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Regulations as to Payment of Interest on Loans charged under various Acts on “The London Bridge Approaches Fund.”
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VI. ‘And whereas the said Commissioners are by divers Acts of Parliament authorized to charge certain Funds, Duties, and Revenues constituting a Fund which is commonly called “The London Bridge Approaches Fund” with certain Sums of Money amounting altogether to the Sum of Four hundred and eighty-nine thousand Pounds, with Interest on such Sums respectively, for the Purpose of effecting certain Improvements in the Metropolis, and the said Commissioners are authorized to raise Monies for the aforesaid Improvements on the Credit of the Funds, Duties, and Revenues so charged, but by reason of prior existing Charges, which wholly absorbed and will for some Time continue to absorb the said Funds, Duties, and Revenues, the said Commissioners were, by the said Act of the Fourth and Fifth Years of Her Majesty’s Reign, herein-before recited, authorized to borrow Monies as aforesaid, for the Purposes of the said Improvements, on the Security of the Land Revenues of the Crown, as in the said Act is mentioned; and by the said Act it was provided that all such Monies as should come to the Hands of the said Commissioners by means of Leases or Sales of Property purchased for effecting the said Improvements, and the Income thereof, and Monies to be borrowed on the Credit of Charges made by the said Commissioners on the said Duties, Funds, and Revenues called “The London Bridge Approaches Fund,” and otherwise, as in the said Act is mentioned, should be applied in Repayment of such Sums of Money as might be borrowed on the Credit of the Land Revenues of the Crown, and the Interest thereof: And whereas the said Commissioners have from Time to Time, by and out of the Principal Monies borrowed on the Security of the Land Revenues of the Crown for the Purposes aforesaid, and other the Monies which came to their Hands in the Excercise of the Powers granted to them for the Purpose of effecting the said Improvements, paid Interest, which has from Time to Time accrued on the Sums so borrowed by them, and when such Principal and other Monies have for the Time been exhausted they have paid such Interest out of the annual Income of the Land Revenues of the Crown: And whereas it was intended that the Monies which the said Commissioners were so as aforesaid authorized to charge on the said Fund called “The London Bridge Approaches Fund,” and the Interest thereon, and other the Monies which should come to the Hands of the said Commissioners in respect of the said Improvement, should be applicable to the Payment, not only of all Principal Monies which might be borrowed, on the Security of the Land Revenues of the Crown, but of all Interest thereon, and to the Intent that thereby the Land Revenues of the Crown, although liable to the Mortgagees for the Monies charged and secured thereon, should by the Means aforesaid be wholly indemnified from the Payment of any Part of the Monies applicable to the aforesaid Improvements:’ Be it therefore enacted, That all Payments heretofore made by the Commissioners of Her Majesty’s Woods, Forests, Land Revenues, Works, and Buildings, out of any Principal Monies so borrowed by them as aforesaid, or out of Interest arising from any temporary Investment, of any such Principal Monies, in respect or by way of Interest accrued on any such Principal Monies, shall be and the same are hereby declared valid, and are hereby confirmed; and that it shall be lawful for the said Commissioners for the Time being, from Time to Time and at all Times hereafter, to pay and apply, any Principal Monies which they have borrowed or may hereafter borrow, or the Interest arising from any investment of any such Principal Monies, or any other Monies which shall come to their Hands by reason of the Premises, in discharge of the Interest accruing due on any Monies so borrowed or to be borrowed as aforesaid, and thereout also to reimburse and repay to the Credit of the Income arising from the Land Revenues of the Crown all such Sums of Money as the said Commissioners have paid or may hereafter pay out of such Income for Interest upon Monies borrowed by them for the Purposes of the said Improvement.
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