The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

wfx Mmarch 1> - | ? f ® Debt to Provi _ Paid Off by 1966 Y y ' communnmncm mm menermmers * y Commission Chairman Bases| Prediction Upon Presenfl Rate of Increase in Sink-- ing Fund Accumulations | BEFORE COMMITTEE suemosnicsemmcmmeneuree | Hydro will owe the Province| nothing by 1966 if sinking fund ac-! cumulations continue at the present | oiniinenirercem mm tm cisierin ommmmmmmen rate, T. Stewart Lyon, Hydro } ® Chairman, testified before the Pub-- e Peo & § lic Accounts Committee of the + ' Legislature, yesterday. ) o e ua l Ica |°n Excluding a sum of $17,008,616 of sinking fund payments prior to July U d l T 31, 1934, in the hands of the Govern-- 1 ment at that time (Mr. Lyon's n er ncome a x exhibit--filed b'figuresI indicated), there have en total retirements of advances by the Province to M a Be Removed | Hydro between July 31, 19%M4, and March 1, 1937, of $38,421,1i89, leav-- l it se te t cipainecaers ing a balance due by the Commis-- -- % ti+4 y sion on March 1 1007 of M515t2¢ Municipalities No Longer | & s sum, Mr. Lyon said, in | | cluded slightly over $7,000,000 still Collect -- Revenue From; outstanding as advances y the «# 'Government on Northern Ontario This Source, Hon. D. A': properties owned by the Govern--| Croll Explains in Propos--| ment, leaving a net amount of| % | $144,404,923 of provincial advances| ing Amendment | still due from Hydro to the Gov--| hekediloindereeent | ernment. | | Under New System. OTHER CHANGES |N ACT". _ Between December, 1935,Land Snss a€omrgneiorratuiiosmmates l March, 1937, testified Mr. Lyon, p &« is Hydro had made partial repayments fi:'?i)mer;t of int(i'ome i¥ m &A qqahl to the Province on its advances of ation for voling in . mMWINiCIDPA imately $24,000,000 elections is eliminated in an amend-- ; ap'P(r)'ommu 93" king fund money," ment to the Municipal Act intro-- ° '}' y +T 'Lt 0':"' 4 per cent duced in the Ontario Legislature Sn rene. on our loans we were pay. | [yesterday by Hon, David A. Croll, Tag at least 44 per cent. Therefore Minister of Municipal Affairs. o. es aur debt with _ pay-- The clause in the municipal fran-- | by "'d"';"f)f ';'}'1: s AkING fundpwc chise regulations was removed simp« :?:::sm:&ing \arg; savings." ly because the municipalitiese no Under previous Governments, Mr. :;';fgrmc'mg;'e 't"::'?;ve::zes of .Lyon related, Hydro had repaid its A * loans by annual payments out of Is Complementary. | sinking funds over a forty--year per-- In a manner, the amendment to iod. But under the Hepburn Admin-- the Municipal Act is complementary istration a system of having Hydro to the legislation adopted by the pay its proportion of Provincial Government for collection of a Pro-- loans, as they matured, had been _|vincial income tax. Some months inaugurated. ago, Premier Hepburn announced On July 31, 1934, shortly after the the treasury would keep all reven-- Hepburn Government had taken ues collected by this tax, but would office, Hydro's gross indebtedness relieve the municipalities of contri-- » to the Province amounted to $207,-- butions to the Old--Age Pensions ©50,258 of which $8,272477 was on and Mothers' Allowances funds. This account of Northern Ontario power is enforced in Mr. Croll's new legis-- ' properties. On March 1, this year, lation. f 'the indebtedness totalled $151,572,-- Another amendment introduced ; ; 94%, of which $7,168.019 was on ac-- yesterday would prevent . by--elec» 'count of Northern properties. tilomtr,im m:xhnicif;;al:ule"s hr:lldm;'; thIe)nr ' | elections the firs onday in De-- Est':,mha:'nd':h'l:: :':;:; is pay. SH cember.d iffa vacancy in a Council; 'Whe ¥ -- i occurred after Oct. 1, | the balance"" asked fon o EMer -- | _ The individual municipal Council| South Ottawa, Opposition TD * may now decide in its own discre-- Well now, I am '_'(;e"Cho'i you tion regarding the combination of ;cno"é. is\:m';'?(x::;e ;? l,\.gwev:rm(;'l'. the offices of Ctllerk. Treasurer hor n serious » » * * Assessor, according to another culated that in thirty year_shthg: amendment. Previously the merg-- the complete repayment might ing of such offices has been pro-- accomplished. | hibited by Provincial law. Must Be Permanent. Another section stipulates that an acting head of a municipal Council, appointed in the absence of a Warden, Mayor or Reeve, may not sit on a County Council because of his appointment. Similar bills, amending the Mu-- nicipal Act, are introduced regular-- ly at each session of the Legisla-- ture and cover points of difference which have arisen during the year.