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Contracts and Liabilities under the recited Acts, how to be discharged.
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III. And be it enacted, That all the Contracts, Bonds, Debts, and Engagements of the Commissioners respectively for executing the said recited Acts or any of them, hereby repealed, which may be owing or in force at the Time of the Commencement of this Act, for or on account or on the Credit of the Rates or Assessments therein authorized to be made and levied, together with all Interest due or to accrue due thereon, shall be paid and discharged by and out of the Rates or Assessments which may be in force at the Time of the Commencement of this Act, or which otherwise have or may come to the Hands of the Council by virtue of the same; and in case of any Deficiency for that Purpose the Amount of such Deficiency shall be raised and paid by the Council by and out of the Rates by this Act authorized to be raised, levied, and collected; and in case there shall be any Surplus of such Monies after paving and discharging such Contracts, Bonds, Debts, and Engagements, the Amount of such Surplus shall be by the said Council carried to the Credit of the said Rates by this Act authorized to be raised and levied; and such Contracts, Bonds, Debts, and Engagements shall have the same Priority, as nearly as Circumstances will admit, and shall be recovered from the Council in like Manner, mutatis mutandis, as the same could have been recovered from the said Commissioners respectively before the Commencement of this Act.
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