Act No. 16, 1909).
An Act to authorise the raising of a Loan for
Public Works and Services, and for other
| purposes. | [14th December, 1909.] |
3 . The Governor may, by the issue of Debentures or Inscribed
Stock, secured upon the Consolidated Revenue Fund, and bearing
interest at a rate not exceeding four per centum per annum, raise such | sums |
| BE | it enacted by the King 's Most Excellent Majesty, by and with the advice and consent of the Legislat ive Council and Legislat ive |
Assembly of New South Wales in Parl iament assembled, and by the authority of the same, as follows :—
1 . This Act may be cited as the "Loan Act, 1909."
2. In this Act the expression " Loan Service " has the meaning
given to it in the Audit Act, 1902 ; " Treasurer " means the Colonial Treasurer for the time being; and " Stock " means Inscribed or Funded Stock.
sums of money, not exceeding in the whole the amount of Six millions one hundred and twelve thousand nine hundred and twelve pounds, that is to say, Three millions two hundred and forty-nine thousand two hundred and twelve pounds, as arc respectively set against the following Public Works and Services, and Two millions eight hundred and sixty-three thousand seven hundred pounds, for repayment of Loans :—
| SYDNEY | H A R B O U R | T R U S T — |
| T o w a r d s const ruct ion | of W o r k s gene ra l l y , a n d | for | flic | improvement | of | the | Port - |
| fur ther | sum | £ 1 4 0 , 7 9 6 | 0 | 0 |
| Erec t ion | of | Gra in | J e t t y , | Dar l ing | H a r b o u r — f u r t h e r | sum | . . . | 20 ,000 | 0 | 0 |
R A I L W A Y S —
| R o l l i n g Stock, to meet add i t iona l | traffic | requ i rements , | and equ ipmen t | of | new | l ines | 61 1,000 | 0 | 0 |
| A d d i t i o n s | to | R a i l w a y | L ines , | S t a t i o n s , | and | B u i l d i n g s , | a n d | for | o ther | purposes, |
| i nc lud ing | Dup l i ca t ion | of | L i n e s | . . . | . . . | . . . | . . . | . . . | . . . | . . . | 3(75,000 | 0 | 0 |
| Towards | Dev ia t ion | to | cut | out | the | L i t h g o w | Zigzag, a n d | for | o ther | p u r p o s e s - |
| further | sum | ' | 1 6 0 , 0 0 0 | 0 | 0 |
| Erect ion | of | C r a n e s | a t | N e w c a s t l e | 15 ,000 | 0 | 0 |
T R A M W A Y S —
| A d d i t i o n s to | L ines , Workshops , | and | Bu i ld ings , Dupl ica t ion | of | L ines , and | for | o ther |
| P o l l i n g Stock to meet | expans ion | of Traffic | 65 ,000 | 0 | 0 |
| R A I L W A Y S | AND | T R A M W A Y S — |
| P u r c h a s e | of | R a i l w a y | and | T r a m w a y | S tores | a n d | M a t e r i a l s , which | canno t | proper ly |
| be cha rged | to | appropr ia t ions | of | P a r l i a m e n t | un t i l | a c t u a l l y i ssued | for | u se—the |
| amount | to be | car r ied | to | Spec ia l | Deposi ts | Accoun t s ( R a i l w a y | S tore | A d v a n c e |
| A c c o u n t ) | 5 0 , 0 0 0 | 0 | 0 |
| R A I L W A Y | CONSTRUCTION— |
| Narrabr i | to | W a l g e t t , | w ith | Branch | to | C o l l a r e n d a b r i — f u r t h e r | s u m . . . | . . . | . . . | 2 ,000 | 0 | 0 |
| M u d g e e | to | Dunedoo | R a i l w a y — f u r t h e r | sum | . . . | . . . | . . . | . . . | . . . | . . . | 62 ,127 | 0 | 0 |
| B e l m o r e - C h a p e l | R o a d | R a i l w a y — f u r t h e r | sum | 5,000 | 0 | 0 |
| Nor th | Coast | R a i l w a y | ( M a i t l a n d to South | Graf ton)—fur ther | sum | 4G5,000 | 0 | 0 |
| Nar romine | to | P e a k | H i l l — f u r t h e r | sum | ' | 93 ,086 | 0 | 0 |
| L o c k h a r t | to | C lea r | H i l l s - - fur ther | sum | 29 ,883 | 0 | 0 |
| Cowra | to | C a n o w i n d r a — f a r t h e r | s u m | . . . | . . . | . . . | . . . | . . . | . . . | . . . | 8 2 , 4 5 1 | 0 | 0 |
| K y o g l e | to | Cas ino—fur the r | sum | . . . | . . . | . . . | . . . | . . . | 66 ,578 | 0 | 0 |
| Cooma | to | B o m b a l a — t o w a r d s | 2 0 , 0 0 0 | 0 | 0 |
| L a n d | R e s u m p t i o n s | for | au thor i sed | R a i l w a y s — f u r t h e r | sum | . . . | . . . | . . . | . . . | 5 ,000 | 0 | 0 |
| T R A M W A Y | CONSTRUCTION— |
| T r a m w a y s | g e n e r a l l y | . . . | . . . | . . . | . . . | ••• | ••• | . . . | 117 ,791 | 0 | 0 |
| Car r ied | over | £ 2 , 4 8 8 , 7 1 2 | 0 | 0 |
| Brough t | over | £ 2 , 4 8 8 , 7 1 2 | 0 | 0 |
| SEWERAGE | C O N S T R U C T I O N — |
| N e w c a s t l e | S e w e r a g e — f u r t h e r | sum | . . . | . . . | . . . | . . . | . . . | . . . | . . . | 73 ,900 | 0 | 0 |
| M e t r o p o l i t a n | S e w e r a g e a n d | S t o r m w a t e r | Channe l s—fur the r | sum | . . . | . . . | . . . | 4 ,500 | 0 | 0 |
| C o u n t r y | Towns | S e w e r a g e a n d | S t o r m w a t o r | Channe l s—fur the r | sum | . . . | . . . | 23 ,000 | 0 | 0 |
| Long | B a y Ocean | Outfal l | - t o w a r d s | 60 ,650 | 0 | 0 |
| Compensa t ion | W e i r s , | Ncpean | R i v e r — f u r t h e r | sum | . . . | . . . | . . . | . . . | . . . | 3 ,000 | 0 | 0 |
| Coun t ry | Towns | W a t e r | Supp l i e s—fur the r | sum | . . . | . . . | . . . | . . . | . . . | 79 ,600 | 0 | 0 |
| B a r r e n | J a c k | S t o r a g e | R e s e r v o i r | a n d | Nor the rn | M u r r u m b i d g e e | Tr i iga t ion | S c h e m e - |
| fur ther | sum | ' | " | 2 0 0 , 0 0 0 | 0 | 0 |
M I S C E L L A N E O U S —
| New | P u b l i c | A b a t t o i r | a t | Homebush | Point —further | sum | 38 ,000 | 0 | 0 |
| N e w | street , | George-street | to | R e g e n t - s t r e e t — f u r t h e r | sum | . . . | . . . | . . . | . . . | 12 ,350 | 0 | 0 |
| N e w c a s t l e | H a r b o u r — N o r t h | B r e a k w a t e r — f u r t h e r | sum | . . . | . . . | . . . | . . . | 15 ,000 | 0 | 0 |
| METROPOLITAN | BOARD | OF | W A T E R ' S U P P L Y | AND | S E W E R A G E — |
| (To be carried | out by the | Board.) |
| Genera l | R e t i c u l a t i o n , | Improvements , | L a n d , | Bu i ld ings , C a n a l | W o r k s , | &c., | and | for |
| o ther | purposes—fur ther | sum | . . . | . . . | . . . | . . . | . . . | . . . | . . . | 116,600 | 0 | 0 |
| Const ruc t ion | a n d | V e n t i l a t i o n | of | S e w e r s | Genera l ly ; | L a n d , | B u i l d i n g s , | Arc., | a n d |
| for | o ther | purposes—fur ther | sum | . . . | . . . | . . . | . . . | . . . | . . . | . . . | 99 ,700 | 0 | 0 |
| Water | Supply | and | Sewerage— |
| P u r c h a s e of | S tores a n d | M a t e r i a l s , which cannot | proper ly | be cha rged | to | appropr ia |
| t ions | of | P a r l i a m e n t | un t i l | a c t u a l l y issued | for | u s e — t h e | a m o u n t | to | be | ca r r i ed | to |
| Spec ia l | Deposi ts | Account | (Me t ropo l i t an | Board | of | W a t e r | S u p p l y a n d | S e w e r a g e |
| S to re | A d v a n c e | Accoun t ) | 10 ,000 | 0 | 0 |
| H U N T E R | R I V E R | D I S T R I C T | W A T E R | S U P P L Y | AND | SEWERAGE | B O A R D — |
| N e w | Offices, | W o r k s h o p s , | a n d | Stores , | i nc lud ing | Cost | of | S i t e | . . . | . . . | . . . | 9 ,700 | 0 | 0 |
| Extens ion | of | R e t i c u l a t i o n — f u r t h e r | sum | . . . | . . . | . . . | . . . | . . . | . . . | 10 ,500 | 0 | 0 |
| Improvemen t s | to | W a t e r | S u p p l y , | Sou th | M a i t l a n d | Di s t r i c t | . . . | . . . | . . . | . . . | 4 ,000 | 0 | 0 |
| TOTAL, | W O R K S | AND | S E R V I C E S | £ 3 , 2 1 9 , 2 1 2 | 0 | 0 |
| R E P A Y M E N T | OF | L O A N S — |
To meet 4 per cent . Deben tures fa l l ing due 1st J u l v , 1910, issued under Loan
| A c t s , | 41 | V i c . | No. | 7, a n d | 43 | V i c . No. | 11 | . . . " | £ 2 , 8 0 3 , 7 0 0 | 0 | 0 |
| Grand Total | £6,112,912 0 0 |
4 . The loans so authorised as aforesaid may he negotiated wholly
or in part in the form of Debentures or Inscribed Stock in New South "Wales or in London at such times and for such amounts and for such periods as may be directed by the Governor.
5 . Any stock issued in New South Wales under this Act shall be
styled " New South Wales Funded Stock," and shall, if sold otherwise
than by tender, be purchasable at the Treasury upon any lawful day.
6. (1) The provisions of the Funded Stock Act of 1892, relating
to the method of inscription and transfer of Stock, and the regulations under such Act, and the forms prescribed in the said regulations, are hereby declared to be applicable to, and shall be followed and used, mutatis mutandis, in connection with Stock issued within New South Wales under this Act.
(2) In respect of any Stock issued in London under the
provisions of this Act, the Governor may make regulations, not being inconsistent with the provisions of the Inscribed Stock Act, 1902, for carrying this Act into effect; and such regulations shall be published in the Gazette and laid before Parl iament within fourteen days of the publication thereof, if Parl iament be then sitting, and if Parl iament be not sitting, then within fourteen days of the commencement of the next session thereof.
7 . (1) Pending the issue of Debentures or Inscribed Stock
under the authori ty of this Act, the Governor may, by the issue of Treasury Bil ls , raise such sums of money not exceeding in the whole the amount of moneys authorised to be raised under this Act.
(2) Such Treasury Bil ls shall bear interest at a rate not
exceeding four pounds per centum per annum, and shall have such
currency, not exceeding five years, as the Governor may direct.
8 . The principal moneys for which such Treasury Bi l ls may be
made out shall be chargeable on and payable out of the General Loan
Account, and, so far as funds are not on the maturing of such Bil ls
available for such payment out of the said Account, such moneys shall be chargeable on and payable out of the Consolidated Revenue bund.
The interest on such Treasury Bil ls shall be chargeable on and payable
out of the Consolidated Revenue Fund.
9. The provisions of the Treasury Bi l ls Act, 1902, relating to the making out, signing, numbering, dating, and to the amounts of the Treasury Bi l l s authorised by that Act to be issued, and to the cancella tion of defaced Treasury Bil ls and the issue of new Bil ls in lieu of such
Bi l ls and also of such Bills as are lost, burned, or otherwise destroyed,
and to the cancellation of discharged Bil ls shall apply to Treasury
Bi l l s issued under this Act.
1 0 . Al l moneys borrowed under this Act shall be paid to the
Treasurer, and shall he by him carried to and form part of the
General Loan Account, and be appropriated and applied, as required, to the works and services hereinbefore specified, or to any other duly authorised Loan Service, in terms of the Audit Act, 1902.
1 1 . Debentures, Stock, or Treasury Bil ls sold or issued under this Act are hereby declared to be for all purposes Government Securities ; and all corporations and other persons whatsoever shall have power to invest in the purchase of such Debentures, Stock, and Treasury Bi l ls any property held by them, whether as trustees or other
wise, which they arc not expressly forbidden to invest in Government
Stock or Securities, without on that account being liable for a breach of trust and without incurring any l iabi l i ty whatsoever, provided that such investment is in other respects reasonable and proper.