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CSA045337

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Letters Received from the Colonial Secretary

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This item is no longer under copyright in Australia and is in the public domain. It may be used freely. When using or sharing this item attribution should be given to the City of Sydney Archives.

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Letter from Colonial Secretary advising that, on advice of Executive Council, the following

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Unique IDA-00444878SeriesLetters Received from the Colonial SecretaryDate27th February 1854FormatVolume - HardcoverDescriptionLetter from Colonial Secretary advising that, on advice of Executive Council, the following arrangements should be observed in regard to the Loans to be Raised for the City of Sydney Water Supply and Sewerage under the Acts 17 Victoria Nos 34 and 35: 1) Amounts required should be obtained from the Savings Bank of New South Wales, drawn in sums of not less than £5,000 at a fixed rate of interest, say 4% per annum, and secured on the General Revenue of the Colony; 2) Debentures, to be issued for each advance in even sums of £500 and £1,000, will: a) contain a reservation giving power to redeem them at any time on giving twelve months notice to holder in the Government Gazette b) be designated one for Water Supply the other for Sewerage c) be numbered in regular arithmetical series d) be transferable in the usual way e) have interest payable half yearly at Colonial Treasury; 3) Savings Bank Trustees have been requested to pay £5,000 to Colonial Treasurer being a) £2,500 as a Loan under the "Sydney Sewerage Act" and b) £2,500 under the "Sydney Water Supply Act" and Debentures will be issued in even sums as desired by the Bank and communicated to Colonial Treasurer; 4) Distinct accounts will be kept in Treasury of the transactions connected with these Loans and sums to be drawn from the Savings Bank will be paid over to Treasury and transferred thence to City Commissioners by Warrant in the usual Form; 5) Interest on the different series of Debentures will be paid through Colonial Treasury but, shortly before payment falls due, it will be requisite for City Commissioners to pay into Treasury the amount necessary to liquidate these out of the funds accruing; 6) While, by the 3rd and 2nd Clauses of the Acts referred to, the entire expenditure of moneys is subject to the control of Legislative Council and should be regulated by Votes and Acts of Council (as the Estimates of Expenditure are usually voted) under advice of Crown Law Officers it is directed that the amount before mentioned shall at once be borrowed and placed at disposal of the Commissioners to enable commencement of the necessary Works for the Water Supply and Sewerage of the City on the understanding that, as soon as the Council assembles, the whole Estimates in detail should be submitted for their Vote and Approval.LanguageEnglish (eng)Digitised recordYes

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Letter from Colonial Secretary advising that, on advice of Executive Council, the following

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