TE ARO RECLAMATION BILL.

New Zealand Times, Volume XXXIV, Issue 5791, 21 October 1879, Page 2

TE ARO RECLAMATION BILL.

The preamble sets forth that on the '24th of June, ISI4. the land described in the first schedule to the Act was granted to the Mayor and citizens of Wellington for reclamation purposes. Clause 3 provides that the Corporation may reclaim the land, and enter into contracts for that purpose ; but before carrying out the undertaking the Corporation shall give notice to all persons whose land is likely to be affected by the reclamation works, in order that they may have an opportunity of sending in claims for compensation ; and should the parties affected and the Corporation be unab e to agree as to the amount of damage sustained, then tho same shall be ascertained according to tho provisions of Part 111. of the Public Works Act, IS7S, Clause 6 provides that compensation may be either in money or land, as the Corporation may think fit. Power to raise money for the undertaking, from time to time, is given in clause 7 ; and clause 9 provides for re-borrowing, should the Corporation be unable to pay the sum first borrowed when it falls due. The Supreme Court may enforce payment of either principal or interest, after the expiration of six months from the time it becomes due. Debentures may be issued, in lieu of raisiug the whole or any part of the moneys authorised by the Act; but the debentures shall be payable not longer than 39 years from the date of issue, and shall state the funds upon which the principal and interest are secured. Pending the raising of any loan, the agents appointed by the Corporation may borrow to any extent, but not exceeding the whole of the amount authorised to be borrowed ; but all moneys so borrowed shall be a first charge upon the loan when raised. In order to provide for tho payment of the moneys borrowed, all amounts received from the sale of any of the land, or by way of rent, after paying interest, shall be devoted to a sinking fund, and the same invested in Government securities. Clause 29 provides that any part of the area reclaimed may bo laid out in docks, streets, or other thoroughfares, for the benefit of the city. Clause 30 provides that all or any part of the land reclaimed may be sold by public auction, notice of which must bo published for two calendar months. All moneys received from tho sale must form part of the revenue, so long as any sums remain due. Power is given in the following clause to let for any term not exceeding 42 years, at such annual rents as may he considered reasonable ; bat the land shall always be let by public auction, and after two calendar months’ notice shall be given. All moneys from time to time borrowed under the authority of this Act shall be applied as follow's ; —ln payment of the costs, charges, and expenses attending or incident to obtaining and passing of this Act ; in the payment of any compensation payable under the provisions of this Act which shall be payable in money under this Act, and of the costs of any proceedings or matters in connection with the ascertainment of such compensation ; and in defraying the cost of the undertaking, and of all works and conveniences connected therewith. Clause 40 provides that the Council shall cause a separate account to be kept of all moneys borrowed and expended by them for the purposes of the undertaking, showing therein all matters and things for which sums of money shall have been disbursed and paid, and such account shall be balanced once in every year at least, and a balance-sheet iu respect thereof, exhibiting a true statement of the condition of such account, shall be prepared and made out, and such account shall be audited in like manner as other accounts of the Council, and shall be examined by the Council, and signed by the Mayor for the lime being. The Council shall also keep a separate account, to be called the “Te Aro Reclaimed Land Revenue Account,” and all moneys re-

ceived or payments made in respect of the laud comprised in the grant, or from any source whatever, other than is provided in clause 40, shall oe carried to such account, and shall be applied and disposed of in the manner directed by the Act. Any person damaging the property or works under the control of the Council shall be subject to a penalty not exceeding £SO, and to a further penalty not exceeding £lO for each day the offence is continued, and such penalties shall be placed to the “ Te Aro Reclaimed Land Revenue Account."