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Navigation.
The surplus Income from Tolls to be paid in certain Cases to Counties, Baronies, Persons, or Companies, securing, either separately or conjointly, the Cost of the original Construction of Navigation.
If surplus Income exceed Ten per Cent, on original Outlay, Tolls to be reduced.
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XXVIII. ‘And whereas by the said first-recited Act certain Provision is made with regard to the Application of surplus Income from Tolls in respect of Navigations constructed or improved under the said Act; and with a view to encourage the Formation and making of such Navigations it is expedient to amend such Provision;’ be it therefore enacted, That in all Cases where the Costs of constructing or improving any such Navigation, with all Expences incidental thereto (including Interest on borrowed Monies), shall have been secured by any Presentment passed by the Grand Jury of any County or Counties, or by the Guarantee of any Person, Party, or Company, or partly by such Presentment and partly by such Guarantee, under said first-recited Act or this Act, and such Costs, Expenses, and Interest shall have been paid to the said Commissioners under and by virtue of such Security, the said Commissioners shall apply and pay to the Use and Benefit of the Party, Person, or Company who shall have guaranteed and paid the whole or the Part (as the Case may be) of such Costs and Expences and Interest the whole or the proportionate Part (as the Case may be) of the surplus Income which shall arise from or in respect of any Tolls, Rates, or Rents to be imposed or levied in respect of any such Navigation, after defraying all Expenses incidental to the Maintenance of the Works, and the several other Matters and Things, as in said Act mentioned; and in Cases whore such Costs, Expenses, and Interest, or any Part thereof, shall have been secured by Grand Jury Presentment, such surplus Income, or such proportionate Part thereof, shall be paid to the Treasurer of the County or Counties respectively which shall have secured or become liable for such Costs and Expenses, in the Proportions in which such County or Counties, or Part thereof, shall have contributed towards the Expence and Costs of such Navigation, and be by every such Treasurer brought to the Credit of the County, Barony, Half Barony, or Townlands which shall have so secured and become liable to such Costs as aforesaid, in the Proportions in which the same shall have contributed or paid as aforesaid: Provided always, that when and so soon as the Amount of such surplus annual Income arising from such Tolls, Rents, or Rates of any such Navigation shall exceed the Rate of Ten Pounds per Centum per Annum on the original Costs of Construction thereof, and the Expenses incidental thereto, including all Interest paid on Monies borrowed for such Purposes, such Rates and Tolls shall be reduced by the said Commissioners so that the Amount of such surplus annual Income arising from such Tolls, Rents, and Rates shall not exceed Ten Pounds per Centum per Annum upon the original Costs of Construction as aforesaid; provided also, that nothing herein contained shall be construed to affect the Powers of the said Commissioners under the said first-recited Act, with the Approbation of the Commissioners of Her Majesty’s Treasury, to reduce all or any of the Rates or Tolls to be imposed or levied in respect of any such Navigation, and afterwards, from Time to Time, with the like Approbation, to raise the same, as in said Act provided.
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