Local Government (Loans) Act 1907 (NSW)

ANNO SEPTIMO

ED WARDI V I I REGIS .

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A c t No. 1, 1907.

A n Act t o a u t h o r i s e ce r t a in b o r r o w i n g s b y

Counc i l s t o v a l i d a t e ce r t a in b o r r o w i n g s ;

" th is A c t " means the Pr inc ipa l A c t as hereby amended .

t o a m e n d t h e Local G o v e r n m e n t Ac t , 1906 ;

a n d for p u r p o s e s c o n s e q u e n t t h e r e o n or

i n c i d e n t a l t h e r e t o . [12th July, 1907.]

BE	it enacted by the K ing ' s Most Excel lent Majesty, by and with the advice and consent of the Legislat ive Counci l and Legis la t ive
Assembly of N e w South Wales in Pa r l i amen t assembled, and by	the
au thor i ty of t he same, as follows :—

1 . This A c t may be cited as the " Local Gove rnmen t (Loans)

Ac t , 1907 , " and shal l be const rued wi th the Local Gove rnmen t Act ,

1900, hereinafter referred to as t h e Pr inc ipa l Act . The expression

2. The following sections are inserted n e x t after section one

hund red and seventy of t he Pr inc ipa l A c t : —

170A. (I) "Where, before t he twen ty -e igh th day of December ,

one thousand nine hundred and six, t he council of an exis t ing munic ipa l i ty had obtained the sanction of the Governor unde r t he Munic ipa l i t ies Act , 1897, to borrow money, and had entered in to b u t not completed negot iat ions for such borrowing, or incurred liabilities which it was in tended should be met by the proceeds of such borrowing, t h e counci l of t he munic ipa l i ty cons t i tu ted by this Ac t may , w i th the approva l of t he Governor, borrow such money under this Act , in which case t he l imi ta t ion of a m o u n t in subsection one of section one hundred and s ix ty-nine , and the provisions of section one h u n d r e d and seventy, shall not apply in respect of such borrowing.

(2) W h e r e , before the said date , any such council h a d obta ined such sanction and had agreed for such borrowing, and the money was advanced after such date , and before t he th i rd day of J u l y , one thousand nine h u n d r e d and seven, to the council const i tu ted u n d e r th is Act, such bor rowing shal l be deemed to have been and to be valid, and to have been the bor rowing of the exis t ing mun ic ipa l i ty made

before t he first-mentioned date.

170B. (1) The Governor may approve of t he council of the

munic ipa l i ty of L i thgow borrowing, and the said counci l may, in
pur suance of th is section, borrow the s u m of six thousand pounds .

Section one hund red and fifty-six and subsections one, t h ree , and four of section one hundred and s ix ty-nine , section one hundred and seventy, and section one hund red and seventy-five, shall not apply to such borrowing.

(2) N o t w i t h s t a n d i n g a n y t h i n g to the cont ra ry in this Act ,

the money so borrowed shall be appl ied to the following purposes : —

(a)	For or towards or incidental to the completion and carrying out of the erection of a garbage des t ruc tor and of extensions
and addit ions to t he gas-works of t he munic ipa l i ty .
(b)	For the repayment to any fund of the council of all or any moneys expended out of t ha t fund on or towards or incidenta l

to t h e ca r ry ing out of the works or under tak ings in the

immedia te ly preceding pa rag raph set out .
(c)	For the repayment of all or any moneys borrowed by the council wi thout the approval of the Governor , and expended by the council for or towards or incidenta l to the ca r ry ing out of t he works or u n d e r t a k i n g s in p a r a g r a p h (a) of this subsection set out.

The provisions of subsection one of section one h u n d r e d and

seventy-five shall not apply, or be deemed to have applied, to any

borrowing for which r e p a y m e n t is provided in th is subsection.

(3)

(3) The council shall, in t he year commenc ing on the first J a n u a r y n e x t following after t he borrowing of money under this section, and in each succeeding year unt i l t he loan is repaid, make and levy a loan ra te which (at the opt ion of t he council) shall he on the un improved or improved capital va lue of all ra table land in the area. Such loan r a t e shall not be less than sufficient to pay the in teres t fal l ing due each year in respect of the loan, toge ther wi th a sum a m o u n t i n g to not less t h a n two and a half per c e n t u m on the principal sum of six thousand pounds to be carried to a s ink ing fund for the

r e p a y m e n t of t he s u m borrowed.

( i ) No th ing in th is section shall be cons t rued to empower

t h e	said	counc i l—
(a)	to borrow so that the amount so borrowed, together with any other amoun t s owing by the council in respect of loans, exceeds t en per c e n t u m of the un improved capi ta l va lue of all ra tab le lands in the munic ipal i ty ; or
(b)	to levy rates which , together wi th the ra te leviable u n d e r this section, would exceed the to ta l a m o u n t which is now leviable or may hereafter be made leviable under the provisions of
this Act .

170c. N o t h i n g in this Act shall be t aken to repeal the Munic ipa l

Loans Author i sa t ion and Val ida t ion Act , 1906, and any powers conferred by t h a t Ac t upon an ex is t ing munic ipa l i ty may be exercised by the council of a munic ipa l i ty const i tu ted by this Act .