Public Works Loans Act, 1897

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PUBLIC WORKS LOANS ACT 1897

CHAPTER LI

An Act to grant Moneys for the purpose of certain Local Loans, and to amend the Law respecting the Local Loans Fund and Loans made thereout, and for other purposes relating to Local Loans.[¹] [6th August 1897.]

Amendment of Acts.

Reduction of interest on future local loans on the security of local rates.

1. The rates of interest at which loans may be made out of the Local Loans Fund on the security of local rates may be fixed by the Treasury from time to time, having regard to the duration of the loans, and shall be such rates not less than two and three quarters per cent. per annum as in the opinion of the Treasury are sufficient to enable such loans to be made without loss to the Local Loans Fund.

Raising of money for local loans. 50 & 51 Vict. c. 16.

50 & 51 Vict. c. 16.

2.—(1) The provisions of the National Debt and Local Loans Act, 1887, with respect to local loans stock shall, as respects any stock hereafter issued, be construed as if the rate of interest and period fixed by the Treasury were substituted therein respectively for the rate of three per cent. per annum, and the expiration of twenty-five years after the commencement of the Act.

(2) Any money which can be raised by the issue of local loans stock may be borrowed from the National Debt Commissioners by a bond for such term and in such form as the Treasury direct, on the security of the charge created by this Act, and shall be paid to the Local Loans Fund, and the nominal amount of local loans stock which can be created shall be reduced by the amount of the money so borrowed.

(3) The principal and interest of all money secured by any such bond shall be charged on and paid out of the Local Loans Fund, and if and so far as that is insufficient the Consolidated Fund, and all sums so paid out of the Consolidated Fund to meet any such deficiency shall be an advance to be repaid out of the Local Loans Fund, and if not so repaid shall be repaid out of moneys provided by Parliament, and the provisions of the National Debt and Local Loans Act, 1887, respecting the income account of the Local Loans Fund shall apply as if the said interest were the dividends on local loans stock.

[S. 3 rep. 8 Edw. 7. c. 49 (S.L.R.).]

Income account and surplus income of Local Loans Fund.

4. [Sub-s. (1) rep. 8 Edw. 7. c. 49 (S.L.R.).]

(2) . . . . The income account of the Local Loans Fund shall be charged with such sum in respect of expenses in connexion with local loans as the Treasury direct.

(3) If it is shown by the income account of the Local Loans Fund for any financial year that the income is in excess of the expenditure, that excess shall be carried to a separate account to be applied as Parliament may direct, and until such application shall be invested either in advances for local loans or in the purchase of securities in which the National Debt Commissioners are authorised to invest money held by them on account of savings banks, and the annual income shall be invested in like manner, and accumulated.

Substitution of interest for receiver’s fees on arrears.

55 & 56 Vict. c. 61.

5. Where any sum payable in respect of any loan made by the Commissioners of Public Works in Ireland since the twenty-eighth day of June one thousand eight hundred and ninety-two (whether such sum is payable for interest, or as an instalment of principal, or as a periodical payment of an annuity or rentcharge, or otherwise), is in arrear for more than thirty-one days next after the date at which the sum became due, there shall be payable to those Commissioners interest on the said sum at the rate of five per cent. per annum from the said date, and such interest shall be charged, payable, and recoverable in like manner as the said sum. Provided that such interest shall not be payable by any person other than the person liable for the same at the date at which it became due.

[Ss. 6–9 rep. 8 Edw. 7. c. 49 (S.L.R.).]

Extension of period of repayment of certain loans under 43 & 44 Vict. c. 8.

10. Notwithstanding anything in the Isle of Man Loans Act, 1880, or any Act incorporated with that Act, money borrowed after the commencement of this Act under that Act or any amending enactment, for the purpose of repaying any outstanding part of any loan previously so borrowed, may be repaid within sixty years from the date of the first borrowing under that Act.

Application of Act to loans under 55 & 56 Vict. c. 43; 60 & 61 Vict. c. 6; and 57 & 58 Vict. c. 60.

11. The provisions of this Act with respect to loans on the security of a local rate shall extend—

(a) to loans under the Military Lands Acts, 1892 and 1897, on the security of land, and of a grant out of money provided by Parliament; and

(b) to loans under section six hundred and sixty-three of the Merchant Shipping Act, 1894, on the security of the [¹] Mercantile Marine Fund, or of the several dues, rates, fees, and payments to be carried to that fund, or of any part thereof.

Miscellaneous.

Definitions, construction, and short title.

38 & 39 Vict. c. 89.

12.—(1) The expression “local rate” means any rate levied or assessed, the proceeds of which are applicable to public local purposes, and which is levied on the basis of a valuation of property, and includes any sum which though obtained in the first instance by a precept, certificate, or other instrument requiring payment from some authority or officer, is or can be ultimately raised out of a rate as before defined.

(2) The expression “security of a local rate” includes a security guaranteed by any such local rate.

(3) This Act shall be deemed to be a special Act within the meaning of the Public Works Loans Act, 1875.

[Sub-s. (4) rep. 8 Edw. 7. c. 49 (S.L.R.).]

(5) This Act may be cited as the Public Works Loans Act, 1897.

[Scheds. rep. 8 Edw. 7. c. 49 (S.L.R.).]

[¹ Short title, “The Public Works Loans Act, 1897.” See s. 12 (5).]

[¹ Now the General Lighthouse Fund, see 61 & 62 Vict. c. 44, s. 1 (1) (c).]