City of Sydney Loan Authorisation Act 1952 (NSW)

CITY OF SYDNEY LOAN AUTHORISATION ACT.

An Act to empower the Council of the City of Sydney to borrow certain moneys by way of renewal loan; for these purposes to amend the Gas and Electricity Act, 1935-1952, the Local Government Act, 1919, and certain other Acts in certain respects; and for purposes connected therewith. [Assented to, 4th November, 1952.] Whereas

Act No. 37, 1952.

WHEREAS the Municipal Council of Sydney issued in London a loan of two million pounds sterling	which closed on the second day of November one thousand
nine hundred and twenty-seven AND WHEREAS one-half of the said loan was applied to the purposes of the electricity undertaking of the said Council AND WHEREAS by virtue of the provisions of the Gas and Electricity Act, 1935, as amended by subsequent Acts, there was imposed upon the Sydney County Council constituted under that Act a liability for all debts due and moneys payable by the Municipal Council of Sydney solely relating to the said electricity undertaking AND WHEREAS the Sydney County Council was required by the said Act to indemnify and keep harmless the Municipal Council of Sydney against all claims in respect of moneys borrowed by the Municipal Council of Sydney in connection with the said electricity under­ taking AND WHEREAS by virtue of the Local Govern­ ment (Areas) Act, 1948, the assets, rights, debts and obligations of the Municipal Council of Sydney became assets, rights, debts and obligations of the Council of the City of Sydney as constituted thereunder AND WHERE­ AS the said loan is due for repayment on the first day of January one thousand nine hundred and fifty-three AND WHEREAS the Council of the City of Sydney and the Sydney County Council each desires to borrow the sum of one million pounds sterling to fulfil their respective obligations in respect of the repayment of the said loan AND WHEREAS it is expedient to make provision relating to the fulfilment of the said obligations BE it therefore enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the
authority of the same, as follows:—
1 . This Act may be cited as the "City of Sydney Loan Authorisation Act, 1952."
2. (1) Notwithstanding anything contained in any Act the Council of the City of Sydney may borrow by way of renewal loan a sum not exceeding two million pounds sterling for the purpose of renewing a loan of that amount issued in London by the Municipal Council of Sydney

which

which closed on the second day of November, one thousand nine hundred and twenty-seven, and which falls due for r epayment on the first day of J a n u a r y , one

thousand nine hundred and fifty-three.

(2) F o r the purpose of securing the r epayment of such renewal loan the Council of the City of Sydney may issue securi t ies e i ther in any form pe rmi t t ed under the Local Government Act, 1919, as amended by subsequent Acts , or in any form permi t t ed under the law of t he place where such renewal loan is issued. Such securit ies shall, if issued in any form pe rmi t t ed under the Local Government Act, 1919, as so amended, be subject to such conditions as to t r ans fe r as may be prescr ibed by o r under the said Act, as so amended, or, if issued in any form pe rmi t t ed unde r the law of the place where such renewal loan is issued, be subject to such conditions a s to t r ans fe r as m a y be prescr ibed by or under the law of such place.

Subject to this Act the provis ions of the Local Government Act, 1919, as amended by subsequent Acts , re la t ing to loans of the City of Sydney shall app ly , muta t i s mutandis , to and in respect of such renewal loan and such securit ies.

3 . (1) Upon and from the day upon which such renewal loan is issued and unt i l such renewal loan is repa id one-half of any paymen t s due in respect of such renewal loan shall be payable by the Sydney County Council to the Council of the City of Sydney, and the Sydney County Council shall upon and from the day upon which such loan is issued indemnify and keep
harmless the Council of the City of Sydney aga ins t all
claims aga ins t tha t Council in respect of one-half of—

(a)	the moneys due in respect of such renewal loan, and
(b)	all claims for any other liabilities incurred in respect thereof.

(2) The Sydney County Council shall p a y one-half of all in te res t accruing and other charges p roper ly incurred in respect of such renewal loan and make one- half of the contr ibut ions required by law or by any agreement to the s inking fund established in connection wi th such renewal loan.

Contr ibut ions

Contributions to such sinking fund by the Council of the City of Sydney in pursuance of the provisions of subsection six of section one hundred and eighty-six of the Local Government Act, 1919, as amended by subse- quent Acts, shall be disregarded in assessing the contributions to be made by the Sydney County Council under the foregoing provisions of this subsection.