LOCAL GOVERNMENT (SHIRE LOANS) ACT.

Act No. 22, 1914.
An Act to enable shire councils to raise loans ; and for purposes consequent thereon or incidental thereto. [Assented to, 7th November, 1914.]
E it enacted b y t h e K i n g ' s M o s t E x c e l l e n t M a j e s t y , b y and with t h e advice and consent of t h e Legis lative Council and Legislative A s s e m b l y of N e w S o u t h W a l e s in P a r l i a m e n t assembled, a n d by t h e a u t h o r i t y of t h e same, as follows :-- 1 . This A c t m a y be cited as t h e " L o c a l G o v e r n m e n t ( S h i r e Loans) A c t , 1 9 1 4 . " 2 . (1) A shire council m a y , if t h e Governor's a p p r o v a l first be obtained, borrow for t h e p u r p o s e of c a r r y i n g o u t a n y w o r k w h i c h it is b y law authorised to undertake. (2) A n y loans obtained u n d e r t h i s A c t shall n o t exceed in t h e a g g r e g a t e a s u m e q u a l to t h r i c e t h e a m o u n t of a year's i n c o m e of t h e shire as s h o w n by t h e last audited year's accounts. (3) W h e r e a council borrows u n d e r this A c t t h e loan shall be a r r a n g e d u p o n t e r m s p r o v i d i n g for t h e r e p a y m e n t of p r i n c i p a l and i n t e r e s t i n e q u a l yearly or half-yearly i n s t a l m e n t s , spread over a t e r m to be fixed b y t h e Governor on t h e basis of t h r e e - f o u r t h s of t h e estimated" probable life of t h e works on w h i c h t h e a m o u n t borrowed is to be e x p e n d e d . (4) I f before t h e G o v e r n o r ' s a p p r o v a l has been g i v e n to a n y proposed loan, t e n per c e n t u m of t h e r a t e p a y e r s p e t i t i o n t h e council to t a k e a poll of t h e r a t e p a y e r s o n t h e q u e s t i o n of such proposed loan, a ballot of t h e r a t e p a y e r s shall be t a k e n in m a n n e r prescribed

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prescribed on the advisability of such loan, and if the proposal is lost no proposal to borrow for the like purposes shall he sanctioned by the Governor until a further ballot of ratepayers, which shall not be taken within twelve months of the previous ballot, shall have affirmed the desirability of such loan. (5) Loans under this section may be secured and charged upon the income of the general fund of the shire ; and the shire council shall have the same powers to give security by debentures, mortgage deeds, or bonds as are given by the Local Government Act, 1900, to the council of a municipality. 3 . I t shall be lawful for the Governor to make regulations for the purpose of carrying out the provisions of this Act.