CO129-609-3 Future policy- draft Municipal Council Ordinance 1-1-1947 - 31-12-1947 — Page 59

PART VIII

59

Power to re-borrow,

3.216

97. (1) The Council may, without the consent of

the Governor, borrow for the purpose of

(a) paying off any moneys previously borrowed by

the Council which are intended to be repaid

forthwith; or

(b) replacing moneys which, during the preceding

twelve months, have been tempoarily applied

from other moneys of the Council in repaying

moneys previously barrowed, and which at the

time of such repayment it was intended to

replace by borrowed moneys:

Provided that the Council shall not have power to borrow

under this section

(a) for the purpose of making any payment to a sinking

fund or of paying any instalment or making any

annual payment which has or may become due in

respect of borrowed moneys;

(b) for the purpose of replacing any moneys previously

borrowed which have been repaid

-

(i) by instalments or annual payments; or

(ii) by means of a sinking fund; or

(iii) out of moneys derived from the sale of

land; or

(iv) out of any capital moneys properly applicable

to the purpose of the repayment, other than

moneys borrowed for that purpose.

(2) Any moneys borrowed under this section shell, for

the purposes of repayment, be deemed to form part of the

original loan, and shall be repaid within that portion of the

fixed period which remains unexpired, and the provisions which

are for the time being applicable to the original loan shall

apply to the moneys borrowed under this section:

(56)