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Application of Improvement Rate or Improvement Fund.
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CXVI. And be it enacted, That all Monies which shall come to the Hands of the Council from the said Rate called the “Improvement Rate,” or which shall be raised by any Mortgage or Security thereof granted by the Council, and all other Monies to be received by the Council under this Act, (except the Monies to be raised and levied under the said Rate to be named “District Sewer Rate,”) shall form a Fund to be called the “Improvement Fund,” and shall be applied to the following Purposes:
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Firstly, in defraying the Charges and Expenses which shall have been incurred or incident to the obtaining and passing of this Act;
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Secondly, in paying the Interest of all Monies borrowed or Expenses which shall have been incurred or shall be incident to the obtaining and passing this Act; Thirdly, in paying the Amount of Compensation awarded to any Officer or Person under the Provisions of this Act;
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Fourthly, in setting apart the Sum required to pay the Debts herein-before mentioned due by the Wide Street Commissioners to the Lords Commissioners of Her Majesty’s Treasury and to the National Insurance Company of Ireland;
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Fifthly, in setting apart and appropriating One Twentieth Part thereof in Payment off of the Principal Monies which shall have been borrowed or secured on the said “Improvement Rate;”
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Sixthly, in carrying all the Purposes of this Act into execution, except the building and repairing Sewers;
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And lastly, in paying off the Principal of all Monies due on the Credit of said “Improvement Rate.”
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