Sydney Town Hall and Streets Municipal Loan Act 1886 No 18a (NSW)

No. XIII.

An Act to enable the Municipal Council of Sydney to raise by Debentures a further sum of Two hundred thousand pounds for the completion of the Town Hall and a further sum of One hundred thousand pounds for the Paving of Public High- ways within the said City. [17th Septem-

ber, 1886.]

Whereas

AS it is expedient that the Municipal Council of Sydney
should he empowered to borrow by the issue of Debentures a
sum not exceeding Two hundred thousand pounds for the purpose of
completing the town hall in addition to the sum of seventy-five
thousand pounds authorized by the Act forty-fourth Victoria number
five and also to borrow for paving Public Highways within the said
city in addition to the sum of Two hundred thousand pounds authorized
by the Act forty-eighth Victoria number one a sum of One hundred
thousand pounds Be it therefore enacted by the Queen's Most Excellent Majesty by and with the advice and consent of the Legis­ lative Council and Legislative Assembly of New South Wales in Parliament assembled and by the authority of the same as follows :—

1. It shall be lawful for the Municipal Council of Sydney to borrow in manner hereinafter provided and subject to the conditions hereinafter prescribed a sum of money not exceeding Three hundred thousand pounds and all sums lawfully borrowed under this Act shall be deemed to be secured upon the corporate rates and revenues of the said Council from whatsoever source arising and shall be expended the sum of Two hundred thousand pounds for the completion of the town hall and the purchase of any land adjacent to the site thereof the acquisition of which by the Council may bo considered necessary and the sum of One hundred thousand pounds for the purpose of paving public highways within the said city and for no other purposes whatsoever And the following conditions qualifications and in each case provisions shall regulate the borrowing of money and the issue of debentures under this Act viz.—

place where such principal and interest are payable And every

(i) All moneys borrowed by the Council shall be raised by the sale of debentures to bo 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 fifty years and shall bear interest at a rate not exceeding four pounds per centum per annum and shall be in the form of the Schedule hereto,

(ii)  Every such debenture shall be numbered in regular ascending arithmetical progression whereof the common difference shall be one and shall have annexed to every payment of interest to grow due thereon a coupon bearing the same number in the debenture.

(iii) Every such debenture shall name the principal sum secured thereby which shall not be less than one hundred pounds the

rate at which interest is payable thereon and the time and

every such deben tu re shall be unde r t h e corporate seal of t h e Council and be signed by t h e Mayor and Town Clerk a n d shall bear da te on t h e day on which i t is sealed,

(iv)  Every such debenture and any coupon whether annexed the re to or no t m a y be t ransfer red by simple delivery.

2. The holder of any deben tu re issued u n d e r t h e provisions of

th i s A c t shall be ent i t led to receive p a y m e n t from the Munic ipa l

Counci l of Sydney of t h e pr incipal s u m named there in	u p o n presenta­
t ion of such deben tu r e on or after t h e due da te thereof	a t t h e place

where t h e same is expressed to be made payable A n d t h e holder of a n y coupon original ly annexed to a deben ture and whe the r separated theref rom or n o t shall be ent i t led to receive p a y m e n t in l ike m a n n e r of t h e in teres t men t ioned in such coupon u p o n presenta t ion of t h e same a t t he place where and on or after t h e da te w h e n interest is payable .

3 . I f default shall be made by t h e Council in m a k i n g any

p a y m e n t w h e t h e r of pr incipal or in teres t to t he holder of a n y such

deben tu re or coupon the following provisions shall t ake effect v iz .—

(i) The holder of such deben ture or coupon shall have full power to m a k e all necessary appl icat ions to and to p rocure al l necessary orders and direct ions from t h e Supreme Cour t for a n d t ouch ing t h e appo in tmen t of a Rece iver and t h e said Cour t shal l have power to m a k e al l such orders for t h e a p p o i n t m e n t of a Rece iver or for his remova l a n d t h e a p p o i n t m e n t of ano ther in his place as m a y be necessary a n d to m a k e any orders and give any directions which t h e said Cour t m a y t h i n k proper A n d such Receiver shal l be deemed to be a n officer and shall ac t unde r t h e direction of t h e

Supreme Court .

(n) Such Receiver shall have power to make levy and collect all

ra tes and revenues whatsoever payable to t he Counci l for or in respect of which he shall have been appointed Receiver b u t the ra tes so to be made and levied shall no t exceed t h e m a x i m u m l imits pe rmi t t ed unde r the provisions of t h e l aw in force for t he t ime being A n d for such purposes such Receiver shal l be deemed t h e Munic ipa l Council of Sydney a n d m a y exercise all t h e powers thereof.

( i n ) Such Receiver shal l be ent i t led to such commission payable o u t of t h e Ci ty ra tes as r emune ra t i on for his services as t h e

Supreme Cour t m a y appoint .

(iv)  Such Receiver shall subject to any order of the Supremo Cour t pay over all moneys received by h i m to such holder a n d if t he re be any balance in hand over and above t h e a m o u n t due and payable to h i m under t he provisions of th i s

A c t t h e Receiver shall pay such balance over to t h e Counci l .
I . A s inking fund	for tlie r e p a y m e n t of t he pr incipal	sums

borrowed unde r t h e au thor i ty of this A c t and of t h e in teres t d u e on debentures issued the reunde r shall subject to condit ions to be approved b y the Governor w i th t h e advice of t h e Execu t ive Counci l be established by the said Counci l before t hey shall proceed to exercise t h e bor rowing powers conferred by th is A c t A n d in each and every

year ( commenc ing with t h e year onc3 thousand e igh t h u n d r e d a n d

e ighty-seven) du r ing t h e cur rency of such debentures t h e Counci l shall pay in to such s inking fund a sum of money not less t h a n two thousand pounds A n d t h e sums so to be paid shall be lodged as a t r u s t fund wi th t h e Colonial Treasurer and interest thereon a t such r a t e n o t be ing less t h a n four pounds per c e n t u m per a n n u m as m a y be agreed upon each year b y t h e said Treasurer and t h e Counci l shal l be al lowed b y t h e said Treasurer A n d in addi t ion to t h e

r emedy

r e m e d y on defaul t of p a y m e n t of pr inc ipa l or in teres t by t h e Council

as provided b y section th ree of th i s A c t to t h e holder of any deben tu re or coupon issued under th i s A c t such holder shal l have his r emedy agains t t h e said s ink ing fund on appl icat ion to t he Supreme Cour t which Cour t shall have power to m a k e such orders as i t m a y t h i n k proper inc lud ing orders as to costs. The Counci l m a y a t any t ime apply t h e whole or any p a r t of such s inking fund in or towards t he discharge of any moneys bor rowed unde r th i s A c t b u t they shall in every such case recoup t h e

f u n d b y pay ing in to i t a sum equal to t h e in teres t which any s u m so

appl ied would have produced if left invested I f in any such year as aforesaid after t he year one thousand e ight h u n d r e d and eighty-seven the Council shall no t w i th in seven days after notice in t h a t behalf unde r the h a n d of t h e Colonial Treasure r shal l have been given to the Town Clerk show to t he satisfaction of t h e said Treasurer or a n officer to be appoin ted b y h i m t h a t t h e a n n u a l p a y m e n t s requi red b y th is A c t for t h e format ion of t h e said s inking fund have been duly complied w i t h i t shall be lawful for t he Governor w i t h t h e advice of tin; Execu t ive Counci l e i ther to impound so m u c h of t he e n d o w m e n t of

t he City Fund provided by t h e two hundred and t h i r t e e n t h section of

t h e " S y d n e y Corporat ion A c t of 1 8 7 9 " as will equal t h e sums so required to be pa id or invested and to pay t h e a m o u n t so impounded as provided b y this A c t or to apply to t he Supreme Court for t he appo in tmen t of a Receiver of t h e rates and o ther r evenue of t h e said Council A n d in t h e las t -ment ioned case t h e said Cour t and the

receiver	so to bo appointed shall have all such powers mutatis
mutandis	as are hereinbefore provided for t h e benefit of holders of
unpa id	deben tures .
5. This A c t m a y be cited as t he " Sydney Town H a l l and
Streets Mun ic ipa l Loan A c t	18S6."
S C H E D U L E .

N o .	D e b e n t u r e	£
I s sued by the Munic ipa l	Council of Sydney u n d e r t h e provisions of t he : < Sydney	Town

H a l l and St ree ts Munic ipa l L o a n Ac t 18S6."

Transferable by delivery.

T i n s D e b e n t u r e was issued by the abovenamed Counci l in pu r suance of t he provisions

of t he above-mentioned Ac t and is to secure to t he bearer a principal s u m of

payable a t t he on the day of

I n t e r e s t a t t he r a t e of pounds pe r cen tum per a n n u m on such principal

sum in the meanwhi le is payable by equal half-yearly payments on t h e day

of	and the	day of	and a coupon is annexed
for each	paymen t	which en t i t l es the beare r of such coupon	t h e r e t o .

Da ted this day of A .D.

J . Y . [ M a y o r ] (L.S.)

C . W . Town Clerk.

N o . X I V .