Somerset Dam (Finance) Act of 1954 (3 Eliz Ii No. 50) (Qld)

520- SOMERSET DAM. Somerset Dam ( Finance ) Act. 3 E liz . II. No. 50, SOMERSET DAM. 3if“z6on An Act to make Further Provision with respect to ^ S omerset Payment of the Capital Cost of the Somerset A^F°B Dam. [A ssented to 10 th D ecember , 1954.] W HEREAS the provisions, with respect to the making by Brisbane City Council and the Council of the City of Ipswich of payments to the Treasurer of Queensland in respect of portion of the capital cost of the Somerset Dam, of section 6c of *“ The Bureau of Industry Acts, 1932 to 1943,” were varied by f“ The Somerset Dam Financial (War Adjustment) Act of 1943,” for the reasons indicated in the preamble to that lastmentioned Act, so as to require those two Councils to each make under, subject to and in accordance with the provisions of that lastmentioned Act, payments to the said Treasurer during the financial year commenced on the first day of July, one thousand nine hundred and forty-three, and succeeding financial years by way of contribution to the capital cost incurred by him up to and including the thirty-first day of December, one thousand nine hundred and forty-two in respect of the construction of the said dam : A nd W hereas it is desirable to further vary the provisions hereinbefore mentioned in this preamble of section 6c of “ The Bureau of Industry Acts, 1932 to 1943,” with the object of limiting the amount of interest which pursuant to those provisions is to be funded and added to the payments to be made thereunder by Brisbane City Council and the Council of the City of Ipswich to the Treasurer of Queensland in respect of the portion of the capital cost of the said dam incurred after the thirty-first day of December, one thousand nine hundred and forty-two, and up to and including the thirty-first day of December, one thousand nine hundred and fifty-four. Be it therefore enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows :— short title. (1.) This Act may be cited as “ The Somerset Dam ( Finance) Act of 1954.” * 23 G. 5 No. 25 and amending Acts, f 7 G. 6 No. 35.

SOMERSET DAM. 521 1954. Somerset Dam ( Finance) Act. (2.) To the extent necessary to give effect to this interpreta- Act, *“ The Bureau of Industry Acts, 1932 to 1943,” shalltion- he read subject to this Act. 2. Notwithstanding the provisions of section 6c of Payments “ The Bureau of Industry Acts, 1932 to 1943,” it is hereby city Council declared that Brisbane City Council and the Council of^^the^: the City of Ipswich shall make to the Treasurer of thocstyof Queensland payment under, subject to and in accordance ips*™** with this Act in respect of the capital cost of the Somerset Dam incurred by the said Treasurer after the thirty-first day of December, one thousand nine hundred and forty-two, and up to and including the thirty-first day of December, one thousand nine hundred and fifty-four. 3. Bor the purposes of this Act, the capital cost of the Somerset Dam incurred by the Treasurer of ^tlrest on Queensland after the thirty-first day of December, oneloans (or thousand nine hundred and forty-two, and up to and^^sSS! including the thirty-first day of December, one thousand nine hundred and fifty-four, shall comprise the following:— (а) All moneys expended in defraying that capital cost; and (б) All interest paid or payable by the said Treasurer up to and including the thirty- first day of December, one thousand nine hundred and fifty-four, on any and every amount of money applied by him from the Loan Fund Account of Consolidated Revenue in defraying that capital cost, and the amount of that capital cost shall be ascertained accordingly. 4. The amounts of the payments to be made under Amounts of this Act by Brisbane City Council and the Council of the City of Ipswich in respect of the capital cost of the Somerset Dam incurred by the Treasurer of Queensland after the thirty-first day of December, one thousand nine hundred and forty-two, and up to and including the thirty-first day of December, one thousand nine hundred and fifty-four, shall be— (a) Brisbane City Council—five hundred and sixty-six pounds; and * 23 G. 5 No. 25 and amending Acts.

522 SOMERSET DAM. Somerset Dam ( Finance) Act. 3 E liz . II. No. 50, (b) The Council of the City of Ipswich—thirty- four pounds, for each and every one thousand pounds of the amount, ascertained as prescribed by section three of this Act, of that capital cost. How 5. (1.) The amounts as prescribed by section four pbeaymmaednet.s t0 of this Act of the payments to be made under this Act by Brisbane City Council and the Council of the City of Ipswich shall be deemed to be loans duly made to them respectively by the Treasurer of Queensland under *“ The Local Government Acts, 1936 to 1953,” f“ The Local Works Loans Acts, 1880 to 1918,” and in the case of the City of Brisbane, The City of Brisbane Acts, 1924 to 1953.” (2.) Each such loan— (а) Shall have a currency of thirty-five years commencing on the first day of January, one thousand nine hundred and fifty-five; (б) Shall bear interest at the rate of three pounds eight shillings and ninepence per centum per annum which interest shall commence to run on the first day of January, one thousand nine hundred and fifty-five ; and (c) Shall be liquidated by the payment to the Treasurer by Brisbane City Council or, as the case requires, the Council of the City ofIpswich on the first day of July, one thousand nine hundred and fifty-five and thereafter on the first days of January and July respectively in every year, of one moiety of the annual payment required to redeem the loan within the currency thereof by equal annual instalments compounded of principal and interest. (3.) (a) For the purposes of the recovery of all moneys payable to him under this Act which shall not have been duly paid to him, the Treasurer of Queensland shall have and may exercise all of the powers and authorities had by him under *“ The Local Government Acts, 1936 to 1953,” and in the case of Brisbane City Council The City of Brisbane Acts, 1924 to 1953,” with respect to the recovery by him of repayments overdue and in arrears of loans made by him. * 1 G. 6 No. 1 and amending Acts, t 44 Y. No. 9 and amending Acts, j 15 G. 5 No. 32 and amending Acts.

1954. SOMERSET DAM. Somerset Dam ( Finance) Act. 523 ( b) For the purposes of raising any moneys payable under this Act, Brisbane City Council or the Council of the City of Ipswich may make, levy and recover all such rates as could be made or levied for the purpose of repaying any loan borrowed from the Treasurer of Queensland under the authority of *“ The Local Government Acts, 1936 to 1953,” or, in the case of Brisbane City Council, that Act and The City of Brisbane Acts, 1924 to 1953.” 6. A certificate under the hand of the Treasurer Certificate of Queensland certifying all or any of the following, treasurer namely:— (а) The amounts of the payments to be made under this Act by Brisbane City Council and the Council of the City of Ipswich respectively ; (б) The amounts of the annual payments by which the amounts payable under this Act by Brisbane City Council and by the Council of the City of Ipswich respectively are to be liquidated ; and - (c) An amount as being overdue and in arrears upon a day specified in the certificate in respect of the payment under this Act to be made by either of the said Councils, shall, upon its production in evidence in any proceeding in which proofof the matter or matters certified to therein is relevant, be evidence thereof and, in the absence of evidence in rebuttal, shall be conclusive evidence thereof. 7. When calculating the amounts to be paid to the Payments Treasurer of Queensland by Brisbane City Council and Act'tVb©8 the Council of the City of Ipswich respectively under credited section 6c of $“ The Bureau of Industry Acts, 1932 to 1943,” upon the completion of the construction of the liability. Somerset Dam due credit shall be given to those councils for the payments made by them under this Act and their respective liabilities under the said section 6c shall be reduced accordingly. * 1 G. 6 No. 1 and amending Acts, t 15 G. 5 No. 32 and amending Acts, j 23 G. 5 No. 25 and amending Acts. STANTHORPE SOLDIERS CLUB. See B uildings .