Loan Act 1911 (NSW)

Act No. 25, 1911.

An Act to author ise the rais ing of a Loan for

Publ ic W o r k s and Services, and for	o ther
purposes.	[27th December, 1911.]

Assembly of New South Wales in Parliament assembled, and by the the advice and consent of the Legislative Council and Legislative authority of the same, as follows:— BE it enacted by the King's Most Excellent Majesty, by and with

1 . This Act may be cited as the "Loan Act, 1911."

2 .    I n 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.

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 of money, not exceeding in the whole the amount of Three millions eight hundred and sixty-eight thousand nine hundred and seventy pounds, as are respectively set against the following Public Works and Services, that is to say :—

RESUMED PROPERTIES BRANCH—

For the erection of Workmen's Dwellings £18,000 0 0

SYDNEY HARBOUR TRUST—

Towards construction of Works generally, and for the improvement of the Port—

further sum 250,000 0 0

Resumption of land at Balmain ... ... ... ... ... ... ... 48,000 0 0

RAILWAYS—

Rolling-stock, to meet additional traffic requirements, and equipment of new lines 500,000 0 0

Additions to Railway Lines, Stations, and Buildings, and for other purposes ... 300,000 0 0

Towards construction of Flemington to Belmore, and Wardell-road to Glebe

Island and Darling Island Railways—further sum ... ... ... ... 125,000 0 0

TRAMWAYS—

Additions to Lines, Workshops, and Buildings, Duplication of Lines, and for other

purposes 150,000 0 0

Rolling Stock to meet expansion of Traffic, and Equipment of New Lines... ... 145,000 0 0

Electrification of Newcastle Tramways, and the completion of the conversion of

the Ashfield-Burwood-Mortlake Line—further sum 38,000 0 0

Brought over £1,704,000 0 0

RAILWAY CONSTRUCTION—

North Coast Railway (Maitland to South Grafton)—further sum	200,000 0 0
Lockhart to Clear Hills—further sum	14,970 0 0
Cooma to Bombala—further sum	49,000 0 0

Moree to Mungindi—further sum	...	77,700 0 0
Glenreagh to Dorrigo	6,500 0 0
Forbes to Stockinbingal	20,000 0 0
Parkes to Peak Hill	20,000 0 0
Tullamore to Tottenham	20,000 0 0

Wagga Wagga to Tumbarumba ... ... ... ... ... ... ... 20,000 0 0

Barellan to Mirrool 15,000 0 0

Dunedoo to Coonabarabran ... ... ... ... ... ... ... ... 20,000 0 0

Muswellbrook to Merriwa 15,000 0 0

Central Railway Station—completion ... ... ... ... ... ... 10,000 0 0

National Park—extension	10,000 0 0
Land Resumptions for Authorized Railways	10,000 0 0

TRAMWAY CONSTRUCTION—

Tramways generally ... ... ... ... ... ... ... ... ... 162,220 0 0

SEWERAGE CONSTRUCTION—

Metropolitan Sewerage and Stormwater Channels generally—further sum... ... 15,000 0 0

Country Towns Sewerage and Stormwater Channels—further sum... ... ... 26,000 0 0

Long Bay-Ocean Outfall—further sum	75,000 0 0
Newcastle Sewerage—further sum	42,000 0 0

WATER SUPPLY—

Compensation Weirs, Nepean River—further sum ... ... ... ... ... 1,000 0 0

Country Towns Water Supplies—further sum ... ... ... ... ... 150,000 0 0

WATER CONSERVATION—

For the Construction of Works under the Barren Jack Dam and Murrumbidgee

Canals Construction Act, 1906 ... . . . ... ... ... 120,000 0 0 "

For the Construction of Works under the Murrumbidgee Irrigation Act, 1910, and

for the Purchase of Stock and Establishment of Nurseries ... ... ... 70,000 0 0

Murrumbidgee Irrigation Area—for the Acquisition and Disposal of Lands for

Settlement Purposes 390,000 0 0

Burrinjuck Storage Reservoir and Northern Murrumbidgee Irrigation Scheme—

to meet Compensation Claims in respect of leasehold areas to be appropriated

for Construction of Works, and for Settlement ... ... ... ... ... 10,000 0 0

To meet Compensation in respect of lands resumed for the construction of the

Brought over £3 ,343 ,390 0 0

MISCELLANEOUS—

Now Publ ic Aba t to i r a t Homebush Po in t—fur the r sum 120,000 0 0

New Street , George-street t o Regen t - s t r ee t—fur the r sum ... ... ... ... 730 0 0

S ta te Brickworks, Homebush Bay—establ i shment ... ... ... . . . ... 17,800 0 0

Sta te Brickworks, Homebush B a y - t o provide means of delivery ... ... ... 12,000 0 0

S ta te Brickworks, Botany—estab l i shment 17,350 0 0

S ta te Brickworks, B o t a n y — t o provide means of delivery ... ... ... ... 10,000 0 0

S ta te Lime Quar ry—es tab l i shment 10,000 0 0

K i a m a (No. 1) S t a t e Meta l Quarry and Steamer—establ i shment ... ... ... 19,700 0 0

K i a m a (No. 2) S t a t e Meta l Quar ry—es tab l i shment 12,000 0 0

P o r t Kerabla S t a t e Meta l Quar ry—estab l i shment 8,000 0 0

METROPOLITAN BOARD OF W A T E R SUPPLY AND SEWERAGE—

(To be carried out by the Board.)

Water Supply—

General Ret icula t ion, Improvements , Land, Buildings, Canal W o r k s , &c., and for

o ther purposes—further sum ... ... . . . ... ... . . . . . . 120,000 0 0

Sewerage —

Construct ion and Vent i la t ion of Sewers Generally ; Land, Buildings, &c, and

for o ther purposes—further sum .. . . . . ... . . . . . . ... . . . 110,000 0 0

Redemption of Municipal Loans—

To meet 4 per cent. Debentures issued by Municipal Council of Sydney for W a t e r ­

works taken over by the Government—due 1st J a n u a r y , 1912 . . . . . . . . . 30,000 0 0

To meet 4 per cent. Debentures issued by Redfern Municipal Council for Sewerage

W o r k s taken over by the Government—due 1st Ju ly , 1912 30,000 0 0

H U N T E R R I V E R DISTRICT W A T E R SUPPLY AND SEWERAGE B O A R D —

Water Supply—

Extens ion of Re t icu la t ion—fur ther sum 5,000 0 0

Improvements—fur the r sum .. . . . . . . . ... ... . . . ... ... 1,000 0 0

Sewerage—

Extens ions and Ret icu la t ions—fur ther sum ... ... ... ... .. . . . 2,000 0 0

Total £3 ,868,970 0 0

4 . The Loans so authorised as aforesaid may be 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)

(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 Parliament within fourteen days of the publication thereof, if Parliament be then sitting, and if Parliament 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 authority of this Act, the Governor may, by the issue of Treasury Bills secured upon the Consolidated Revenue Fund, raise such sums of money not exceeding in the whole the amount of moneys authorised to be raised under this Act.

(2) Such Treasury Bills 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 Bills may be

made out shall be chargeable on and payable out of the General Loan Account on the maturing of such Bills. The interest on such Treasury Bills shall be chargeable on and payable out of the Consolidated Revenue Fund.

9 . The provisions of the Treasury Bills Act, 1902, relating to

the making out, signing, numbering, dating, and to the amounts of the Treasury Bills authorised by that Act to be issued, and to the cancella­ tion of defaced Treasury Bills and the issue of new Bills in lieu of such Bills and also of such Bills as are lost, burned, or otherwise destroyed, and to the cancellation of discharged Bills shall apply to Treasury Bills issued under this Act.

1 0 . All moneys borrowed under this Act shall be paid to the

Treasurer, and shall be 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 Bills 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 Bills any property held by them, whether as trustees or other­ wise, which they are 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 liability whatsoever, provided that such investment is in other respects reasonable and proper.

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