Carnarvon Electric Light and Power Act 1919 (WA)

1919.] Carnarvon Electric Light and Power. [No. 44.

CARNARVON ELECTRIC LIGHT

AND POWER.

10° GB0. V., No. XXXII.

No. 44 of 1919.

AN ACT to ratify the Purchase by the Carnarvon Muni- cipal Council of certain Electric Light and Power Works, and a Loan raised by the said Council for that purpose, and to authorise the levy of a special rate to enable the said Council to pay interest on and contributions to a sinking fund for the redemption of the said Loan,

[Assented to 17th December, 1919.]

BE it enacted by the King's Most Excellent Majesty, byCouncil and Legislative Assembly of Western Australia, inand with the advice and consent of the Legislative

this present Parliament assembled, and by the authority of

the same, as follows:—

1.    This Act may be cited as the Carnarvon Electric Light Short titie.

and Power Act, 1919.

2.    The purchase by the Carnarvon Municipal Council of Purchase of

the undertaking of the Carnarvon Electric Light and Power NatoCceLriglit Company, Limited, for the supply of electric light and power w'kenfied• within the municipal district, and the loan of three thousand

pounds raised by the Carnarvon Municipal Council for the payment of the purchase money, are hereby ratified; and the debentures issued by the Carnarvon Municipal Council on the fifth day of March, one thousand nine hundred and six- teen, to the West Australian Trustee, Executor, and Agency Company, Limited, to secure the said loan are hereby de- clared to be a valid, legal, and enforceable security, notwith- standing anything contained in the Municipal Corporations act, 19Q6, to the contrary, and the Carnarvon Municipal Council may renew the said loan from time to time, and may

No. 44.] Carnarvon Electric Light and Power. [1919.

issue debentures or other securities to secure the repayment

thereof with interest.

Amount not to 3. The sum so borrowed shall not be taken into account

be taken into

sca.

m	t in esti-	in estimating the amount which may be borrowed for other
i

matin6 limit of

borrowing P.. purposes by the Carnarvon Municipal Council, and shall not

CTS

be subtracted from ten times the average revenue of the Car-

narvon Municipal Council in making such estimate.

Special rate. 4.

(1.) So long as the said sum of three thousand pounds, or any portion thereof, remains unpaid, the Carnarvon Muni- cipal Council may, in every year, strike such special rate as the Council may deem necessary, after taking into account the profits of the said undertaking, to meet the interest on and sinking fund for the redemption of the said loan, but such rate shall not exceed one shilling and sixpence in the pound upon the annual value of the rateable land within the municipal district.

(2.) All the provisions of the Municipal Corporations Act, 1906, relating to the striking of the general rate, and the levying and recovery thereof, are incorporated with this Act, and shall be applicable to the special rate struck under this Act.

Excess pro- 5.

If in any year the proceeds of such special rate are in excess of the sum required for the purposes mentioned in the last preceding section, such excess shall be retained and credited to the amount required to be raised for the like pur- pose during the next following year.

ceeds of rate.