CO129-543-12 Loans for public work 29-3-1933 - 20-12-1933 — Page 82

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dividends, interest, or produce of any investments represent-

ing any portion of the sinking fund, are exempted from

assessment to military contribution. There is thus

apparently a possible contingency that in effect

appropriations of revenue of greater amount than is necessary

for the service of the Bonds, may be exempted from assess-

ment to military contribution.

The Council do not contemplate that this is

In order, however, that

intended and they do not accordingly ask that any revision

of the terms of the Ordinance should be made directly

preventing such over-exemption.

there shall be no misapprehension on the matter they will

be glad to receive, in due course, an assurance that any

ultimate surpluses of the sinking funds referred to, not

required for the service of the Bonds, will not be

disposed of in such a manner that they fail to be subject

to assessment to contribution.

I am,

Sir,

Your obedient Servant,

Ab Widdow