THE EASTBOURNE OVERDRAFT

Dominion, Volume 19, Issue 254, 10 July 1926, Page 10

THE EASTBOURNE OVERDRAFT

VALIDATING LEGISLATION REPAYMENT SPREAD OVER SEVEN YEARS Provision lor the repayment of the Eastbourne Borough’s bank overdraft is contained in. the Eastbourne Borough Bank Account and Empowering Bill, which was introduced into the House of Representatives yesterday. On March 31, 1926, the Borough Council owed to its bank on overdraft JJ5006 17s. 9d., in contravention of the provisions of the Local Bodies’ Finance Act, 1921-22. That state of affairs, according to the preamble of the Bill, was principally due to loss of fares on the council’s ferry steamers occasioned by the restriction on travelling imposed during the infantile paralysis epidemic. The measure validates the overdraft and provides for its repayment by seven equal yearly payments out of the council’s revenues attributable to its district fund account and ferries account. The council is, however, entitled to provide a greater sum then a seventh part in reduction of the overdraft in any of the years fixed. The first annual payment is to commence next year. The overdraft until extinguished is to be in addition to the amount the council is legaMy authorised to borrow or owe. There is the usual provision for the payment of interest, and power is given the local body concerned to lew a separate rate uniform over all rateable property in the borough to provide any annual instalment payable in extinction of the overdraft. In the event of the council’s realising on any of its steamers or permanent ferry assets, the proceeds are to be applied to the reduction of the overdraft. The final clause protects the hank from an interpretation that anything in the act will affect its right to he repaid out of the funds of the Mayor, councillors, and burgesses of the borough. OPTICIANS BILL It is understood that quite a lot of evidence will be tendered before the Health Committee when it proceeds to discuss the provisions of the Opticians Bill, as several of the local specialists consider that some of the clauses could with advantage be improved.