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PUBLIC WORKS LOANS ACT 1882
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CHAPTER LXII.
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An Act to grant Money for the purpose of Loans by the Public Works Loan Commissioners and the Commissioners of Public Works in Ireland and the Irish Land Commission; and for other purposes relating to Loans by those Commissioners.[1]
[18th August 1882.]
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[Preamble.]
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Short title.
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1. This Act may be cited as the Public Works Loans Act, 1882.
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Citation of Acts.
33 & 39 Vict. c. 89.
42 & 43 Vict. c. 77.
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2. This Act may be cited, together with the Public Works Loans Act, 1875, and the Public Works Loans Act, 1879, as the Public Works Loans Acts, 1879 to 1882.
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[Ss. 3, 4 (being Parts I. and II.) rep. 61 & 62 Vict. c. 22 (S.L.R.)]
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PART III.
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Grant of Money for Irish Land Commission.
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[S. 5 rep. 61 & 62 Vict. c. 22 (S.L.R.)]
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6. [Power in the event of 45 & 46 Vict. c. 47, being passed, for the Irish Land Commission to borrow on security of the Irish Church Temporalities Fund, rep. 61 & 62 Vict. c. 22 (S.L.R.)]
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Power to Treasury to guarantee loan.
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(3.) For the purpose of giving effect to the charge by the said Act on the Consolidated Fund, the Treasury may from time to time guarantee, in such form as they think expedient, the payment of the principal and interest of all or any part of the money for the time being borrowed by the Irish Land Commission in pursuance of this section.
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. .
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(5.) The Treasury may from time to time, if required, for the purpose of giving effect to any such guarantee as aforesaid, issue out of the Consolidated Fund of the United Kingdom, or the growing produce thereof, such sums as may be necessary for the payment of the principal and interest guaranteed by them, or of any part thereof; but any money so issued shall be repaid to the Consolidated Fund out of any surplus of the funds in the hands of the Irish Land Commission on account of the Irish Church Temporalities Fund.
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. .
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PART IV.
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Amendment of Acts.
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Amendment of 24 & 25 Vict. c. 45. as to provision for loans in provisional order respecting harbours.
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7. [Recital.]
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(1.) Where a provisional order under the General Pier and Harbour Act, 1861, authorises any public body to raise a loan for the construction of any works as defined by that Act in any place, the same or any other order may authorise any rating authority as herein-after defined in that place, under the circumstances and subject to the conditions specified in the order, to charge, if they think it expedient for the inhabitants at large of such place, any fund or rate under their control for the purpose of aiding the public body in raising the said loan, or any part thereof, from the Public Works Loan Commissioners, and to give such aid by guaranteeing the principal and interest of the loan or by borrowing the sum required and advancing it to the public body, or partly in one way and partly in the other, or otherwise in manner provided by the order.
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(2.) The order shall provide that the resolution of the rating authority to give the guarantee shall be a special resolution, that is to say, a resolution passed at one meeting of such authority and published in manner directed by the order, so as to give notice to all persons interested, and confirmed at a second meeting of the rating authority held not less than fourteen days after the first of such public notices has been given, and not less than three months after the meeting at which the resolution was passed.
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(3.) The order shall provide for the time within which and the mode in which any money borrowed by the rating authority is to be repaid, and for the effectual recovery out of the said fund or rate of any sum payable under the guarantee, and of the principal and interest of any money borrowed by the said authority, and for the reimbursement of the fund or rate out of the income of the said works, or otherwise by the said public body, and shall contain such incidental provisions as seem necessary or proper for carrying this section into effect.
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(4.) The promoters of an order proposing to confer power under this section on any rating authority shall, a reasonable time before they apply to the Board of Trade to settle the order, submit to the Local Government Board, or as regards Scotland to the Secretary of State for the Home Department, a statement of such proposal, and if the Local Government Board, or Secretary of State for the Home Department, declare that in their opinion, having regard to the financial condition of the rating authority, or to the necessity for such rating authority to provide a water supply or drainage for the inhabitants of the said place, or otherwise to fulfil the original duties of such authority, it is inexpedient to burden such rating authority with any such charge as is mentioned in such proposal, the Board of Trade in settling the order shall omit any provision conferring power on the rating authority under this section.
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In this section,—
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The expression “public body” means any rating authority, also any commissioners, or trustees, or other body or person who manage or undertake the works without any view to the payment of any dividend or profits out of the revenue from such works:
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The expression [1]
“rating authority” means—
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38 & 39 Vict. c. 55.
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(1.) As regards England, any authority being an urban sanitary authority under the Public Health Act, 1875, and the Acts amending the same; and
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25 & 26 Vict. c. 101.
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(2.) As regards Scotland, the town council or commissioners of police of, or other local authority having power to levy assessments in, any royal or parliamentary burgh, or in any populous place the boundaries whereof have been fixed and ascertained under the General Police and Improvement (Scotland) Act, 1862, or under the Act therein recited or under any local Act; and
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41 & 42 Vict. c. 52.
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(3.) As regards Ireland, any urban sanitary authority under the Public Health (Ireland) Act, 1878, and the Acts amending the same.
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Account in case of loan on security of rate.
38 & 39 Vict. c. 89.
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8. Where after the passing of this Act any money is advanced by the Public Works Loan Commissioners on the security of a rate as defined by the Public Works Loans Act, 1875, the borrowers shall cause their treasurer to keep a separate account under the title of the Public Works Loan Commissioners Loan Account, or such other title as may be approved by the Local Government Board, and shall cause all the said advances to be carried to the credit of that account, and all orders or other documents directing payments out of such account shall show on the face of them that the payment is to be made out of that account, and an order or other document for a payment out of the said account shall not be made or given except the payment is for a purpose for which the said advances were made.
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[S. 9 rep. 61 & 62 Vict. c. 22 (S.L.R.)]
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Amendment as to repayment of advances under 44 & 45 Vict. c. 49, s. 28.
33 & 34 Vict. c. 46.
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35 & 36 Vict. c. 32.
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10. [Recital.]
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Where any advance repayable by an annuity under section twenty-eight of the Land Law (Ireland) Act, 1881, has either before or after the passing of this Act been secured in manner provided by Part Three of the Landlord and Tenant (Ireland) Act, 1870, as amended by the Landlord and Tenant (Ireland) Act, 1872, the first half-yearly payment of the annuity shall, where the advance is not made on one of the gale days (namely, the first day of May or the first day of November), be due and paid on the second of such gale days after the date of the advance, and together with such first half-yearly payment there shall be due and paid an additional sum for interest on the advance at the rate of three and a-half per cent. per annum from the date of the advance, until the first gale day next after that date.
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Provision as to certain Loans.
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Power to postpone debt due from trustees of Pulteney Harbour at Wick.
38 & 39 Vict. c. 89.
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11. [Recital.]
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If the Pulteney Harbour trustees satisfy the Treasury that works for the restoration of the destroyed breakwater and works or otherwise for the improvement of Pulteney Harbour would be of public utility, and that such works can be executed for a reasonable sum, the Treasury may authorise the Public Works Loan Commissioners to agree that notwithstanding anything in the Public Works Loans Act, 1875, any loan or loans to be borrowed for the said works should, to such amount (not exceeding the said sum) and on such conditions as may seem expedient, have priority over the advances made by the Public Works Loan Commissioners before the passing of this Act, and the interest thereon, and may further authorise them to agree with the Pulteney Harbour trustees that the payments on account of the said advances, and the interest thereon, should be wholly or partly suspended during such number of years as may be agreed upon.
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The Public Works Loan Commissioners may advance the said new loan or loans if they are satisfied with the sufficiency of the security for the same, irrespective of the said advances and interest hereby authorised to be postponed.
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[1 The powers and duties of a Secretary of State under this Act are, as to Scotland, transferred to the Secretary for Scotland, 48 & 49 Vict. c. 61. s. 5.]
[1 This expression is further defined by 50 & 51 Vict. c. 37. s. 4.] |
