HL Deb 12 May 1896 vol 40 cc1117-8

It shall be lawful for the local authority or the county council, as the case may be, to borrow for the purpose of acquiring, making, enlarging, or re-constructing sewers; and on the security of the special sewer assessments, where such exist, and general assessments, or either of them, such sums of money, and at such times, as the local authority or the county council shall deem necessary for that purpose, and to assign the said special sewer assessments and general assessments or any of them in security of the money to be so borrowed; and the bonds to be granted on such borrowing and transferences or assignations and discharges thereof may be in or near to the forms contained in the Second Schedule hereto annexed, and such bonds shall be signed by two members and the clerk of the local authority or the county clerk, and shall constitute a lien over the special sewer assessments and general assessments thereby assigned, and shall entitle the creditors therein to recover the sums thereby due from the local authority or county council out of the first and readiest of the said special and general assessments; but no such member or officer shall be personally liable for the repayment of such money so borrowed, and all such obligations shall be deemed and taken to be granted on the sole security of the assessments assigned; and the money so borrowed shall be repayable either in one sum or by instalments, as may be arranged between the borrower and the lender, but so that the same shall be wholly repaid, together with the accruing interest, within thirty years from the date of the loan, but the amount of such loans, including interest, shall form a charge against the assessments of the years intervening between the date of such loans and the date of full repayment; and the money so borrowed as aforesaid shall be applied wholly in defraying the expense of acquiring, making, enlarging, and reconstructing sewers, and to no other purpose whatsoever.

*LORD BALFOUR moved to omit the word "clerk" ("county clerk"), in order to insert instead thereof the word "council."

Amendment agreed to.

Clause 135,—