Nyngan Town Hall (Mortgage) Act of 1897 (NSW)

Act ̂ 1897.

Nijiigan Toicn Hall {Mortgage).

NYNfiAN An Act to enable tlie Mnnieipal Ooimcil of the mnnieipal district of Nyng-an to l)orrow money for tlie purpose of defraying tlie costs of erecting and completing a town hall, council chambers, offices, and bnildings on lands within the municipal district of Nyngan, and

T o w n H a i .l

( M o rt gagk).

for other purposes. [10^/i Decemher^ 1897.]

Preamble. T T rilE R E A S liy Crown grant Learing date tlie t\vcnty-.second day

of September, one thousand eight hundred and ninety-seven, the lands described in tlie Schedule hereto were granted unto the municijial district of Nyngan, to he held upon trust as a site for a town hall, and for no other use or jourpose whatsoever, subject to the reservations and conditions in the said Crown grant expressed : And whereas the said council is desirous of erecting a town hall, council chainhcrs, offices, and buildings on the said land and has entered into a contract for and has commenced the erection thereof: And Avhereas by the Municipal Loans Act of 1888 the said municipal council is authorised to borrow only on the security of the said land and buildings ; And whereas the [Municipalities Act of 1867 docs not confer on the said municipal council power to borrow money for tlie special purposes aforesaid on the security of the general rates or other revenues of the said municipal district : And whereas under the provisions of the Country Towns Water and Sewerage Act of 1880 and the Country Towns Water and Sewerage Act Extension Act of 1887, the said council borrowed money from the Colonial Treasurer, and constructed works for water supply within the said municipal district, and under the said Co\mtry Towns Water and Sewerage Act of 1880, the moneys so horroAved arc declared to he a debt chargeable upon the general revemres from Avhatcver source derived of such municipal district until dt'frayed as thereinafter provided, and by the said Extension Act such moneys arc declared to he a first charge on the said waterworks and upon all rates and revenues deriwahlc therefrom until srrch debt has been duly liquidated : And Avhercas the said council is unable to raise sufficient money to pay for the cost of erecting the said Imildings, except by l)orroAving a sum not exceeding one thousand th'o liundred pounds upon security of the said lands and buildings, together with the general rates or other revenues of the said munici])al district, subject as to such rates and revenues to the charge hereinbefore set forth; and it is expedient that the said council should he authorised and empoAvered to mortgage the said

V V

lands,

Act, 1897.

Nyngan Town Nall {Mortgage).

lands, town liall, council chamlievs, buildings, and general rates and other revenues ot the said municipal district for the purposes and subject as aforc'said, and also to b't and demise the said town hall, council chambers, offices, and buildings in manni'r hereinafter men­ tioned : Ee it thei-i'fori' (macted by the Queen’s Most Jixccllent 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 J'ollows :—■

1. I t shall be lawful for the said municipal council to borrow I’owoi-to borrow

by debimturos, mortgage, or otherwise on the security or credit of the parcel oi land described in the Schedule hereto, and of the said town hall, council chambers, offices, and buildings, and the general and special rates already levied, or lun'cafter to be levied, within the said municipal district, and upon any other revenues of the said immicipal district (but subject to any existing mortgage or charge thereon) any moneys not exceeding the sum of om; Ihousand fiv(! hundi’cd pounds at interest ; and for the j)urpose of securing the payment of the princi])al and interest of any such loan the said council may, by deed under their common seal whei’oin the consideration shall be truly stated, mortgage or otherwis(! bind and charge the said land, town hall, council chambers, offices, and buildings, and by the same or further deeds or by debentures or bonds, mortgag(', or otlunavise bind and charge all general and special rates, or either of thcju already levied or to be levied within the said municipal district, subject, however, as to such general and special rates to any charge already incurred thereon, as in the jrreamblc mentioned, and such mortgage or other dc'cd, debentures, or bonds may be according to the forms and Schedules M, .N, and O to tlu ̂ Municipalities Act of 1807, or to the like effect, and any person may transfer his right and interest in such last-mentioned mortgage', deed, or bond in the manner provided by scctioir one hundred and ninety-one of the said Act. And tlie inortgagce or transfereee shall have aird bee entitled to exercise all the powers, rights, and remedies given and conferred by the Municipalities Act of 1867 in case of default in ])ay- ment of the principal sum or interest due upon or under the said mortgages, deeds, debentures, or bonds.

2. All moneys so raised as afore.said shall be applied to the Mom-vs to be applied

purposi's of defraying the costs of building and completing the said town hall, council chambers, olllces, and buildings, and inckh'utal thereto, and for no other purpose whatsoever.

3. I t shall be lawful for the said council, from time to time, Couneii may let or

to let or demise the said town hall, council chambers, oflices, and buildings, or any part or parts thereof, for any term not exceeding three years in possession, at the best rent obtainable for the same, and subject to such terms, covenants, conditions, and yirovisos as the said council shall approve.

30 Act, 1897.

Nyngan Town Nall {Mortgage).

Short title. 4. This Act mav he cited as the “ Nyngan Town Hall (Mortgage)

Act of 1897.” ^

SCHEDULE.

All that piece or parcel of land containing two roods situated in tlic town and parisii of Nyngan and county of Oxley, being allotment number four of section number thirty-one, and being the whole of the land comprised in Crown grant dated twenty- second day of September, one thousand eight hundred and ninety-seven, registered volume one thousand two hundred and thirty-one, folio seventy-five.