COUNCIL PAPER.

Taranaki Herald, Volume XV, Issue 759, 16 February 1867, Page 3

COUNCIL PAPER.

A Bill in authorise! th- to i.ting of a. Loan to orecb a

Bridge acmtf tiie Kivei" Waiwukahio. Whereas it 13 expedient to authorise the raising o a Loan to be applieu to tho erection of a Bridge over tho Kiver Waiwakaiho Br: it therefore enacted by the Superintendent Vi'tha l'iovinco of Taranakj with the advice und consent of the Provincial Council thereof as follows: —

t. It shull be lawful for the Superintendent of Taranaki with the advice and consent ol" bin Esec-u-tivo Council to borrow upon DobonLure3 umlor the Public Seal of the Province any sum or sums of money not exceeding in tho whole the sum of Three Thousand Pounds for the purpose of defraying tho cost of the erection of a Brldgu over tho Waiwakaih o River.

2. All Debentures issued under the authority of this Ordinance shall bo in the forra and lo the effect tet forth in KolH'duW A her junto aTsneseJr.nt l bhall

on the face thereof bear tho signatures of tho Superintendent, and the Provincial Tro.tsurer and shall be for tho sum of Twenty Pounds each.

3. Every such Debenture shall bo dated on the di(p on which it shall bo issued and 6hall loir Interest from that day at tho rate often per coutum per annum payable half-yearly on the first ilay of January and tho first day of July every year at tho Troasury of the Province.

4. For tho purpose of paying the said interest and providing for tho liquidation of the principal thero shall be paid yearly out of tho General Revenue of tho Province such sum as shall be equ-»l to 10 pcrcont on tho total of tho principal from timo to timo borrowed and after paying the interest thereout as tho same shall from timo to timo become due the balance thoiejf shall be applied towards the liquidation v of the principal borrowed under this Ordinance. ~

5.. For ihe purpose of refunding to the p'ublio Revenue of tho Province the amounts from time to time paid or payable therefrom as interest and sinking fund npou Debentures issued undor this Ordinance tolls shall be levied on tho traffio passiiig over the said Brklge at tho rates specified in Schedule B hereto and such said tolls if the Bridge shall be leased as hereinafter authorised then and the rental of such Bridge frball be paig irito the Provincial account as Public Kevenne tfftho Province subject nevcrtholess to tho conditions hereinafter specified; 0. The proceeds of all tolls collected on the said Bridge or tho rental thereof if leased shall be entered iv the books of tbe Provincial Treasurer to the credit of a special account and till sums paid for interest and siuhiug fund or Debentures issued|under the authority of thin Ordinance and all sums which may from time to time bo oxponded after appropriation by the Provincial Council for the payment of the Collector of Tolls or for repairs maintenance or renovation of the said Bridge and the approaches thereto or the contracting and maintenance of any works for tbo protection thereof shall be charged to thd debit of the said account and if at the close of any financial period the said account phall show a debit balance such balance Bhall be carried down into tbe next financial period and if the said account shall have a balance on the oredit sido such balance or any part thereof shall be subject to be appropriated by the Provincial Council for repaying the principal money of Debentures issued under this Ordinance and any balance thereafter remaining Bball be carried to the General Kevenuo of the Province Pro\ ided, always that all amounts pay, able for interest aud sinkiug fund shall be charged to the said account on the day proceeding that upon which they are duo. 7. It shall be lawful for tho Superintendent to accept New Zealand Debentures in lieu of cash in payment for Debentures issued under this Ordinauce andtd take such New Zealand Debentures at such money valno not exceeding £100 for every £100 which such Debentures purport to secure as he shall think fit.

8. The Provincial Treasurer shall on and after tho thirtieth day of Juno and the thirty -first day of December in each year with the sinking fund then in his hands purchase and cancel Debentures to the amount thereof and if the amount offered to him by the holders at par shall exceed the sdm available for the purchase of the same ho shall purchase and cancel them consecutively commencing at the lowest number not previously cancelled. 0. at If any of the periods appointed for purchasing and cancelling Debentures as aforesaid the amount offered by the holders thereof at par shall not be equal to the amount then available for the purchase of Debentures tho Provincial Treasurer shall publish a notice in one or more of the newspapers of the Province calling in such an amount of Debentures as ha is prepared to pay off and cancel and shall in such notice appoint a day not being less than throe months after the date of tho publication of such notice upon which tho Debentures therein specified aro to bo printed and paid off aud all Debentures so called in tluill be taken consecutively commencing 1 at tho lowest number Hot previously cancelled mid all interest on the Debentures specified iv any such notice shall cease from and after the <ltt3" ajjpointed iv such notice for the repayment of thu pi-uicif-jti tinner Theivof. "

3(i. All tr.uisfbrs of Debentures issued under this Ordinance shall bn absolute and no transfer shall take eifeefc until the s.uno shall have been authenticated and registered in the office of the Provincial Trcißuier.

11. It shall be lawful for the Superintendent irom timo to time by notice in the Government Gazette of tho Province to appoint a person to bo Collector of ToUa.on tho Waiwakaiho Bridge and in like mariner To remove any such Collector and ovory such Collector shall find sureties to the satisfaction of the Superintendent for tho proper discharge of his duties..

12. It shall be lawful for the Superintendent from time to time to let the said Bridge and tolls for any term not; exceeding ond year on Buch annual rent and On such terms as he shall think fit.

13. All tolls imposed under the" authority of this Ordinance shall be recoverable in a summary way. 14. Any person refusing or evading or attempting to evade the payment of any toll leviablo under this Ordinance (or claiming exemption therefrom when not legally. entitled to such exemption) shall bo liable for every such offence to a penalty not sxceoding Five Pounds recoverable in a summary way. 15. The Superintendent is hereby empowei'od to expond tho whole amount of Three Thovisaud Pounds which ho is hereby authorised to raise or such part thereof as may be founJ ueceseary for the purpose in defraying the cost of the erection of a ftridgo over the River Waiwakaifio and constructing approaches ther'oto and repairing the river banks where the said river is crossed by the north road as at present kid out. 16. It shall be fiivvful for tho Provincial Treasurer to issue 1 sfioSon tickets available for one yeai authorising the holders thereof to cross tho Bridge on horseback at all times and the fee for sdcti tickets shall be £3.

17. The Short T.tle of this, Ordinance shall be the " Waiwakaiho Bridge Loan Ordinance 1867."