The City of Adelaide Municipal Loan Act 1911 (SA)

ANNO SECUNDO

GEORGII V RIEGIS.

A.D. 1911.

No. 1040.

An Act to empower the Corporation of the City of Ade- laide to raise by Debentures a sum not exceeding One Hundred and Twenty-five Thousand Pounds

for certain purposes.

[Assented to, Sejtember 27t/z, 19r1.I

it Enacted by the Governor of the State of South Australia,

BE	with the advice and consent of the Parliament thereof, as
follow S	: -

1, This Act may be cited as " The City of Adelaide Municipal sho,t title.

The Council " means the mayor, aldermen, and councillors of the Corporation of the City of Adelaide, or a quonm thereof: The

Loan Act, 191 1."

2. This Act is incorporated with " The Municipal Corporations ~,,,~,ti,,,.

Act, 1890," and any Acts amending or substituted for that Act, as regards the application of the said Act and Acts to the Municipality of the City of Adelaide, and so far as the said Act and Acts are consistent with the provisions of this Act.

3.	In this Act, except where otherwise clearly intended-	Interpretation.
The Corporation" means the Corporation of the City of

Adelaide:

2 O GEORGII V, No. 1040.

The City of Adelaide Munkipul Loan Act.-191 1.

The Minister " means the Commissioner of Crown Lands or

the Minister of the Crown to whom for the time being the

administration of this Act is committed by thc Governor.

Corporation may 4, It shall be lawful for the Corporation to borrow, in manner

h w to the extent

of ~126,000.	hereinafter provided and subject to the conditions hereinafter pre-
c f. sraney	scribed, a sum or sums of money not exceeding One Hundred and Twenty-five Thousand Pounds for the followi~ig purposes, or any
$ b ~ ~ ~ ~ m e n t	of them, that is to say-

(a) For improving the pavements of streets in the said City:

( b ) For altering and extending the City Market premises and

shops:

(c) For purchasing a stone quarry and necessary machinery and

plant for working the same:

(d) For extending the capacity of the tar distilling plant of the

Corporation; and

( e ) For purposes incidental t o or consequent upon all or any of

those purposes.

Sums borrowed!

mured on general 5, All sums lawfully borrowed under this Act shall be deemed

deaand rmnne.	to be secured upon the general rates and revenue of the Corporation
I bid.	from whatever source arising.

Regulation of such 6. The following conditions, qualifications, and provisions shall

borrowing.	regulate the borrowing of money and the issue of debentures under
Ibid.	this Act :-

(a) Before the Corporation borrows any money under the pro- visions of this Act the Council shall, by vote of an absolute majority of the members thereof, affirm the desirability of so doing:

( b ) Before any money is borrowed in pursuance of this Act the

consent of the ratepayers shall be obtained in manner pro- vided for obtainingw the consent of ratepayers to loans under Part X. of "The Municipal Corporations Act,

1890 ":

(c) Not more than one-third of the total amount authorised by this Act to be borrowed shall be borrowed in any one municipal year:

(d) All moneys borrowed by the Corporation under the provisions of this Act shall be raised by the sale of debentures, to be issued in such series, at such times, and in such manner as the Council may think fit. The Corporation may on the maturity of any such debentures issue new debentures to retire or repay the same. All such original or substituted debentures shall have a currency not exceeding in the aggregate fifty years, and shall bear interest a t a rate not exceeding Four Pounds Ten Shillings per centum per

annum,

2' GEORGII V, No. 1040.

The City of A&elaide Municipal Lacn Act.-191 l.

-- -.

annum, and shall be in one of the forms in the Schedule hereto, or in a form to the like effect, as the Council may determine; and the Council may fix the price, either a t or above or below par, at which such debent.ures may be sold:

( r ) Every such debenture shall be numbered in regulsr ascending arithmetical progression, whereof the common diffrwnce shall be one, and shall have annexed, for every payment of principal and interest or interest only (as the case may be), to grow due thereon, a coupon bearing the same number as the debenture:

( f ) Every such debenture shall name the principal sum secured thereby, which shall be Twenty Pounds or a multiple of Twenty Pounds, the rate at which interest is payable thereon, and the time and place where such principal and interest are payable:

(Q) Every such debenture shall be under the corporate seal of the Corporation, and be signed by the Mayor and coutersigned by the Town Clerk, and shall bear date on the day on which it is sealed:

( h ) Every such debenture and any coupon, whether annexed thereto or not, may be transferred by simple delivery:

( i ) I t shall not be necessary to provide or invest any separate sinking fund in respect of debentures issued by the COP poration in Form A in the Schedule hereto, or in a form to the like effect, which are payable upon the terminable annuity system, if the moneys which would otherwise con- stitute such fund are paid to the holders of the coupons issued with such debentures on account or in satisfaction (as the case may be) of both principal and interest moneys

in terms of such debentures.

7, (1) The holder of any debenture in Form B in the Schedule Payment to holdem of debentures and

hereto issued under the provisions of this Act shall be entitled to

receive payment from the Corporation of the principal sum or Ibid., n4.

balance of the principal sum named therein, upon presentation and

surrender of' such debenture on or after the due date thereof, at the	1
place where the same is expressed to be made payable.
(2) The holder of any coupon originally annexed to any deben- ture issued under the provisions of this Act, and whether separated therefrom or not, shall be entitled to receive payment of the principal and interest or interest only (as the case may be) men- tioned in such coupon, upon presentation and surrender of the coupon at the place where, and on or after the date when, the same is payable: Provided that, in the case of a debenture in Form A in the Schedule hereto, the holder 01 the coupon bearing the last number shall not be entitled to payment except upon surrender of the .debenture as well as such coupon. 8. (L) The

2" GEOKGII V, No. 1040.

The City of Adelude Municipal Loan Act.-191 1.

P. - - -

Debentuna and

intereet to be paid out 8, (l) The debentures issued under the provisions of this Act

of general revenue	and the interest payable thereon shall be paid by the Corporation
or special rate.	out of the general rates and revenue of the Corporation, or out of a special rate, ot partly out of general rates and revenne, and partly out of a special rate, as the Council think fit: Providetl that if the general rates and revenue of the Corporation are insufficient for that purpose the Council, notwithstanding anything to the contrary contained in any Act, are hereby authorised and lequired to declare, levy, and get in a sufficient special rate and apply the proceeds, or so much thereof as may be required, for that purpose, and shall hold any surplus to answer any future liability in respect of such debentures.
(2) In anticipation of the declaration or getting in of any special rate the Council may discharge all or any portion of the liability of the Corporation in respect of such debentures out of any funds for the time being belonging to it, or may borrow such mane!. as may be required for the purpose of meeting such liability.

Method of making	9, All the provisions of	" The Municipal Corporations Act, 1890,"
and declaring rate.

and of any Acts amending or substituted for that Act, with regard to the rates thereby authorised to be declart d shall, subject to this Act, apply to a rate declared or to be declared under this Act.

Bemedim of

debenture bolder 10, Upon default being made by the Corporation in making any

where Corporation	payment, whether of principal and interest or principal or interest,
in default.	to the holder of any such debenture or coupon, the holder thereof
Amendment Act,
Bydney Corporaticn	shall, in addition to all other rights and remedies conferred by law,
1906, a. 26.	have all the lights and remedies of a holder of a debenture or coupon thereof conferred by section 280 of "The Municipal Cor- porations Act, 1890," or by any enactment amending or substituted for that section.

Sinking fund. 11.

(1) In every case where debentures in Form B in the Schedule hereto, or in a form to the iike effect, are issued by the Corporation to secure money borrowed under the authority of this Act, a sinking fund for the repayment of the principal sums so borrowed shall, subject to conditions to be approved by the Minister, be established by the Council; and in each and everv year, commencing with the year following that in which the loan -is raised in respect of which such sinking fund is to be established, the Council shall, during the currency of such debentures, pay into such sinking fund a sum of money sufficient, on the babis of Three Pounds per centum per annum, compound interest, and with like annual payments, to redeem the loan secured by such debentures at the expiration of fifty years from the date thereof.

Ibid., 8. 26.

Inveetment thereof.	(2) The money so to be paid shall be invested in the purchase of Government securities, or upon such other securities as are approved
by the Minister by writing signed by him, and the produce of all
such investments shall be reinvested in like manner.

(3) The

2" GEORGII V, No. 1040.

The City of Adelaide M~mki'pal I ~ R Act.-191 1.

(8) The Council may at any time apply the whole or any part of such sinking fund in or towards the discharge of any moneys borrowed under this Act, or in the purchase or redemption of any current or overdue debenture of the Corporation; but they shall, in every such case, recoup the fund by paying into it, every half-pear. a sum equal to the interest which any sum so applied would have produced if left invested.

(4) If in any year after the year following that in which a loan Rweivermay be appointed if fund not

e8tab&,hed.

is raised in respect of which a sinking fund is to be established, made, it shall be lawful for the Minister to apply to the Supreme Court for the appointment of a receiver of the rates and other revenue of the Corporation. And the said Court, and the receiver so to be appointed, shall have all such powers, mutatis mutantits, as are hereinbefore provided for the benefit of the holders of unpaid debentures.

the Council do not, within seven days after notice in that behalf

signed by the Minister has been given to the Tow11 Clerk, show to

the satisfaction of the Minister, or an officer to be appointed by

him, that the annual payments and investments required by this

12, The provisions of this Act shall be read and construed Provi~ion8of this Act

cumulative with other

cumulatively with, and not in exclusion or derogation of, any poa.t.rs.

borrowing powers conferred on the Council by "The Municipal	28.
Corporations Act, 1890," or any Act amending or substituted for that Act, or by any other Act now or hereafter in force.

In the name and on behalf of His Msjrsty, 1 hereby assent to

this Bill.

DAY H. BOSANQUET, Governor.

THE

2' GEORGII V, NO. 1040.

The City of Adelaide LWuncicipal Loan Ad.-191 1.

THE SCHEDULH.

FORMS OF DEBESTUK+L

FORM A.

" The City of Adelaide Municipal Loan Act, 191 l ."

Uebentwa.

Xo. Series Debentures 2

lvs~ied by the Corporation of the City of Adelaide under the provisions of b - The City of Adelaide Municipal Loan Act, 191 1." This Debenture was imued by the Cotporation of the City of Adelaide in pursuance of the provisions of the above- mentioned Act and is to secure to the bearer or bearers for the t h e being of the coupons annexed hereto and numbered to (both inclusive), (the bearer

of the coupon numbered	to be also bearer of this debenture) the payment of
the principal sum of f:	. and the interest at the rate of per centum

per annum accruing thereon from the day of 1 9 , t o t h e

dtiy of 1 9 , b y half-yearly instalments

of each for years from the said day of

l9 , the first of euch instalments to be paid on the day of 19 .

Principal and interest payable a t the Bank of Adeiaide, Adelaide, or a t such

other bank or place as may be appointed by nolice to be given in the South .4us-

tralian Govarmment Gazette ,3 , : in the London Gtrrette.

Given under the seal of the said The Corporation of the City of Adelaide the

day of in the year one thousand nine hundred and .

The seal of the Corporation was hereto sffixed on the date hereof in the presence of

Mayor.

Town Clerk.

N.B.-The above debentare is transferable by delivery.

The City of Adelaide Municipal Loan Act, 191 1."

Coupon for lnatnlment of Princ+al and Interest.

Due 19

Coupon for S for half-yearly instalment of principal and interest due

the day of , 19 , in respect of debenture numbered

for

Payable to beater at the Bank of Adelaide, hde:aide, or a t such other place as may be appointed by notice to be given in the South Awlrn l ian Gncsrnnwnt Gazette

:id in the London Gtrzettr.

Mayor.

Town Clerk.

FORM B.

" The City of Adelaide Municipal Loan Act, 19 L 1."

Debenture.

No. Series Debentures f:

Issued by the Corporation of the ( ' i ty of Adelaide under the provisions of .' The City of Adelaide Municipal Loan ~ c t, 1911."

This debenture was k u e d by the Corporation of the City of Adelaide in pur-

suance of the provisions of the above-mentioned Act and is to secure to the bearer

the payment of the principal sun1 of & on the day of

and interest at the rate of &

per centum per annum on such principal

sum

' 2 GEORGII V, No. 1040.

The City o j A&&& Mzcntbipat Loan Act.--] 91 l.

wm in the meanwhile by equal half-!early payments on the day of

and the day of , and a coupon is annexed

for each payment, which coupon entctlee the hearer thereof to payment of the sum

herein mentioned.

Principal and interest payable at the Bank of Adelaide, Adelaide, or a t such

other bank or place as may be appointed by notice to be give11 i n the South .due-

tralzan Gocernntent Gazette , d : in the /,ondon (I'azette.

Given under the seal of the said Corporation of the City of Adelaide, the

day of , in the year one thousand nine hundred and

The beal of the Corporation was hereto affixed on tire date hereof in the

presence of

Mayor.

Town Clerk.

N.B.-The above debenture is transferable by delivery.

'' The City of Adelaide Municipal Loan Act, 19 1 1 ."

Coupon f o r Interest.

Debenture No.	Series
Principal sum f;

Six months interest due to

Amount of interest parable S

Payable to bearer at the Bank of Adelaide, Adelaide, or at such other place

as may be appointed by notice to be given in the South Australian Govewnnent

Guxette sd in the London Gnzette.

Mayor.

Town Clerk.

Adelaide: By authority, R. E. E. Roolrm, Government Printer, North Temce.