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Provision as to loan to Wicklow Harbour Commissioners.
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6. Whereas the Public Works Loan Commissioners advanced to the Wicklow Harbour Commissioners, on the security of Wicklow harbour and the revenue thereof, a loan of six thousand pounds, by two instalments of three thousand pounds each, on the twenty-seventh day of January one thousand eight hundred and seventy and the eighteenth day of March one thousand eight hundred and seventy-one respectively, and such loan was made repayable by eighteen annual instalments, commencing at the end of the third year from the date of the security, with interest at the rate of five per centum per annum on the principal from time to time remaining unpaid:
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And whereas, on the advance of the said loan, the Town Commissioners of Wicklow consented that the said loan and the security for the same should have priority over a mortgage of Wicklow harbour and the revenue thereof to the said Town Commissioners to secure twelve thousand pounds :
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And whereas, in consequence of the revenue of Wicklow harbour having been sufficient only for the annual expenses, no part of the principal of the said loan has been repaid to the Public Works Loan Commissioners, and no interest has been paid thereon since the month of March one thousand eight hundred and seventy-two on account of interest accrued due on the thirteenth day of February one thousand eight hundred and seventy-two, and the arrears of interest amount to upwards of two thousand eight hundred pounds :
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And whereas an application has been made to the Commissioners of Public Works in Ireland to advance to the Wicklow Harbour Commissioners, for the purpose of improving and extending the harbour, under a baronial guarantee of certain baronies, a loan of forty thousand pounds, to be repayable in fifty annual instalments, with interest at the rate of four and a quarter per centum per annum, and to be a first charge on the revenue of Wicklow harbour:
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And whereas, with a view to enable the Commissioners of Public Works to grant the said application, it is expedient to make such provision as herein-after appears with respect to the said loan, and arrears of interest thereon, due to the Public Works Loan Commissioners:
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Be it therefore enacted as follows:—
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The Commissioners of Public Works in Ireland, out of moneys in their hands for the purpose of loans, may pay to the Public Works Loan Commissioners the principal and interest due to those Commissioners in respect of the above-recited loan of six thousand pounds to the Wicklow Harbour Commissioners, and upon such payment the Public Works Loan Commissioners shall transfer the loan and arrears of interest thereon, and the securities for the same, to the Commissioners of Public Works in Ireland.
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The Commissioners of Public Works in Ireland, in the event of their advancing, in accordance with the above-recited or any other application, any loan to the Wicklow Harbour Commissioners on a baronial guarantee, whether given before or after the passing of this Act, may, if the Town Commissioners of Wicklow consent to the postponement of their mortgage for twelve thousand pounds to such loan, make such loan a first charge on Wicklow harbour and the revenue thereof in priority to the principal and interest of the loan transferred in pursuance of this section. They may also convert the principal of the loan so transferred and the arrears of interest thereon due up to the date of the conversion into a consolidated debt to be repaid by a terminable annuity of such an amount as will repay the same within a period not exceeding twenty-eight years from the date of the conversion, if the rate of interest is taken at four per centum per annum; and so far as they have no further security for the consolidated debt and terminable annuity, the security given for the payment of the principal and interest of the loan shall be a security for the payment of such debt and annuity.
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Amendment of Acts.
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