable to bearer and shall be in such denominations as the Treasurer of the City shall consider most convenient for the purpose of exchange, and shall be made payable as to principal and interest in lawful money of Canada at the principal office of The Royal Bank of Canada in any of the Cities of North Vancouver, Vancouver, Winnipeg, Toronto, or Montreal, Canada, at the option of the holder.

5. Each of said refunding debentures shall be sealed with the corporate seal of the City and shall be signed by the Treasurer of the City and shall bear the lithographed signature of the Commissioner and shall otherwise comply with the provisions of said Act.

6. There shall be attached to each of the said refunding debentures coupons for each and every payment of interest which shall become due up to and including the second day of January, 1973. The said coupons shall bear the printed or lithographed signatures of the Commissioner and the Treasurer of the City.

7. Theie shall be laised and levied in addition to all other rates a special rate on all the rateable land or land and improvements within the City in each year sufficient to provide the following sums in each year, to wit:—

In each of the years 1943 to 1950, inclusive, ninety thousand dollars: In each of the years 1951 to 1957, inclusive, one hundred and ten thou

sand dollars: In each of the years 1958 to 1964, inclusive, one hundred and twenty-five

thousand dollars: In each of the years 1965 to 1972, inclusive, one hundred and thirty

thousand dollars. Such part of the respective sums so laised in each year, as will be sufficient therefor, shall be applied and used to make the payments of interest payable in accordance with the provisions of section 15 of the said Act, and the remainder of the lespective sums so laised in each year shall be applied and used towards payment of the moneys the City is required to pay to the Trustees in accordance with the provisions of section 19 of the said Act.

8. This by-law may be known and cited as " City of North Vancouver Refunding By-law."

Passed by the Commissioner on the day of , 1943. Reconsidered, finally adopted, and passed by the Commissioner, signed by

him and the City Clerk, and sealed with the corporate seal of the City on the day of , 1943.

Commissioner.

City Clerk.

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SCHEDULE F.

ARTICLE XVIII.

GUARANTEE BY THE CITY OP NORTH VANCOUVER.

2. The Corporation of the City of North Vancouver hereby unconditionally guarantees to each and every holder of the said bonds to an amount of two hundred and fifty-seven thousand five hundred dollars ($257,500), being bonds numbered one hundred and sixty (160) to two hundred and sixty (260) and five hundred and fifty-four (554) to seven hundred and sixty (760), and to the Montreal Trust Company as trustee for such bond holders, the punctual payment of the principal of each and every of the said bonds and the interest accruing thereon at the time and places and in the manner in said bonds and in the coupons attached thereto provided, and doth covenant that in default of payment by the Company it will pay to the holders of the said bonds the said principal and interest of such bonds or such part thereof as the Company may fail to pay. PROVIDED HOWEVER, that the giving or extending of time by the Trustee or the said bond holders to the Company for the payment of the principal or interest on the said bonds or any of them or any part thereof shall not be a waiver of or a release of or a discharge of the said Corporation in respect of its covenants hereunder and all rights and remedies as against the said Corporation in that behalf are hereby expressly reserved.

The aforesaid guarantee is to be evidenced by the execution by the said Corporation of the endorsement set out in the First Schedule hereto upon such bonds numbered as aforesaid to the amount of two hundred and fifty-seven thousand five hundred dollars ($257,500).

2. (a.) The Corporation of the City of North Vancouver hereby unconditionally guarantees to the Montreal Trust Company as Trustee for said bond holders that in the event of the Company failing to pay the sum mentioned in Article VII. hereof to the Trustee as and by way of a sinking fund on the day in each and every year therein provided for the payment of same, or within fifteen days thereafter, that it, the said Corporation will pay to the Trustee on demand a twenty-five hundred and seventy-five sixty-three hundredths (2575/6300') part of such sum or of the amount by which the Company's payment shall fall short of such sum.

SCHEDULE G.

ARTICLE XVIII.

GUARANTEE BY THE CITY OF NORTH VANCOUVER.

2. The Corporation of the City of North Vancouver hereby unconditionally guarantees to each and every holder of the said bonds to an amount of thirty-five thousand dollars ($35,000), being bonds numbered eleven (11) to twenty (20) and fifty-one (51) to eighty (80), and to the Montreal Trust Company as trustee for such bond holders, the punctual payment of the principal of each and every of the said bonds and the interest accruing thereon at the time and places and in the manner in said bonds and in the

170


coupons attached thereto provided, and doth covenant that in default of payment by the Company it will pay to the holders of the said bonds the said principal and interest of such bonds or such par t thereof as the Company may fail to pay. PROVIDED HOWEVER, that the giving or extending of time by the trustee or the said bond holders to the Company for the payment of the principal or interest on the said bonds or any of them or any part thereof shall not be a waiver of or a release of or a discharge of the said Corporation in respect of its covenants hereunder and all rights and remedies as against the said Corporation in that behalf are hereby expressly reserved.

The aforesaid guarantee is to be evidenced by the execution by the said Corporation of the endorsement set out in the First Schedule hereto upon such bonds numbered as aforesaid to the amount of thirty-five thousand dollars ($35,000).

2. (a.) The Corporation of the City of North Vancouver hereby unconditionally guarantees to the Montreal Trust Company as Trustee for said bond holders that in the event of the Company failing to pay the sum mentioned in Article VII. hereof to the Trustee as and by way of a sinking fund on the day in each and every year therein provided for the payment of same, or within fifteen days thereafter, that it, the said Corporation will pay to the Trustee on demand a one-half part of such sum or of the amount by which the Company's payment shall fall short of such sum.

SCHEDULE H.

DEBENTURE BY-LAWS OP THE CITY, OTHER THAN LOCAL IMPROVEMENT BY-LAWS, UNDER WHICH SOME OF THE MONEYS REQUIRED TO BE RAISED HAVE NOT BEEN LEVIED.

By-laws No. Title of By-law.

15 The City of North Vancouver Park, Boulevard and Streets Grant and Loan By-Law, 1907.

16 The City of North Vancouver Water Works Loan By-Law, 1907.

20 The City of North Vancouver Statutory Loan By-Law, 1908.

32 The City of North Vancouver Special Loan By-Law, 1908.

37 The City of North Vancouver Statutory Loan By-Law, No. 3, 1908.

54 The City of North Vancouver School Site Loan By-Law, 1909.

57 The City of North Vancouver Statutoiy Loan By-Law, No. 5, 1908.

58 The City of North Vancouver Statutory Loan By-Law, No. 6, 1908.

72 The City of North Vancouver Road Machinery Purchase Loan By-Law, 1910.

73 The City of North Vancouver Fire Equipment Purchase Loan By-Law, 1910.

74 The City of North Vancouver Main Sewer Construction Loan By-Law, 1910.

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DEBENTURE BY-LAWS OF THE CITY—Continued.


75 The City of North Vancouver Parks Improvement Loan By-Law, 1910.

84 The City of North Vancouver Waterworks Loan By-Law, 1910.

85 The City of North Vancouver School Site Loan By-Law, 1910.

99 The City of North Vancouver Street Improvements Loan By-Law, 1910.

100 The City of North Vancouver Schools Extraordinary Expenditure Loan By-Law, 1910.

108 The Parks, etc., Purchase Loan By-Law, 1910. 109 The School Site Purchase Loan By-Law, No. 2,

1910. 110 The School Site Purchase Loan By-Law, No. 3,

1910. 111 The School Site Purchase Loan By-Law, No. 4,

1910. 120 The City of North Vancouver Fire Brigade Estab

lishment By-Law, 1910. 121 The City of North Vancouver Schools Extraordi

nary Expenditure Loan By-Law, No. 2, 1910. 135 The Rice Lake By-Law, 1910. 139 North Vancouver City Ferries Shares Purchase

Loan By-law, 1910. 142 The Parks Loan By-law, 1911. 143 The Fire Loan By-law, 1911. 144 The Roads Clearing Loan By-law, 1911. 145 The Waterworks Loan By-law, 1911. 166 The City of North Vancouver Schools Extraordi

nary Expenditure Loan By-law, 1911. 167 The Rice Lake By-law, 1911. 168 The City Hall Additions By-law, 1911.

201 (consolidating By- General Debentures Consolidation By-law, 1912. laws No. 180 to 182 inclusive and 184 to 196 inclusive) and the by-laws so con-solidated

206 The Parks Purpose By-law, 1912. 255 The Burrard Inlet Tunnel & Bridge Company

Shares Purchase Loan By-law, No. 2, 1913. 282 (consolidating By The City of North Vancouver School and General

laws No. 236 to 243 Debenture Consolidation By-law, 1913. inclusive and ' 258) and the by-laws so consolidated

316 The Streets Improvement Loan By-law, 1914. 338 The North Vancouver City Ferries Purchase Loan

By-law, 1915. 485 City of North Vancouver Waterworks Debenture

By-law, 1921.

172


DEBENTURE BY-LAWS OF THE CITY—Continued.


547 The North Vancouver and Burrard Inlet Tunnel and Bridge Company Debenture By-law, 1922.

563 The North Vancouver School Debenture By-law, 1923.

581 Burrard Inlet Tunnel and Bridge Company Loan By-law, 1923.

582 The Burrard Inlet Tunnel and Bridge Company Bonds Guarantee By-law, 1923.

589 The School Extraordinary Loan By-law, 1923. 616 The City of North Vancouver Lynn Creek Bridge

Loan By-law, 1924. 617 The City of North Vancouver Bridge Connecting

Road Loan By-law, 1924. 627 The School Extraordinary Loan By-law, 1925. 647 The City of North Vancouver Waterworks Loan

By-law, 1925, No. 1. 648 The City of North Vancouver Waterworks Loan

By-law, 1925, No. 2. 652 Burrard Inlet Tunnel and Bridge Company Bonds

Guarantee By-law, 1925. 654 The City of North Vancouver Third Street Paving

Loan By-law, 1925. 718 The City of North Vancouver School Extraordinary

Loan By-law, 1926. 719 The City of North Vancouver Street Improvement

and Construction Loan By-law, 1926. 807 The City of North Vancouver Street Improvement

and Construction Loan By-law, No. 2, 1926. 808 The City of North Vancouver Waterworks Loan

By-law, 1926. 809 The City of North Vancouver Low Level Road Pav

ing Loan By-law, 1926. 879 The City of North Vancouver Fire Fighting Equip

ment Purchase Loan By-law, 1927. 896 The City of North Vancouver Hospital Loan By

law, 1927. 897 The City of North Vancouver Waterworks Loan

By-law, 1927. 985 The City of North Vancouver Waterworks Loan

By-law, 1928. 1020 The City of North Vancouver Parks Loan By-law,

1928. 1051 The City of North Vancouver Street Improvement

and Construction Loan By-law, 1929. 1123 The City of North Vancouver Hospital Loan By

law, 1929. 1248 The City of North Vancouver Street Improvement

and Construction Loan By-law, 1930. 1249 The City of North Vancouver Waterworks Loan

By-law, 1930. 1360 The City of North Vancouver Unemployment Relief

Debenture By-law, No. 1, 1932.

173

CHAP. 47 NORTH VANCOUVER DEBT REFUNDING.

SCHEDULE J.

7 GEO. 6

LOCAL IMPROVEMENT BY-LAWS.

By-laws No.

321 (consolidating By-laws No. 171 to 176 inclusive) and the by-laws so consolidated

709

955 (consolidating By-laws No. 910 to 924 inclusive and 929 and 930) and the by-laws so consolidated



1061 (consolidating By-laws No. 1048 and 1049) and the by-laws so consolidated


1171 (consolidating By-laws No. 1158 to 1160 inclusive and 1162 to 1164 inclusive) and the by-laws so consolidated



Title of By-law.

Local Improvement Consolidation Bylaw, passed March 10th, 1915.

City of North Vancouver First Street Paving Local Improvement Debenture By-law, 1926.

The City of North Vancouver Local Improvement Debenture Consolidation By-law, No. 1, 1928.








VICTORIA, B.C. : Printed by CHARLES P. BANFIELD, Printer to the King's Most Excellent Majesty.

1943.

174

chapter 47. an act to authorize the refunding of certain

Documents