TIMARU HABBOB BOABD LOAN ACT 1885.

Timaru Herald, Volume XLI, Issue 3329, 29 May 1885, Page 3

TIMARU HABBOB BOABD LOAN ACT 1885.

In our issue of yesterday, the Secretary to the Timoru Harbor Board notified that if was the intention of the Board to introduce a Bill during the ensuing session of the House of Representatives to obtain authority to borrow a further sum of £100,000 for the extension of our Harbor works, and that such Bill now lies open to public inspection at the Keaidenfc Magistrate's Courthouse. We inspected this BUI, which is to grant furthei borrowing powers to the Harbor Board, jeelerdajr, and found that it con-

tains 23 sections, or just about double the number of those contained m the Board's Loan Act of 1881. Sections 1 and 2 contain the short title of tbe-Bill and the interpretation respectively, and section 8 defines the Board's borrowing powers. They aye as follows: -"The Board shall have power to borrow m addition to tho sum authorised by any previous Act, subject to the provisions of the Harbors Act 1878, any sum not exceeding £100,000, to be applied m and about the construction and carrying out of works for the improvement of the Port of Tiniaru, including Buch works as aye defined by the words' ' harbor works ' m the interpretation clause of the Harbors Act 1878, as shall be by the Board considered necessary for tho requirements of the harbor of Timaru, and also to erect and construct all such cranes, sheds and works for tho improvement of the said harbor aB shall be judged necessary and proper by the Board for the safety, convenience or reception of vessels resorting_ to the harbor, and for tho more convenient loading and unloading of vessels, or for the safety or protection of any works constructed or proposed to be constructed by the Board." Sections 4 and 5 provide the machinery for tho Chairman's guidance m calling meetings of ratepayers to consider the proposal to borrow more money, and sections G, 7, 8, and 9 specify how the poll of tho -ratepayers m the harbor district is to be taken. Section 10 gives the Board the power to " levy a rate upon the rateable value of all rateablo property m the harbor district," m case the harbor fund shall be insufficient to pay the expenses incurred m the construction, maintenance, and ropoir of tho harbor works, such rate to be applied towards payment of tho annual charges to accrue m respect of the loan to be raised under this Act. Section 11 limits tho Board to raising yearly only the amount that is required for "the payment of interest on the aggregate amount for which debentures shall at that time be issued after taking into account whatever sum may be available from the revenue of the Board for the previous year for payment of interest on the loan hereby authorised to be made ;" and section 12 states "Any such sum available from the revenuo of the Board for the previous year shall be placed to the credit of the Board on a separate account, and tho balance required for interest on the loan shall then be levied m the manner hereby provided." Section 13 states that any rate made shall not be capable of being quashed or set aside ; iv 14 the Board are given similar powers for recovering rates ns local bodies havo ; and by section 15 the Board is allowed to delegate its powers for levying or collecting rates to tho "Council of the Borough, to tho Road Boards, Board of Commissioners of Town Districts, nnd Councils of Counties included m the harbor district." Section 16 states that remuneration is to be paid to the body exercising the powers delegated to them, but it does not fix tho rate Sections 17, 18, and 1U explain the remedies debenture-holders have m the event of default by the Board. Section 20 refers to the levying of a rate, and m 21 provision is made so that the ratepayers of Town Districts within the harbor district may bo entitled to. vote at the election of members of the Board, and m section 22 tho representation of Mackenzie County (formerly known as Mount Cook Road District) is duly provided for. In tho event of any alterations taking place m tho harbor district m tho present ridings, road districts, etc., tho Governor is given the power m section 23 to proclaim such changes or alterations so as to make them legal. A memorandum, a plan of the proposed improvements to be carried out with tho £100,000, and a copy of the Board's laßt annual statement are attached to the Bill. The memorandum, which is signed by the Chairman of the Board (Mr W. Moody), is as follows :— " The audited accounts of the Board to the 31st December, 1884, show an excess of assets over liabilities of £128,627 19s Bd, and that the revenue of the Board for the year 1884, exclusive of receipts from interest, was £6323 Is Bd. The sum of £100,000, for which authority is asked to borrow, is required for the further prosecution of the harbor works, for which the sanction of His Excellency the Governor has been obtained. It is proposed to expend the amount m about the following proportions : — Extension of Breakwater ... £60,000 Extension of Wharf 15,000 Dredging ... • ... 15,000 Bcclamation 7,500 Cost of raising Loan and expenses ... „. ... 2,500 Total £100,000 Of tho loan authorised to be raised under tho Timaru Harbor Board Loan Act 1881, tho unexpended balance will be sufficient to complete Breakwater contract No. 5, now m progress, and also part of Moody Wharf."