Local Government (Shire Loans) Act 1914 (NSW)

LOCAL GOVERNMENT (SHIRE

LOANS) ACT.

Act No. 22, 1914.

An Act to enable shire councils to raise loans ; and
for purposes consequent thereon or incidental

thereto. [Assented to, 7th November, 1914.]

lative Council and Legislat ive Assembly of N e w South	BE it enacted by the King ' s Mos t Excel lent Majes ty , by and with the advice and consent of the Legis­
Wales in Pa r l i amen t assembled, and by the au thor i ty of the same, as follows :—

1 . This Ac t m a y be cited as t h e " L o c a l Governmen t

(Shire Loans) Ac t , 1914 . "

2 . (1) A shire council may , if t he Governor 's

approva l first be obtained, borrow for t he purpose of ca r ry ing out any work which it is by law authorised to under t ake .

(2) Any loans obtained u n d e r th is A c t shal l no t

exceed in t h e aggregate a s u m equal to thr ice t he a m o u n t of a year 's income of the shire as shown by the last

(4) I f before t h e Governor ' s approval has been given to any proposed loan, t en per c e n t u m of t he ra tepayers pe t i t ion the council to t ake a poll of t he ra tepayers on t he quest ion of such proposed loan, a bal lot of the ra tepayers shall be t a k e n in m a n n e r	prescribed
aud i ted	year ' s	accounts .

(3) W h e r e a council borrows unde r this Ac t the

loan shall be a r r anged upon te rms providing for t he r e p a y m e n t of pr inc ipal and interes t in equal year ly or half-yearly ins ta lments , spread over a t e r m to be fixed by the Governor on the basis of three- four ths of t he estimated" probable life of the works on which the a m o u n t borrowed is to be expended.

prescribed on the advisability of such loan, and if the proposal is lost no proposal to borrow for the like purposes shall he sanctioned by the Governor until a further ballot of ratepayers, which shall not be taken within twelve months of the previous ballot, shall have affirmed the desirability of such loan.

(5) Loans under this section may be secured and charged upon the income of the general fund of the shire ; and the shire council shall have the same powers to give security by debentures, mortgage deeds, or bonds as are given by the Local Government Act, 1900, to the council of a municipality.

3 . I t shall be lawful for the Governor to make

regulations for the purpose of carrying out the provisions
of this Act.