Municipal Loans Act of 1888 (NSW)

No. IX.

An Act to enable Municipal Corporat ions to borrow money, by way of mor tgage , on land held or purchased for t h e erection of Town Ha l l s or Municipal Chambers , and also to give, as securi ty for any such Loan, t he said land and any bui ldings a l ready erected or hereafter to be erected upon such land. [23rd July, 1888.]

lands upon which Town Ha l l s or Council Chambers are in tended to be, WH E R E A S should be enabled to borrow money upon t h e securi ty of t he

it is expedient t ha t t h e Councils of Municipal i t ies

or have been par t ly , or wholly, erected, and of t he bui ldings thereon : Be it therefore enacted by the Queen ' s Most Exce l l en t Majesty, by a n d wi th t he advice and consent of the Legislat ive Council 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. The Counci l of any Borough or Munic ipa l Dis t r ic t may borrow a t any t ime , or from t ime to t ime, any s u m or sums of money for t he purpose of defraying the cost of a site for a Town H a l l , or Council Chambers , wholly or in par t , and of defraying whol ly or in pa r t t he cost of e rec t ing on such site any Town H a l l or Council Chambers wi th in any such Borough or Munic ipa l Dis t r ic t , and w h e t h e r any such bu i ld ing shall have been erected, or such borrowing shall t ake place before or after t he purchase of such site, or before or after the erect ion of any such Town Ha l l , or Counci l Chambers . Provided t h a t no money shal l be borrowed unde r this Act , unless the sanct ion of t he Governor and Execu t ive Counci l shall first have been obtained.
2. The Counci l of any Borough, or Munic ipa l Distr ict , may sign, seal, deliver, and execu te all acts, deeds, mor tgages , or documents necessary for effecting any such mor tgage or charge as may be necessary to secure any sum or sums borrowed unde r t he au thor i ty of th is A c t

and interest .

1888 , " and , upon the passing thereof, the A c t passed du r ing this p resen t Session of Par l i ament , in t i tu led "An Act to enable the Municipal Council of Leichhardt to mortgage certain land for the purpose of erecting a Town Hall or Council Chambers thereon," shall be repealed. No. X.

3 . The receipt of t h e Mayor or C h a i r m a n for the t ime be ing of any Borough or Mun ic ipa l Dis t r ic t shall be a sufficient discharge to t h e mor tgagee or person lending any such money, for any s u m so borrowed, and shal l whol ly exonera te such mor tgagee or person from a n y l iabil i ty as to t he misappl icat ion or non-appl icat ion of any such money, or any pa r t thereof, or of seeing to the appl icat ion thereof.
4. A n account of all moneys borrowed by any Counci l under

t h e au thor i ty of this Ac t shall be included in t he account of revenue

a n d expendi tu re required by t h e "Munic ipa l i t i e s Act of 1807 ."

5. N o t h i n g in this A c t shall prejudice or affect the bor rowing

powers conferred on Munic ipa l Councils by t he " Municipal i t ies Ac t

of 1807" or any A c t amend ing t h a t Act .

6. This A c t m a y be cited as t he " M u n i c i p a l Loans Ac t of