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Power of borrowing money for the purposes of Part I. of Act.
10 &11 Vict. c. 16.
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25. [1]
—(1) A local authority may, in manner in this section mentioned, borrow such money as is required for the purposes of this part of this Act on the security of the local rate.
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(2) For the purpose of such borrowing, the London County Council may, with the assent of the Treasury, create consolidated stock under the Metropolitan Board of Works Loans Acts, 1869 to 1871, but all moneys required for the payment of the dividends on and the redemption of the consolidated stock created for the purposes of this part of this Act shall be charged to the special county account to which the expenditure for the purposes of this part of this Act is chargeable.
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(3) For the purpose of such borrowing, the Commissioners of Sewers for the City of London [2]
may borrow and take up at interest such money on the credit of the local rates, or any of them, as they may require for the purposes of this part of this Act, and may mortgage any such rate or rates to the persons by or on behalf of whom such money is advanced for securing the repayment to them of the sums borrowed, with interest thereon, and for the purposes of any mortgages so made by the Commissioners of Sewers,[2]
the clauses of the Commissioners Clauses Act, 1847, with respect to the mortgages to be executed by the Commissioners shall be incorporated with this part of this Act; and in the construction of that Act “the special Act” shall mean this part of this Act; “the commissioners” shall mean the Commissioners of Sewers [1]
; “the clerk of the commissioners” shall include any officer appointed for the purpose by the Commissioners of Sewers [1]
by this part of this Act; and the mortgagees or assignees of any mortgage made as last aforesaid may enforce payment of the arrears of principal and interest due to them by the appointment of a receiver.
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(4) For the purpose of such borrowing, the urban sanitary authority shall have the same power of borrowing as they have under the Public Health Acts for the purpose of defraying any expenses incurred by them in the execution of those Acts.
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(5) The Public Works Loan Commissioners may, on the recommendation of the confirming authority, lend to any local authority any money required by them for purposes of this part of this Act, on the security of the local rate. Such loan shall be repaid within such period, not exceeding fifty years, as may be recommended by the confirming authority.
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General Provisions.
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[1 See now as to maximum term, and limitation in E., 3 Edw. 7. c. 39, s. 1; and as to loans by Commissioners of Public Works in I., 8 Edw. 7. c. 61, s. 14.]
[2 Now the Common Council; see 60 &61 Vict. c. cxxxiii.]
[2 Now the Common Council; see 60 &61 Vict. c. cxxxiii.]
[1 Now the Common Council; see 60 &61 Vict. c. cxxxiii.]
[1 Now the Common Council; see 60 &61 Vict. c. cxxxiii.] |
