CO129-506-4 Public Works Loan Ordinance- 1927 23-9-1927 - 28-2-1928 — Page 17

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4.

The second item includes the contributin of the Colony to the formation of an aerodrome, which will be partly for military purposes and partly for civil purposes. It also

includes certain dredging operations which will be useful

both for the development of the harbour and for the purpose

cf forming the aerodrome. This item camot at present be

precisely estimated.

5. The third iten, "Other public works", is perfectly gen- eral, but section 3 (1) of the Ordinance provides that no ex- penditure is to be incurred in respect of this item unless such expenditure has been approved by a resolution of the Legislative Council and by the Secretary of State.

6. As it is obviously impossible to foresee the exact ex- penditure on the Shing Mun scheme, and as the second item in the Schedule is admittedly not a precise estimate, provision

is made in section 3 (2) of the Ordinance for the transfer of

money from one item of the Schedule to another, but no auch transfer can be made unless it has been approved by a resolu- tion of the Legislative Council and by the Secretary of State.

7.

Sections 4 to 12 are practically copied from sections 3

to 11 of the War Loan Ordinance, 1916, Ordinance No.12 of 1916. The dates differ of course, but there are no other changes or

any substance in these nine sections. The loan is to be

redeemable at par on the 1st November, 1938, but at any time after the 31st October, 1933, the Governor may approve of the redemption by purchase of bonds to such total value as he may determine, al at any time after the 31st October, 1932, he

may direct drawings by lot of bonds to such total value as the

The interest on the loan fa to be 6 per cent.

may determine.

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