Galway Harbour (Composition of Debt) Act, 1867
GALWAY HARBOUR (COMPOSITION OF DEBT) ACT 1867 | ||
CAP. LVI. | ||
An Act to authorize the Commissioners of Her Majesty’s Treasury to compound the Public Debt and Interest due by the Galway Harbour Commissioners, and to make Arrangements for the Payment of the Amounts for which such Debt and another Debt are to be compounded; and for other Purposes. [15th July 1867.] | ||
1 & 2 W. 4. c. 33. | ||
‘WHEREAS, with the Consent and Approbation of the Lords Commissioners of Her Majesty’s Treasury of the United Kingdom of Great Britain and Ireland (herein-after called “the Commissioners of Her Majesty’s Treasury”), the Commissioners of Public Works in Ireland (herein-after called “the Commissioners of Public Works”), in and since the Year One thousand eight hundred and thirty-two advanced under the Authority of the Act (Public) of the First and Second William the Fourth, Chapter Thirty-three, certain Sums of Money, amounting in the whole to the Sum of Twenty-four thousand Pounds, to the Galway Harbour Commissioners and their Successors, for the Purpose of constructing a Floating Dock together with other Works for the Improvement of the Port and Harbour of Galway, and such Sums were advanced on the Security of certain Indentures of Mortgage of the Rates, Tolls, and Duties authorized to be levied from Time to Time in the Port of Galway under the Authority of the Acts therein recited, and also upon the further Security of certain Lands and Premises therein mentioned and conveyed: | ||
And whereas there is a Sum of Twenty thousand six hundred and fifty-six Pounds Four Shillings remaining due, including Interest up to the First Day of May One thousand eight hundred and sixty-seven, to the Commissioners of Public Works, in respect of such Advances (after deducting the Payments annually made in respect of Principal and Interest), and the said Commissioners of Public Works are now, and have been for some Years, in receipt as Mortgagees in Possession of the Rates, Tolls, and Duties levied in the said Harbour, and of the Rents and Profits of said Premises, for the Purpose of securing the Repayment of the Principal and Interest due as aforesaid: | ||
And whereas the Rates, Tolls, and Duties heretofore payable in respect of the said Floating Dock and Works have not only proved insufficient for the Repayment of the Principal Sum and Interest, but have prejudiced the Development of the Trade and Commerce of the said Port and Harbour of Galway: | ||
And whereas it is expedient to relieve the said Port and Harbour from a Portion of the said Debt, so as to enable the said Galway Harbour Commissioners to make certain Repairs to the Piers and Quays of said Harbour, and in other respects to improve the same, and for that Purpose to enable the Commissioners of Her Majesty’s Treasury to compound the said Debt for the Sum of Ten thousand Pounds: | ||
And whereas Bernard Mullins and John M’Mahon did in Michaelmas Term One thousand eight hundred and forty-seven recover a Judgment against the said Galway Harbour Commissioners for the Sum of Three thousand five hundred Pounds, with Costs, the entire of which said Judgment Debt, together with Interest thereon, and Costs, amounting in all to the Sum of Six thousand four hundred Pounds or thereabouts, is still due and owing by the said Galway Harbour Commissioners: | ||
And whereas the Grand Jury of the County of the Town of Galway at the last Spring Assizes resolved unanimously to guarantee to Mr. Michael Bernard Mullins, the legal Representative of the said Bernard Mullins and John M’Mahon, the Payment of the said Judgment Debt in such Manner as the Committee named in the Resolution should agree on; and the said Committee were also authorized to consent to any Act of Parliament binding the said County of the Town to compromise the said Debt, and to act on their Behalf as herein-after provided: | ||
And whereas the said Michael Bernard Mullins has agreed to accept the Sum of Five thousand Pounds for the said Judgment Debt, Interest, and Costs, provided that Sum be paid to him out the first Monies to be borrowed under this Act from the Public Works Loan Commissioners as herein-after provided: | ||
And whereas the Harbour Commissioners propose, subject to the Sanction of the Commissioners of Her Majesty’s Treasury, to borrow any Sum or Sums of Money not exceeding Twenty-two thousand Pounds (including the said Sum of Five thousand Pounds) from the Public Works Loan Commissioners, if the said Public Works Loan Commissioners shall be satisfied from Time to Time with the Security tendered to them by the Galway Harbour Commissioners, and to permit the Annuities which shall be granted for the same respectively by the Harbour Commissioners to have Priority of the Annuity in respect of the said Sum of Ten thousand Pounds, provided the County of the Town of Galway levy a Rate as additional Security in manner herein-after mentioned: | ||
And whereas the Committee appointed by the Grand Jury as aforesaid to act on their Behalf have consented to the Arrangement by this Act provided in this respect: | ||
And whereas it is expedient that said Arrangements should be authorized:’ | ||
Be it therefore enacted by the Queen’s most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, as follows: |