CO129-609-3 Future policy- draft Municipal Council Ordinance 1-1-1947 - 31-12-1947 — Page 58

1

PART VIII

58

Temporary loans, &c.

s.215

(4) If at any time the amount in a sinking fund,

together with the accumulations therem in the case of

an accumulating sinking fund, will in the opinion of the

Governor be sufficient to repay the moneys for the

repayment of which the sinking fund is formed within the

•

fixed period, the Governor may authorize the Council to

suspend the annual payments to the sinking fund until the

Governor otherwise directs.

96.

Supplementary Borrowing Powers.

(1) The Council may, without the consent of

the Governor, borrow by way of temporary loan or overdraft

from a bank or otherwise, any sums which they may

temporarily require

(a) for the purpose of defraying expenses (including

the payment of sums due by them to meet the

expenses incurred by the Government on their

behalf) pending the receipt of revenues,

receivable by them in respect of the period of

account in which those expenses are chargeable

and taken into account in the estimates made by

the Council for that period;

(b) for the purpose of defraying, pending the

raising of a loan which the Council may have

been authorized to raise, expenses intended to

be defrayed by means of the loan.

(2) Where money is borrowed in pursuance of

paragraph (b) of the preceding sub-section and

subsequently such loan as is mentioned in that paragraph

is raised, then for the purposes of the provisions of

this Part of this Ordinance regulating the repayment of

that loan, the loan shall, to the extent of the sum

barrowed under the said paragraph, be deemed to have been

raised at the time when the borrowing under the said

paragraph took place.

(55)