Wairarapa Standard Published Tri-weekly, Price 1d. FRIDAY, JUNE 26, 1885. Local Bodies Financial and Powers Bill.

Wairarapa Standard, Volume XVIII, Issue 1699, 26 June 1885, Page 2

Wairarapa Standard Published Tri-weekly, Price Id. FRIDAY, JUNE 26, 1885. Local Bodies Financial and Powers Bill.

tr the House on Tuesday, Sir Julias Vogel moved the second reading of the I.oral .Bodies Finance and rowers Bill. This Bill as it at present stands, provides for the estab iishment of a local bodies finance account, to be kept by the Colonial Treasurer, to which the sum of £150,000 is to be transferred for the period from the Ist October, 1885, to the 31st March, 18SG, and thereafter fora period of 25 years a sum of £300,000. Tor the first year £50,000 is to be paid out of the Fublic Works fund, and the remainder required is to come from the Consolidated Fund, thereafter, for a period of five years, the £300,000 is to be paid out of the Public Works Fund and Consolidated Fund in equal proportions. For the remaining twenty years the whole of the sum mentioned is to be paid out of the Consolidated Fund. During each financial year, iu respect of all sums actually collected and received by way of general rates duriug the year ending on the 31st day of March previous thereto (exclusive of all general rates collected iu respect of Crown lands and native lands by virtue of “ The Crown and Native Lauds Eating Act, 1882,” and “ The Crown and Native Lands Rating Act 1882 Amendment Act, 1883,”) but not exceeding the amount so recoverable on a rate of three farthings in the pound on the capital value, and one shilling iu the pound on the annual value, the sums following are to be paid : —To each Borough Council and Town Board, when the general rates do not exceed £750, £ for £, and when the rates do not exceed that sum IDs for £l. To each County Council where there are no road districts, the sum of £2 for £1 will be paid for rates up to £IOOO ; over that sum, £ for £. In respect of counties whore there are road districts, each Road Board will receive £2 for LI when general rates do not exceed £SOO ; above that amount £ for £. To County Councils, where Hoad Boards exists, the sum, equal to £2 lor each £1 of rates, will ho paid when the rates do not exceed £500; above that amount £ for £. Power is given to any local body to raise money on the security of special rates made for that purpose or on the credit of any moneys payable to such local body under the provisions of this Act, or on the credit of both securities. The Bill specifies how the special rates are to bo made and levied, and how provisions may bo made for repayment of moneys borrowed, which areas follow's ; making, with or without a sinking fund, the whole loan or separate port.ons thereof repayable at a stated per od or at stated periods ; (2) or by making any debentures issued in re.- met of such loan repayable by periodical drawings ; (3) or by the grant of terminable annuities. Local bodies are empow.- red to re-borrow to pay loans, and if default is made in payment of debenture or coupon, a Judge of the Supremo Court may be applied to to appoint a receiver. The fund liable to payment of principal or interest is to vest in the receiver, who is to have power to recover rates and to amend special rates. The receiver’s powers cease with the repayment of the loan. Local bodies are to bo held responsible for the payment of debentures issued by them. The first two years interest on loans raised by local bodies may he paid out of the principal, but no money can bo borrowed under the Act without the consent of thieo'ilflhs of the ratepayers. Two or more bodies may uuito to raise a loan, hut a poll must bo taken iu each

district severally, and the funds of every local body pledged as security for such loan shall bo jointly and severally liable for the whole loan. County Councils are empowered to impose a royalty on gold obtained in the district of not exceeding 2s 6d per oz. Loans may be raised for the following purposes Construction or renewal of any bridge or road ; for the drainage of land ; for the purchase of land within the district of the local body, or a district near thereto, and the erection thereon of suitable dwellings, to be let with or without a right of purchase, to and occupied by ordinary laborers, as explained in the Financial Statement ; for contributing towards the construction of trams, roads, or bridges, &c., for promoting traffic on railways. Provision is made whereby any local body, or several local bodies united, guaranteeing to provide by way of special rate one half of the cost of constructing a railway, including interest on oxpendilure during construction for a period of twenty years from the completion of the railway for traffic, can memoralise the Governor to have such railways made, provided that three fifths of the ratepayers consent thereto, and then if the General Assembly agree to pay the other half of the interest the Governor may submit to the Assembly a proposal to commence the work. The Bill further provides that after the 31st March, 1886, each local body shall contribute £2O per annum towards the general police expenditure of the colony for each constable acting within the district within the jurisdiction of each local body, and such sum is to be deducted by the Treasurer from any moneys payable to the local body under this Act. The Bill repeals the Roads and Bridges Construction Act, 1882, and all Acts amending the same.