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COMMISSIONERS CLAUSES ACT 1847 - SECT 84

Sinking fund.

84. In order to discharge the principal money borrowed as aforesaid on
security of any of the rates, the commissioners shall every year appropriate
and set apart out of such rates respectively a sum equal to the prescribed
part, and if no part be prescribed one twentieth part, of the sums so borrowed
respectively, as a sinking fund to be applied in paying off the respective
principal moneys so borrowed, and shall from time to time cause such sinking
fund to be invested in the purchase of Exchequer bills or other government
securities, ... and to be increased by accumulation in the way of compound
interest or otherwise, until the same respectively shall be of sufficient
amount to pay off the principal debts respectively to which such sinking fund
shall be applicable, or some part thereof which the commissioners shall think
ought then to be paid off, at which time the same shall be so applied in
paying off the same in manner herein-after mentioned.

© 1847 Crown Copyright

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