Public Works Loans Act 1902
| Jurisdiction | UK Non-devolved |
| Citation | 1902 c. 22 |
| Year | 1902 |
Public Works Loans Act, 1902
(2 Edw. 7.) CHAPTER 22.
An Act to grant Money for the purpose of certain Local Loans out of the Local Loans Fund, and for other purposes relating to Local Loans.
[8th August 1902]
B E it enacted by the King'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:
1 Grants for public works.
(1) For the purpose of local loans there may be issued by the National Debt Commissioners the, following sums, namely:—
(a ) For the purpose of loans by the Public Works Loan Commissioners, any sum or sums not exceeding in the whole the sum of six million pounds;
(b ) For the purpose of loans by the Commissioners of Public Works in Ireland, any sum or sums not exceeding in the whole the sum of eight hundred thousand pounds.
(2) The sums so issued shall lie issued during a period ending on the day on which a further Act granting money for the purposes of those loans comes into operation and in accordance with the provisions of the National Debt and Local Loans Act, 1887 .
2 Certain debts not to be reckoned as assets of local loans fund.
2. Whereas it is expedient that the principal of the several local loans specified in the schedule to this Act should to the extent specified in the last column of that schedule, not be reckoned as assets of the local loans fund established under the National Debt and Local Loans Act, 1887; therefore the principal of the said loans shall, to that extent, be written off from the assets of the local loans fund, and the provisions of section fifteen of the said Act shall, so far as applicable, apply thereto.
3 Remission of certain claims against Wick and Pulteney Harbour Trustees.
3. Whereas there is due to the Public Works Loan Commissioners from the Wick and Pulteney Harbour Trustees the sum of fifty-seven thousand eight hundred and twenty-one pounds thirteen shillings and twopence, being the balance of sums, amounting in all to sixty-two thousand pounds, which, during the years one thousand eight hundred and sixty-eight, one thousand eight hundred and sixty-nine, one thousand eight hundred and seventy-one and one thousand eight hundred and seventy-three, were advanced by the Public Works Loan Commissioners to the British Fisheries Society, then the harbour authority for the harbour of Pulteney, in the county of Caithness, towards the expense of constructing a breakwater and other works in connexion with the said harbour, which works were carried out at a total cost of about one hundred and thirty thousand pounds, but were demolished by the action of the sea within a few years after their construction;
And whereas the said sum of fifty-seven thousand eight hundred and twenty-one pounds thirteen shillings and twopence was, under the Public Works Loans Act, 1887, written off from the account of the assets of the Local Loans Fund;
And whereas the revenue of the said harbour is insufficient to discharge the said debt, and the existence of the debt prejudices the harbour trustees in carrying out necessary works for the improvement of the harbour, and it is expedient, that the said debt should be extinguished:
Therefore the said debt, including all claims for interest thereon, shall be extinguished, and the amount thereof shall be deemed a free grant from Parliament.
4 Remission of balance of loan and arrears of interest due from the Waterford, Dungarvan and Lismore Railway Company.
4. Whereas the Commissioners of Public Works in Ireland, between the years one thousand eight hundred and seventy-seven and one thousand eight hundred and eighty-six, made advances amounting in all to the sum of ninety-three thousand two hundred and seventy pounds sixteen shillings and eightpence to the Waterford, Dungarvan and Lismore Railway Company, for the purpose of completing the construction of their railway running between the city of Waterford and the town of Lismore, both situated in the county of Waterford, and such advances were repayable by instalments within twenty years, with interest at the rate of four per cent. per annum;
And whereas the receipts of the...
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