CO129-609-3 Future policy- draft Municipal Council Ordinance 1-1-1947 - 31-12-1947 — Page 55

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PART VIII

(In U.K. £500)

Repayment of moneys borrowed on mortgage.

s.212

Sinking fund. 8.213

application by two or more persons the aggregate sums due

to them, amount to not less than ten thousand dollars.

(2) The court may confer upon the receiver any such

powers of collecting, receiving and recovering the revenues of

the Council, and of making, collecting and recovering rates,

and of issuing and enforcing precepts, as are possessed by the

Council or their officers.

93. (1) Every sun borrowed by the Council by way of

mortgage shall be paid off either by equal yearly or half-

yearly instalments of principal, or of principal and interest

combined, or by means of a sinking fund, or partly by one of

those methods and partly by another or others of them.

(2) Subject to the provisions of sub-section (2) of

section 80 of this Ordinance, the payment of the first

instalment or the first payment to the sinking fund shall be

made within twelve months or, where the moneys are repayable

by half-yearly instalments, within six months from the date of

borrowing.

94. (1) If the Council determine to repay by means

of a sinking fund any sums borrowed under this Part of this

Ordinance by way of mortgage, the sinking fund shall be formed

and maintained either

(a) by payment to the fund throughout the fixed period

of such equal annual sums as will be sufficient to

pay off within that period the moneys for the

repayment of which the sinking fund is formed; ar (b) by payment to the fund throughout the fixed period

of such equal annual sums as, with accumulations at

a rate not exceeding the rate fixed by the Council,

will be sufficient to pay off within that period

the moneys for the repayment of which the sinking

fund is formed.

In this Part of this Ordinance a sinking fund formed

under paragraph (a) of this section is referred to as

(52)