CO129-609-3 Future policy- draft Municipal Council Ordinance 1-1-1947 - 31-12-1947 — Page 57

PART VIII

57

Adjustment of sinking fund.

s.214

(5) Any surplus of a sinking fund remaining after

the discharge af the whole of the moneys for the repayment

of which it was formed shall be applied to such capital

purposes as the Council, with the consent of the consent

of the Governor, may determine.

95. (1) If at any time it appears to the Council

that the amount in a sinking fund, together with the sums

which will be payable thereto in accordance with the

provisions of this Part of this Ordinance, and, in the

case of an accumulating sinking fund, with the accumulations

therean, will not be sufficient to repay within the fixed

period the moneys for the repayment of which the sinking

fund is formed, the Council shall, either temporarily or

permanently, make such increased payments to the sinking

fund as will cause the sinking fund to be sufficient for

that purpose, and if it appears to the Governor that any

such increase is necessary, the Council shall increase the

payments to such extent as the Governor may direct.

(2) If the Council desire to accelerate the repayment

of any moneys borrowed by way of mortgage, they may increase

the amounts payable to the sinking fund.

(3) If the amount in a sinking fund, together with

the sums which will be payable thereto in accordance with

the provisions of this Part of this Ordinance, and also,

in the case of an accumulating sinking fund, together with

the accumulations thereon, will in the opinion of the

Governor be more than sufficient to repay within the fixed

period the moneys for the repayment of which the sinking

fund is formed, the Council may reduce the payments to the

sinking fund either temporarily or permanently to such

amounts as will in the opinion of the Governor be sufficient

to repay within the fixed period the moneys for the

repayment of which the sinking fund is formed.

(54)