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of its revenues, for consolidating the debts of the county; purchasing
land or buildings; any permanent work or other thing, the cost of which
ought to be spread over a term of years; making advances in aid of the
emigration or colonization of inhabitants of the county; and any purpose
for which quarter sessions or the county council are authorized by any
act to borrow. If, however, the total debt of the council will, with the
amount proposed to be borrowed, exceed one-tenth of the annual rateable
value of the property in the county, the money cannot be borrowed unless
under a provisional order made by the Local Government Board and
confirmed by parliament. The period for which a loan is made is fixed by
the county council with the consent of the Local Government Board, but
may not exceed thirty years, and the mode of repayment may be by equal
yearly or half-yearly instalments of principal or of principal and
interest combined, or by means of a sinking fund invested and applied in
accordance with the Local Government Acts. The loans authorized may be
raised by debentures or annuity certificates under these acts, or by the
issue of county stock, and in some cases by mortgage.
The county council must appoint a finance committee for regulating and
controlling the finance of the county, and the council cannot make any
order for the payment of money out of the county fund save on the
recommendation of that committee. Moreover, the order for payment of
any sum must be made in pursuance of an order of the council signed by
three members of the finance committee present at the meeting of the
council, and countersigned by the clerk. The order is directed to the
county treasurer, by whom authorized payments are then made.
The accounts of the receipts and expenditure of the county council are
made up for the twelve months ending the 31st March in each year, and
are audited by a district auditor. The form in which the accounts must
be made up is prescribed by the Local Government Board. The auditor is
a district auditor appointed by the Local Government Board under the
District Auditors Act 1879, and in respect of the audit the council is
charged with a stamp duty, the amount of which depends on the total of
the expenditure comprised in the financial statement. Before each
audit the auditor gives notice of the time and place appointed, and
the council publish the appointment by advertisement.
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