Loan Act of 1859 No 4a (NSW)

No. XXVI.

An Act to enable the Government to raise Loans

for certain Public Works and to explain a

former Loan Act. [9th April, 1859.]

hundred pounds for the Public Works hereinafter specified and also to WH E R E A S it is expedient to enable the Government to borrow certain sums amounting in the whole to eleven thousand six

1. I t shall be lawful for the Governor with the advice of the Executive Council to raise by the sale of Debentures secured upon the Consolidated Revenue Fund of the Colony and bearing interest at a rate not exceeding five per centum per annum such two several sums of money not exceeding together eleven thousand six hundred pounds as may be required for the following purposes not exceeding for the same respectively the following several sums that is to say Towards the erection of a new Gaol at Brisbane the further sum of six thousand six hundred pounds and for the erection of a Light-house at Cape St. George the sum of five thousand pounds And all sums borrowed under this Act shall be paid to the Colonial Treasurer and shall be by him placed to the credit of the Consolidated Revenue Fund and shall be applied towards the purposes for which the same shall have been raised

explain the Loan Act twenty-second Victoria number five Be it there­ fore 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 :—

raised and shall lie accounted for in the same manner as if they had
formed part of the Current Annual Revenue of the Colony.

2. And whereas 'twenty thousand pounds portion of the sum authorized to be raised by the Act twenty-second Victoria number five was intended to be applied towards paying off ten thousand pounds Debentures for Sewerage and ten thousand pounds Debentures for "Water for the City of Sydney but the same was accidentally omitted to be so expressed by the said Act it shall be lawful for the said Treasurer to apply to the last-mentioned purposes respectively the said two several sums of ten thousand pounds out of the moneys borrowed under the said Act anything herein to the contrary not- with standing.

3. All sums so as aforesaid applied to paying off any Debentures for Sewerage or Water for the City of Sydney shall together with all interest thereon be and continue to be secured on the entire Revenues of the Council of the City of Sydney from whatever source arising.