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Money may be raised on the Security of Presentments repayable by Instalments, with Interest.
Grand Jury to appoint Committee to carry Presentment into effect.
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I. It shall be lawful for the Grand Jury of any County, County of a City, or County of a Town, at any Assizes, or if in the County of Dublin at any Presenting Term, to present any Sum or Sums of Money for the Purpose of any Public Work which by Law it is or may be competent for them to present, (the estimated Cost of which shall not be less than One thousand Pounds) in order to obtain Advances by way of Loan from Parties willing to make such Advances, and to set forth in such Presentment that such Sum or Sums of Money shall be raised and levied by half-yearly Instalments of not less than Ten Pounds per Centum per Annum of the whole Sum to be expended, and likewise to present a Sum sufficient to pay the annual Interest of such Sum or Sums to be so expended, and from Time to Time remaining due, at such Rate (not exceeding Five Pounds per Centum), and likewise to include in such Presentment a sufficient Sum to defray the Expenses attendant upon obtaining an Examination and Report for the Information and Satisfaction of the Commissioners of Public Works in Ireland for the Purpose hereinafter mentioned, and to set forth in such Presentment what Part thereof shall be raised upon any Barony or Baronies in such County, or on the County at large; and the Treasurer of such County, County of a City, or County of a Town, shall and he is hereby authorized and required from Time to Time, without further Authority or Presentment in that Behalf, to issue his separate Warrant for or include in his general Warrant, at each Assizes or Presenting Term (if in the County of Dublin), such Portion or Portions of the whole Sum so presented, together with such Sum for Interest thereon, as may be necessary for the Purpose of paying the Instalments and Interest as aforesaid to any Party or Person who may, with the Sanction of the Commissioners of Public Works as herein-after provided, have made any Advance on the Faith of such Presentment, and the Sum or Sums inserted in such Warrant shall be raised and levied from and off the Barony or Baronies or County at large named in such Presentment and Warrant, in like Manner, from Time to Time, and with like Remedy in case of Nonpayment, as other Monies directed by any Warrant of such Treasurer are by Law to be or may be levied; and it shall be lawful for any such Grand Jury in every such Presentment to nominate and appoint a Committee, of not less than Three or more than Five Persons, to treat and agree and contract for a Loan with any Party or Person willing to make the same on the Security of such Presentment, and for the Rate of Interest which shall be paid on any such Loan, and otherwise to carry the said Presentment into effect, and every such Presentment may be in the Form in the First Schedule to this Act annexed.
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