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Reduction of interest on future local loans on the security of local rates.
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1. The rates of interest at which loans may be made out of the Local Loans Fund on the security of local rates may be fixed by the Treasury from time to time, having regard to the duration of the loans, and shall be such rates not less than two and three quarters per cent. per annum as in the opinion of the Treasury are sufficient to enable such loans to be made without loss to the Local Loans Fund.
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