Limerick Harbour (Composition of Debt) Act, 1867
LIMERICK HARBOUR (COMPOSITION OF DEBT) ACT 1867 | ||
CAP. LIII. | ||
An Act to authorize the Commissioners of Her Majesty’s Treasury to compound the Public Debt and Interest due by the Limerick Harbour Commissioners, and to make Arrangements for the Payment of the Amount for which such Debt is to be compounded; and for the Transfer of Wellesley Bridge in the City of Limerick to the Commissioners of Public Works; and for other Purposes. [15th July 1867.] | ||
57 G. 3. c. 34. | ||
‘WHEREAS, with the Consent and Approbation of the Lords Commissioners of Her Majesty’s Treasury of the United Kingdom of Great Britain and Ireland (herein-after called “the Commissioners of Her Majesty’s Treasury”), the late Loan Commissioners for the Advance of Money out of the Consolidated Fund, pursuant to the Act of the Fifty-seventh of George the Third, Chapter Thirty-four, and Acts amending same, for the Encouragement by way of Loan of Public Works in Great Britain and Ireland, and the Commissioners of Public Works in Ireland (herein-after called “the Commissioners of Public Works”), have at various Periods since the Year One thousand eight hundred, and twenty-four advanced out of the Consolidated Fund, under the Authority of the Acts (Public) of the Third of George the Third, Chapter One hundred and twelve, the Fifty-seventh of George the Third, Chapter Thirty-four, and First and Second of William the Fourth, Chapter Thirty-three, divers Sums of Money, amounting in the whole to the Sum of One hundred and seventy-nine thousand three hundred and eighty-four Pounds Twelve Shillings and Fourpence, to the Limerick Bridge Commissioners, and their Successors, the Limerick Harbour Commissioners, who were from Time to Time respectively authorized to borrow Money under the Powers of the Acts (Public and Local) of the Fourth of George the Fourth, Chapter Ninety-four, Fourth and Fifth of William the Fourth, Chapter Eighty-four, and Tenth and Eleventh Years of Her Majesty, Chapter One hundred and ninety-eight, (herein-after called the recited Acts,) for the Purpose of erecting a Bridge at Limerick called “Wellesley Bridge,” and of forming certain floating and other Docks and Works for the Improvement of the Port of Limerick, and such Sums were advanced from Time to Time on the Security of certain Indentures of Mortgage of the Rates and Duties authorized to be levied from Time to Time in the Port of Limerick, and on the Tolls levied from Time to Time on Wellesley Bridge, under the Powers of the recited Acts or some of them: | ||
And whereas that Portion of the said Sum of One hundred and seventy-nine thousand three hundred and eighty-four Pounds Twelve Shillings and Fourpence advanced by the late Loan Commissioners was afterwards transferred to and became vested in the Commissioners of Public Works, under and by virtue of the Provisions of the Act of the First and Second of William the Fourth, Chapter Thirty-three: | ||
And whereas there is a Sum of Two hundred and thirty thousand Pounds and upwards remaining due to the Commissioners of Public Works in respect of such Advances, including Interest, (after deducting the Payments annually made in respect of Principal and Interest,) and the said Commissioners of Public Works are now and have been for some Years in possession as Mortgagees of the Tolls, Rates, and Duties levied in the said Harbour, to secure the Payment of the Debt and Interest due thereon: | ||
And whereas Wellesley Bridge has been for some Years completed, and opened for public Traffic, by means of a Part of the Principal Money so advanced out of the Consolidated Fund, and the Commissioners of Public Works, as Mortgagees, are in possession of the Tolls annually taken thereon: | ||
And whereas the Tolls, Rates, and Duties heretofore payable in respect of the said Bridge, and imposed on the said Port and Harbour of Limerick, have not only proved insufficient to pay the Principal and Interest of the said Debts respectively, but have prejudiced the Development of the Trade and Commerce of the said Port and Harbour: | ||
And whereas it is expedient to relieve the said Port and Harbour from a Portion of the said Debt, so as to enable the said Port to compete with rival Ports on more favourable Terms, and for that Purpose to enable the Commissioners of Her Majesty’s Treasury to compound the said Debt: | ||
30 & 31 Vict. c. clv. | ||
And whereas the Limerick Harbour Commissioners have applied for an Act (the Short Title of which is “The Limerick Harbour Act, 1867,”) to authorize them to levy certain Tolls, Harbour Rates, and Duties in lieu of the Tolls, Rates, and Duties heretofore authorized; so as to provide sufficient Means (after Charges for Maintenance, as herein-after mentioned,) to secure the Payment of the Annuity by this Act authorized, and also to alter the Constitution of their Body, and for other Purposes; but such Powers are not to be put into force until this Act comes into operation:’ | ||
Be it therefore enacted by the Queen’s most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, as follows: |