Town Hall Municipal Loan Act 1880 No 26a (NSW)

126 No. 5. W VIC. 1880.

Town Hall Municipal Loan.

No. V.

mJ S alloan. A ll Act to enable the Municipal Council of

̂ Sydney to raise by debentures the Sum of Seventy-five thousand Pounds for the completion of the Town Hall [bth July, 1880.]

Preamble.	T ^T H E R E A S it is expedient that the Municipal Council of the City
V V
of Sydney should he empowered to borrow by the issue of Dehcntures a sum not exceeding Seventy-five thousand Pounds for the purpose of completing the Town Hall Be it therefore enacted by the Queen’s Most Excellent iMajesty l:)y 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 follows:—

Municipal Council

empowered to borrow	1. I t shall he lawful for the Municipal Council of the city of conditions hereinafter prescribed a sum of money not exceeding Seventy-five thousand pounds and all sums lawfully borrowed under this Act shall he deemed to be secured upon the corporate rates and revenues of the said Council from whatsoever source arising and shall he expended for tlie purpose of completing the Town Hall of the said city and for no other purpose whatever Provided always that any balance of such sum remaining unexpended after the completion of the said Town Hall may he used for the purpose of purchasing on behalf of the said Council any debentures issued under this Act And the following conditions qualifications and provisions shall regulate the borrowing of money and the issue of debentures under this Act viz.;—
£75,000 to complete	Sydney to Ijorrow in manner hereinafter pro^dded and subject to the (1.) All moneys borrowed by the Council shall be raised by the sale of debentures to be 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 bear interest at the rate of six pounds per centum per annum and shall be in the form in the Schedule hereto.
the Town Hall.

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

(3.) 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 place where such principal and interest are payable And every such debenture shall be under the corporate seal of the Council and be signed by the Mayor and Town Clerk and shall hear date on the day on which it is sealed.

(4.) Every such debenture and any coupon whether annexed

thereto or not may he transferred by simple delivery.

Payment of deben­	2. The holder of any debenture issued under the provisions of this Act shall he entitled to receive payment from the Municipal Council of the City of Sydney of the principal sum named therein upon presentation of such debenture on or after the due date thereof
tures and interest.

at

1880. 44" VIC. No. 5. 127

Town S a il Municipal Loan.

at the place where the same is expressed to he made payable And the holder of any coupon originally annexed to a debenture and whether separated therefrom or not shall be entitled to receive payment in like manner of the interest mentioned in such coupon upon presentation of the same at the place where and on or after tlie date when interest is payable.

3.                If default shall be made by the Council in making any Provisions on default

payment whether of principle or interest to the holder of any such Gouncii.'̂ *̂̂

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

(1.) The holder of such debenture or coupon shall have 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 receiver and the said Court shall have power to make all such orders for the apjiointment of a receiver or for his removal and the appoint­ ment of another in his place as may be necessary and to make any orders and give any directions 'which the said Court may think proper And such receiver sliall be deemed to be an olffccr and shall act under the direction of the

. Supreme Court.

(2.) Such receiver shall have power to make levy and collect all rates whether for water supply or sewerage authorized by this Act to be made levied or collected by the Council and be entitled to receive all rates and revenues whatsoever payable to the Council for or in respect of which he shall have been appointed receiver but the rates so to be made and levied shall not exceed the maximum limits permitted under tin; provisions of the law in force for the time being And for sucb puposes such receiver shall be deemed the Municipal Council of the City of Sydney and may exercise all the poAvers thereof.

(3.) Such receAer shall be entitled to such commission payable out of the City rates as remuneration for his services as the Supreme Court may appoint.

(4.) Such receiver shall subject to any order of the Supreme

Court pay over all moneys received by him to such holder

and if there be any balance in liand over and above the	•
amount due and payable to bim under tlie provisions of this Act the receAer shall pay such balance over to the Council.

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

borroAved under the authority of this Act and of the interest due on p tabhshed to pay

loan.

debentures issued tbereunder shall be established 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) during the currency of such debentures the Council shall pay into sucli sinking fund a sum of money not less than tAVO tlionsand pounds And the sum so to be paid shall be invested in the purchase of Government securities or of such other securities as the GoA êrnor by Avriting under his hand shall approve And the produce of all such investments shall bo reinvested in like manner The Council may at any time apply the whole or any part of such sinking fund in or toAvards the discharge of any moneys borrowed under this Act But they shall in every such case recoup the fund by paying into it a sum equal to the interest Avhich any sum so applied Avould haA'e produced if loft invested If in any such year as aforesaid after the year one thousand eight hundred and eighty the Council shall not within seven days after notice in tliat behalf under the hand of the Colonial Treasurer shall have been given to the Toa¥ii Clerk shew to the satisfaction of the

said

128 No. 6. 44'̂ VIC. 1880.

Executive Councillors {Functions Substitution').

said Treasurer or an officer to be appointed by bim that tlie annual payments and investments required by this Act for the formation of the said Sinking Fund have not been duly complied with it shall bo 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 the “ Sydney Corporation Act of 1879 ” as Avill 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 appoint­ ment 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 appointedshall have allsuch powers mutatismutandis as are hereinbefore provided for the benefit of holders of unpaid debentures.

Short title. 5. This Act may be cited as the “ ToAAm Hall Municipal Loan

Act 1880.”

SCHEDULE.

No. Debenture £

Issued by tbe Municipal Council of tbe City of Sydney under the provisions of the

“ Town Hall Municipal Loan Act 1880.”

T bansfebable by D e l iv e e t .

Tins Debenture was issued by tbe above-named Council in pursuance of tbe provisions of tbe above-mentioned Act and is to secure to tbe bearer a principal sum of

p.ayable at the on tbe day of

Interest at tbe rate of si.v pounds per centum per annum on sucb principal sum

in tbe meanwhile is payable by equal lialf-yearly payments on tbe day

of .and tbe day of and a coupon is annexed

for each payment wbicb entitles tbe bearer of sucb coupon thereto.

Dated this day of a .d .

T.E. [Mayor] ( l.s.)

“C.W. Town Clerk.