Deficiency (Revenue) Act 1929 (NSW)

DEFICIENCY (REVENUE) ACT.

Act No. 11, 1929.

An Act to au thor i se the i ssue of a loan to cover

the Deficiency Debt up to the th i r t i e th	d a y
of J u n e , one thousand nine hundred	a n d

t w e n t y - e i g h t ; to provide for the r e d e m p ­ t ion of such loan ; a n d for purposes con­ sequent thereon or inc iden ta l there to . [Assented to, 8th Apri l , 1929.]

lat ive Council and Legislat ive Assembly of New South BE it enacted by the King 's Most Excellent Majesty, by and with the advice and consent of the Legis­

Wales in Parliament assembled, and by the authority of the same, as follows :—

1 . I b i s Act may be cited as the " Deficiency7

(Revenue) Act, 1929."

2 . The Governor may, under the authority of this Act, authorise the raising of a loan by the issue of stock, bonds, or other securities in conformity with the terms of the agreement ratified by the Financial Agree­ ment Ratification Act, 1928, to the extent of a net sum of four million three hundred and forty-one thousand one hundred and eighty pounds to cover the accumulated deficiency of three million two hundred and forty-six thousand one hundred and eighty-five pounds on the Consolidated Revenue Lund of the State to the thirtieth day of June , one thousand nine hundred and twenty- seven, and the deficiency of one million and ninety-four thousand nine hundred and ninety-five pounds of the financial year ended the thirtieth day of June , one thousand nine hundred and twenty-eight.

Revenue Fund hereinbefore mentioned.

3 . Al l sums of money raised under the authority of this Act shall he carried to and form part of the Consolidated Revenue Fund for the purpose of the extinction of the deficiencies on the Consolidated

4 . The principal sum or sums or any part thereof may, with the authority of the Governor, he renewed from time to time during their currency.

5 . (1) In respect of the amount of three million two hundred and forty-six thousand one hundred and eighty-five pounds of the said loan being the amount of the deficiency accumulated up to the thirtieth day of June , one thousand nine hundred and twenty-seven, Sinking Fund contributions shall be made at the rate of

live shi l l ings per annum for every one hundred pounds of

such amount in accordance with subclause (c; of clause four of Part I I of the agreement ratified by the Financial Agreement Ratification Act, 11)28, and after Par t I I I of the said agreement becomes operative in accordance with subclause (f) of clause three of Part I I I of such agreement, and the Special Purposes (Revenue) Fund
is to the extent necessary to meet such contributions

hereby appropriated accordingly.

(2) In respect of the amount of one million and ninety-four thousand nine hundred and ninety-five pounds being the deficiency of the financial year ended on the thirtieth day of J u n e , one thousand nine hundred and twenty-eight , Sinking Fund contributions shal l be made at the rate of four pounds per centum per annum in accordance with subclause (d) of clause four of Par t I I of the said agreement and after Par t I I I of the said agreement comes into operation in accordance with subclause ( j ) of clause three of such Part and the Special Purposes (Revenue) Fund is to the extent necessary to meet such contributions hereby appro­

priated accordingly.

6 . The interest upon al l principal moneys shall be chargeable upon and paid out of the Consolidated Revenue Fund.

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