Western Australian Current Acts Western Australian Current Acts (1)(a) Subject to any
express provisions of this Act, every local government may from time to time
under the borrowing powers conferred by the Local Government Act 1995 , raise
a special loan for any of the purposes of this Act.
[(b) deleted]
(c) The
period for the repayment of any such loan shall not exceed 50 years, and the
proceeds of each such loan shall be kept in a separate bank account, and shall
not be applied to any purpose other than the purpose aforesaid.
(d)
Where a local government has obtained the consent of the Governor under Part
IV to the carrying out of any sewerage or drainage works, and has, with the
Governor’s consent, borrowed or arranged to borrow moneys to carry out
the works, the Governor may authorise the Treasurer, on behalf of the State,
to guarantee the repayment of any loans so borrowed or to be borrowed, in
accordance with the terms and conditions of the loan, if the Governor is
satisfied that the local government is by reason of such guarantee able to
obtain more advantageous terms in respect of the loan and that such guarantee
is desirable.
(e) The
provisions of the preceding paragraph shall also apply to any loan which has
been actually arranged by or made to any local government for the construction
of sewerage or drainage works (including apparatus for the treatment of
sewage) since 1 November 1933, under the provisions of the principal Act:
Provided the Governor
is further satisfied that the works are sufficiently general in their scope.
In connection with any such guarantee the local government is authorised on
the giving of such guarantee to execute all documents and do all things
necessary for varying the terms of any loan made, or agreed to be granted, in
order to give effect to and take advantage of any better terms granted by the
lender in consideration of the guarantee.
(2) A local government
may, pending the collection of its annual health rate, and for the purpose of
commencing, carrying on, or completing any works or meeting any expenses or
liabilities which it is authorised under this Act to incur, obtain advances
from any bank by overdraft on current account, but so that no such overdraft
shall at any time exceed one-third of the annual revenue of the local
government under this Act for the year then last preceding:
Provided that the bank
making such advances shall not be concerned to inquire whether the same have
been obtained for the purposes mentioned in this subsection, nor be required
to see to the application of such advances.
This subsection shall
be deemed to apply to all existing advances on overdraft to local governments
to the extent hereby authorised, and any such advances are hereby validated.
[Section 44, formerly section 43, amended: No. 50
of 1926 s. 4; No. 30 of 1932 s. 7; No. 5 of 1933 s. 4; No. 38 of 1933 s. 3;
renumbered as section 44: No. 38 of 1933 s. 42; amended: No. 16 of 1935 s. 2;
No. 32 of 1937 s. 3; No. 59 of 1991 s. 7; No. 14 of 1996 s. 4.]