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Power to Commissioners to borrow Money for the Par-poses of this Act, but not beyond the fixed Rate of Assessment.
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LXIX. It shall be lawful for the Commissioners, with the Approval of the Lord Lieutenant signified in Writing by the Chief Secretary or Under Secretary, to borrow, for the Purpose of procuring or erecting a Slaughter-house, or for erecting Lamps, or for constructing Common Sewers, or for procuring or supplying Water or Gas, or Fire Engines, or for any of the Purposes authorized by this Act, such Sums and at such Times, as the Commissioners shall deem necessary for such Purposes; provided, that in all Cases where it shall be necessary to borrow any Sum or Sums for the Purposes of this Act, it shall be lawful for the Commissioners and they are hereby required, at their First Annual Meeting for Assessment after such borrowing, to assess all Persons within the Town liable in Assessment under this Act in such additional Assessment as will produce a Fund equal to Five per Centum per Annum upon the Sum or Sums so borrowed, and also to the annual Interest of such borrowed Sum or Sums, which Sum of Five per Centum per Annum the Commissioners shall annually appropriate and invest, at the highest Rate of Interest which can be had for the same, in the Public Funds, or in the Stock of the Governor and Company of the Bank of England or Ireland, as a Sinking Fund, applicable and to be applied by the Commissioners to the Repayment of the Money borrowed, until the Debt shall be extinguished; provided that such additional Assessment shall at no Time increase the whole Assessment leviable beyond the maximum Rate of Assessment of One Shilling and Sixpence in the Pound allowed by this Act; and provided also, that no Sum of Money shall be borrowed until an Estimate of the Amount required shall have been laid before the Commissioners, and until the Expiration of Six Weeks after public Notice shall have been given by the Commissioners of the Amount so proposed to be borrowed, and the Purpose to which the same is to be applied, in some Newspaper in Circulation within such Town; and provided also, that the Proposal to borrow shall be disposed of at the next Meeting of the Commissioners Six Weeks after such public Notice, and that the Sum borrowed shall not exceed the Amount so advertised without a further Estimate and Notice in manner above provided; and no Commissioner or Officer acting under them shall be personally liable for the Repayment of any Money so borrowed, but all such Obligations shall be deemed and taken to be granted on the sole Security of the Rates and Assessments authorized to be assessed and levied as herein-before provided; and, save as above provided, so much of “The Commissioners Clauses Act, 1847,” as relates to Mortgages to be executed by the Commissioners shall be incorporated with and form Part of this Act.
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