The adage that bad things happen in threes is one which resonates strongly with the battle-hardened 250-odd residents of this town, about two hours' drive south of Canberra. First, in 1986 the railway was closed. All hope was then pinned on its other main lifeblood, its saw mill, which unfortunately shut just four years later. Since then the town has endured a decade of drought and severe water restrictions that have only just been lifted following access to a new secure water supply.

However, unlike many other towns stuck in rural decline, Nimmitabel is experiencing something of a rebirth.

"For the first time for decades all the houses in town are occupied, and even new ones are being built," says Howard Charles, long-time local farmer and spokesman for the Nimmitabel Lions Club.

To celebrate the renewed sense of prosperity, "we are putting the bell back into Nimmitabel," Charles says, adding that the Lions Club has raised more than $50,000 to fund a 1.1-tonne, almost two-metre tall bell to take pride of place in the main street.

"Apart from the obvious play on words, we hope the bell will foster a sense of civic pride and further boost confidence following the opening of four new businesses in town in recent months," Charles says.

The most notable of these is the Federal Hotel, the town's mustard-coloured pub, which, after a six-year hiatus, has once again flung open its doors to thirsty locals and travellers.

First opened in winter 1890 by entrepreneur Thomas Moran, this imposing two-story landmark with more than 35 rooms has miraculously survived five fires, due on more than one occasion, to bucket-wielding drinkers desperate to prevent the heart of their town being reduced to ashes.

One wall inside the bar is decked out in surfing ephemera, which on first glance might seem out of place given Nimmitabel is closer to the nation's premier snowfields than our surf beaches. However, in the 1960s and '70s, the Federal was a popular drinking hole for surfers in their Kombi vans and Beetles on the way to the far south coast. According to local lore, Peter Garrett would often call in early in the morning for a liquid breakfast before tackling the hairpins of Brown Mountain.

But the former Midnight Oil frontman isn't the only celebrity to have sampled the Federal's hospitality. The list of those who have pulled up a bar stool in the front bar reads like an A to Z of leaders in their fields, including poet Banjo Patterson, historian Manning Clark, artist Brett Whiteley, politicians Bob Hawke and Billy Hughes and entertainers including Tex Morton, Chad Morgan and Suzi Quatro.

Although I don't spot any international stars during my evening at the Federal's front bar earlier this week (for research purposes, of course), a handful of local luminaries attempt to regale me with stories of the pub's heyday in the 1970s. One of the more inebriated barflies even offers to re-enact the day he rode a bike along the top of the main bar, naked. I politely decline and instead chat over a beer with former Canberran Kelvin Fahey, the Federal's saviour, who has big plans for this grand old lady of the Monaro.

"In coming months I hope to have a new kitchen fit-out, then it's a kerbside beer garden and a refurbishment of the accommodation upstairs," says Fahey, whose focus in the first few weeks of opening has been establishing a regular line-up of live music, and ensuring his cellar is well stocked.

"There are tales of a legendary wake where 16 kegs of beer were drunk, that's not even counting the wine and spirits," Fahey says as he pours another round of beer for the increasing crowd of seemingly parched locals.

But it's not just the rare opportunity to give the ageing Federal another lease of life (and a good lick of paint) which has lured Fahey from the relative security of Canberra to this Monaro outpost. He also has a passion for the region's history.

"I think there might still be gold in them hills," deadpans Fahey, who is also aware of several paranormal aficionados who claim to have seen ghosts in the pub. "I guess it's not surprising given we know of at least three people who have died in the building," he says.

In fact, the Federal isn't the only haunted place in town. The circa-1850 Nimmitabel Royal Arms about 100 metres up the road, which is now operating as a B&B, is home to a gaggle of ghosts, from a dishevelled woman appearing at the kitchen window to mysterious visions in its cob-webbed cellar.

One thing is for sure, the town's somnolent spirits are sure to awaken when the new bell is rung for the first time at noon, on Saturday October 31. It also just happens to be Halloween, when it is thought by some that the veil between the spirit and the real world is at its thinnest.

"The festival, which will mark the unveiling of the bell, will lure many older residents back to town for a gala day which will hopefully become an annual event," Charles says.

My only suggestion to Charles and his bell-ringing colleagues is that they remove the bell's clapper after the day's official festivities. I'm aware of at least one local who has already announced his intention to, under the cloak of darkness, "give it a good ring" to herald the start of his celebratory bike ride across the main bar. Naked, of course. Oh, the delights of a country pub.

Nimmity Bell Festival: The much anticipated unveiling of the town's new bell is at midday on Saturday, October 31. To mark the occasion two church bells, the school bell and the police bell will all be rung in unison with the new bell. Townsfolk will be throwing a party that includes live music, art show, quilt displays as well as plenty for the kids with jumping castle and face painting. Even the police station will swing open the doors of its heritage lock-up. Nimmitabel is about 150 kilometres south of Canberra via the Monaro Highway (B23).

Did you know? The Lions Club was unable to source an appropriately sized bell in Australia, so the Nimmity Bell is an imported 95-year-old church bell from the US and has arrived in town just in time for its unveiling.

While in town: Walk the short heritage trail which includes an old stone mill and locations featured in the 1959 classic movie, The Sundowners (starring Deborah Kerr, Robert Mitchum, and Peter Ustinov).

Federal Hotel: Open seven days. Cold beer and regular live entertainment including the Monaro Country Music Muster, November 20-22. More: info@hotelfederal.com or phone: 0466 240085.

Don't miss: The Federal Hotel was a rallying point on The Men from Snowy River Cooee March during World War 1. On November 4, 2015, participants in a re-enactment of this march will stop at Nimmitabel on their way from Delegate to Goulburn. More: http://themenfromsnowyriver.com.au/

Catchment conundrum

This column receives some unusual correspondence, none more so than a truly remarkable claim from Alf Berger of Penrith. Berger's claims centre around the water catchment of two creeks on his family property in Austria. "One creek flows east and eventually flows into the Danube River. The other creek, located only 30 metres away flows north and eventually drains into the Elbe River," writes Berger, who adds, "the Elbe flows north into the North Sea while the Danube flows east and eventually into the Black Sea".

But there's more. According to Berger, "a shed located between the creeks has one gutter draining into the creek flowing north, and another gutter draining into the creek flowing east". "This means that depending where on the roof of the shed a droplet of water falls, will determine whether it ultimately ends up in the North Sea, or 3000 kilometres away in the Black Sea."

Nimmitabel is home to its own watershed and has even adopted the Aboriginal meaning of the town "dividing of the waters" as its slogan. If a rain drop lands on the southern side of town it makes its way down the Snowy and into the ocean at Marlo in Victoria. However, a rain drop on the northern side of town takes a completely different journey to the sea: down the Murrumbidgee and eventually the Murray and flowing into the ocean at Lake Alexandrina in South Australia. Really!

Contact Tim: Email: timtheyowieman@bigpond.com or Twitter: @TimYowie or write c/- The Canberra Times, 9 Pirie St, Fyshwick. You can see a selection of past columns at: canberratimes.com.au/act-news/by/tim-the-yowie-man

Last week: Congratulations to Julie Hamilton of Torrens who was first to correctly identify last week's photo as the old Court House building in Boorowa. Apart from the town's annual running of the sheep (early October), Boorowa, about 90 minutes' drive north of Canberra, is also known for its birds, both real and promotional. "I love that big superb parrot above one of the cafes in the main street," says Julie, who adds, "we always stop by the river at Boorowa on our way to Cowra or Orange".

Julie just beat Rosemary Jennings of Dunlop and Pam Jones of Griffith who regularly "calls in to see what the lovely CWA ladies have for sale in their shop which now occupies part of the courthouse building", to the prize.

How to enter: Email your guess along with your name and address to timtheyowieman@bigpond.com. The first email sent after 10am, Saturday, October 24, 2015, with the correct answer wins a double pass to Dendy cinemas.