WHEREAS by the One hundred and thirteenth Section of the Appendix c. 63. c. 40. Public Health Act, 1848, it was enacted, that the Interest 16 & 17 Vic. secured by any Mortgage authorized to be made under that Act should, unless otherwise provided, be paid half Yearly; and in order to pay off 11 and 12 Vict. any Monies borrowed and secured by any such Mortgage, the Local Board of Health should in every year, until the same should be paid off, appropriate and set apart as a Sinking Fund such Sum as, together with the Interest from Time to Time to accrue thereon, would in the Period of Thirty Years amount to a Sum sufficient to repay the Monies borrowed and secured by any such Mortgage, and should from Time to Time cause such Sinking Fund and the Interest threon to be invested in the Purchase of Exchequer Bills or other Government Securities, and to be increased by Accumulation in the way of Compound Interest or otherwise; and whenever the said Local Board should be enabled to pay off One or more of the Mortgages charged upon the same Property or Rate, and should not be able to pay off the whole of the Mortgages so charged, they should, in default of Arrangement between the Local Board of Health and the Mortgagees, decide by Lot the Order in which the same should be paid off: Be it 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: Public Works paid by Instal Twenty Years, Sinking Fund in 1. Notwithstanding the said One hundred and thirteenth Section of Advances by the said Act, or any other Provisions therein, any Monies thereby au- Loan Commisthorized to be borrowed and secured by way of Mortgage may be bor- sioners to be rerowed from the Commissioners acting in execution of an Act passed in ments within the Fifty-seventh Year of the Reign of His late Majesty King George instead of by a the Third, intituled An Act to authorize the Issue of Exchequer Bills Thirty Years. and the Advance of Money out of the Consolidated Fund to a limited Amount, for the carrying on of Public Works and Fisheries in the United Kingdom, and Employment of the Poor in Great Britian, in manner therein mentioned, and in execution of any Act or Acts for amending or con- 57 G. 3. c. 34. tinuing the same Act or Acts or any of them; and on any such Loan by the said Commissioners called "The Public Works Loan Commissioners" the Repayment of the Monies borrowed, with Interest thereon, shall be secured so as that the same, with the Interest thereon, shall be fully repaid by Instalments within the Period of Twenty Years from the advancing thereof, instead of by forming such accumulating Fund for the Payment of Monies borrowed as by the said Act is provided; and all the Powers and Provisions in the said Act contained for raising Rates for the forming a Fund for the repayment of Monies to be borrowed under the Provisions of the said Act shall apply and extend to the raising and paying any Monies which may be borrowed of the said Public Works Loan Commissioners, and the Interest thereon. Appendix 16 & 17 Vic. c. 40. Securities for Advances to be taken under the lic Works Loan Acts. II. In all Cases of Loans under the Public Health Act, 1848, and in all other Cases where any Loans or Advances shall hereafter be made or have already been made by the said Public Works Loan Commissioners to any Persons or Bodies having Power to borrow the same, or to any Persons or Bodies to whom the said Commissioners were, Powers of Pub- are, or shall be authorized or directed to lend any Monies under the Provisions of any Act or Acts whatsoever, then, notwithstanding the Provisions of the Public Health Act, 1848, or of any local or other Act, to the contrary, all Loans or Advances made or to be made shall be taken to have been made or to be made by the Public Works Loan Commissioners under the Provisions of the several Acts in force authorizing Loans by the said Public Works Loan Commissioners; and the Securities for such Loans shall be taken to have been made, and shall have such Priorities, and shall be subject to the same Powers, Authorities, and Remedies in all respects whatsoever, as if such Loans, Advances, and Securities had been made under the Authority of the several Acts in force relating to Loans to be made by the Public Works Loan Commissioners, and notwithstanding any Provision in any other Act now passed or to be passed contained as regards the Priorities or Mode of Payment of any Monies authorized or directed by any such Act to be borrowed, except so far as the same may by any such Act be altered, varied, or repealed by express Reference to this Act. Loans may be advanced at a lower Rate of Interest than Five per Cent. III. From and after the passing of this Act, it shall be lawful for the said Public Works Loan Commissioners and they are hereby authorized to make Advances at such Rate of Interest as they in their Discretion may think fit, not being less than the Rate of Three Pounds Ten Shillings per Centum per Annum, except that in case at the Time at which the said Commissioners shall resolve to make any Loan it shall appear that the Rate of Interest to be produced by an Investment in the Purchase of the Stock called the Three per Centum Consolidated Bank Annuities would be above Three Pounds Ten Shillings per Centum per Annum, then no such Loan shall be granted at a Rate of Interest less than the Rate which would be produced by an Investment in the Purchase of the said Stock; and such Rate of Interest for the Purpose aforesaid shall be ascertained by the said Commissioners by the average Price of such Stock on the Day before the resolving to make such Loan, if the Transfer Books shall on that Day be open, if not, then by the average Price of such Stock on the Day next before the closing of such Transfer Books; provided that if the Rate of Interest upon any Advances to be made by the said Commissioners be less than the Rate which by the Act or Acts herein-before recited or referred to the said Commissioners are now authorized or required to take, or in case any Loan the Interest whereof is so as aforesaid to be regulated by the Price of such Stock, then the Consent of the Commissioners of Her Majesty's Treasury for the Time being shall be obtained previously to resolving to make such Loan. Appendix c. 40. IV. Nothing in this Act contained shall extend or be deemed or No. 9. construed to extend to alter, lessen, or abridge the Powers given to 16 & 17 Vic. or vested in the Commissioners of Her Majesty's Treasury to reduce the Rate of Interest on any Loan advanced or to be advanced by the Powers of Treasaid Public Works Loan Commissioners, in the Manner and under the Interest not to Circumstances in any of the Acts herein-before referred to particularly stated or mentioned. sury to reduce be affected. V. In citing this Act for any Purpose whatsoever it shall be suffi- Short Title. cient to use the Expression "The Public Works Loan Act, 1853." END OF APPENDIX, |