Sydney Streets Municipal Loan Act 1884 No 18a (NSW)

30 No. 1. 48̂ ̂VIC. 1884.

Sydney Streets Municipat Loan.

ANNO QUADRAGBSIMO OCTAVO.

V I O T O E I ^ E E G I N . ^ .

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No. I.

Sydney Streets

M unicipal L oan. An Act to enable the M unicipal Council of Sydney to raise by Debentures the sum of Two Hundred Thousand Pounds for the im provem ent of Public H ighw ays w ithin

the said City. [20 /̂ ̂June, 1884.]

Preamble.	TTTH EREA S it is expedient that the Municipal Council of Sydney
V V
slionld he empowered to borrow by the issue of Debentures a sum not exceeding Two hundred thousand pounds for the purpose of paving public highways within tlie said city Be it therefore enacted by the Queen’s Most Excellent Majesty by and with the advice and consent of the Legislative Conncil and Legislative Assembly of New South Wales in Parliament assembled and by the authority of the same as follows ;—

Municipal Council 1. I t shall he lawful for the Municipal Council of Sydney to

empowered to borrow i • p i t

£200,000 for im- DOiTow in maniicr lierematter provided and subject to the conditions proTcment of pubUc hereinafter prescribed a sum of money not exceeding Two hundred

° ̂ ' thousand pounds and all sums lawfully borrowed under this Act shall he deemed to he secured upon the corporate rates and revenues of the said Council from whatsoever source arising and shall be expended for the pnrpose of paving the public highways within the said city and for no other purpose whatever And the folloAving additional qualifi­ cations and provisions shall regulate the borrowing of money and the issne of debentures under this Act viz. :—

(i.) All moneys borrowed by the Council shall be raised by the sale of debentures to he issued in such series and at such times and in such manner as the Council shall think fit and all such debentures shall have a currency not exceeding twenty years and shall hear interest at the rate of five pounds per centum per annum and shall he in the form in the Schedule hereto.

(ii.) Every such debenture shall be numbered in regular ascend­ ing arithmetical progression Avliereof the common difference shall he one and shall have annexed for every payment of interest to grow due thereon a conpon hearing the same number in the debenture.

(ill.) Every such debenture shall name the principal sum secured thereby which shall not be less than one hundred pounds the rate at Avhich interest is payable thereon and the time and place Avhore such principal and interest are payable ̂ And every such debenture shall be under the corporate seal of the Council and be sigm-d by the Mayor and Toivn Clerk and shall bear date on the daA’ on Avliich it is sealed.

' (IV.)

1884 48« VIC. No. 1.

Sijchiey Streets Municipal Loan.

(iv.) Every sucli debenture and any coupon wlietlier annexed

thereto or not nray bo transferred l)y simple delivery.

2. The holder of any debenture issued under the provisions of Payment of debcn-

tbis Aet shall be entitled to receive payment from the Municipal	interest.
Council of Sydney of the principal sum named therein upon presenta­ tion of sucli debenture on or after the duo date thereof at the place
where tlie same is expressed to be made payable And tlie holder of any coupon originally annexed to a debenture and Avhetlier separated therefrom or not shall be entitled to receive payment in like manner of the interest mentioned in sitch coupon upon presentation of the same at the place where and on or after the date when interest is payable.

3 . If default shall be made by the Council in making a n y Pi-ovisions on default

payment Avhetber of principal or interest to the holder of any such Couucd.'*̂ ”*̂

debenture or coupon the following provisions shall take elfect viz.—

(i.) The holder of such debenture or coupon shall ha^m full power to make all necessary applications to and to procure all necessary orders and directions from the Supreme Court for and touching the appointment of a Ecceiver and the said Court shall have poAver to make all sueh orders for the appointment of a llccciA'er or for his rcmoA'al and the appointment of another in his place as may be necessary and to make any orders and give any directions Avhich the said Court may think proper And such EeceiA’er shall be deemed to be an officer and shall act under the direction of the Supreme Court.

(it.) Sueh Ecceiver shall have power to make levy and collect all

rates and revenues Avhatsocvcr payalile to the Council for or

in respect of which he shall have been appointed Ecceiver

■ but the rates so to be made and levied shall not exceed the maximum limits permitted under the proAUsions of the laAV in force for the time being And for such purposes such Eccci\’cr shall be deemed the Municipal Council of Sydney and may exercise all the poAÂ ers thereof.

(m .) Such EcceiA’cr shall be entitled to such commission payable ont of the City rates as remuneration for his services as the Supreme Court may appoint.

(lA )̂ Such Eecciver shall subject to any order of the Su])rcme Court pay oA'cr all monc^ys received by him to such lioldcr and if there be any balance in hand OA'er and aboA'c the amount due and payable to him under the provisions of this Act the Ecceiver shall pay such balance OA'cr to the Conncil.

I . A sinking fund for the repayment of the principal sums sinking fnmi to be

borroAved under the authority of this Act and of the interest due on debentures issued thereunder shall subject to conditions to bo approved by the Governor Avitb the advice of the ExecutE'e Council be estab­ lished by the said Council before they shall proceed to exercise the borroAving poAvers conferred by this Act And in each and every year (commencing Avith the year one thousand eight hundred and eighty-four) during the currciAcy of such debentures the Council shall pay into such sinking fund a sum of money not less than three thousand pounds And the sum so to be paid shall be invested in the purchase of GoA'ernment securities or of such other securities as the Governor by Avriting under his hand shall approve And the produce of all sueh investments shall lie reinvested in like manner The Couneil may at any time apply the whole or any part of such sinking fund in or towards the discharge of any moneys borroAved under this Act But they shall in every such case recoup the fund by paying into it a sum equal to the interest Avdiich any sum so applied would have produced if left invested If in any such year as aforesaid

after

32 N o . 2 . 48 ̂VIC. 1884

Consolidated lievenue Fund (No. 7).

after tlic year one thousand eight hundred and eighty-four the Couneil shall not within seven days after notice in that behalf under the hand of the Colonial Treasurer shall have been given to the Town Clerk show to the satisfaction of the said Treasurer or an officer to he appointed by him that the annual payments and investments required by this Act for the formation of the said Sinking Fund have not been duly complied with it shall be lawful for the Governor with the advice of the Executive Council either to impound so much of the endowment of the City Fund provided by the two hundred and thirteenth section of tlie “ Sydney Corporation Act of 1879 ” as will equal the sums so required to be paid or invested and to pay and invest the amount so impounded as provided by this Act or to apply to the Supreme Court for the appointment of a Receiver of the rates and other revenue of the said Council And in the last-mentioned case the said Court and the Receiver so to be appointed shall have all such powers mutatis mutandis as are hereinbefore provided for the benefit of holders of unpaid debentures.

Short title. 5. This Act may be cited as the “ Sydney Streets Municipal

Loan Act 1881.”

SCHEDULE.

No. Debenture.? £,

Issued by tlie Municipal Council of Sydney under tbo provisions of the “ Sydney

Streets Municipal Loan Act ISSt.”

Transferahle ly delivery.

T h is Debenture was issued by the above-named Couneil in pursuance of the provisions

of the above-mentioned Act and is to secure to the bearer a principal sum of

payable at the on the day of

Interest at the rate of pounds per centum per annum on such principal

sum in the meanwhile is payable by equ.al half-yearly payments on the day

of and the day of and a coupon is annexed

for each payment which entitles the he.arer of such coupon thereto.

Dated this day of a .d .

G.II. [Mayor] (i,.s.)

C.W. Town Clerk.