WHEREAS in the month of December, one thousand eight hundred and eighty-six, the Council of the Borough of Hastings obtained the sanction of the ratepayers of the said borough to the raising of a loan of twenty-five thousand pounds for the purpose of carrying out a scheme for the drainage of the Borough of Hastings on the security of a special rate of one shilling in the pound sterling on the rateable value of the rateable property within the said borough; and in the said month of December the said borough executed two hundred and fifty debentures for one hundred pounds each, payable on the first day of December, one thousand nine hundred and eleven: And whereas the said Borough Council obtained from the Bank of New South Wales advances to the extent of eighteen thousand pounds on the hypothecation of the said debentures: And whereas in the month of February, one thousand eight hundred and ninety-two, the said Borough Council applied to the Government Insurance Commissioner for a loan of eighteen thousand pounds, to be applied in paying off the advances made by the Bank of New South Wales: And whereas on the treaty for the said loan it was agreed that the debentures to be issued to secure the same should be charged on a special rate of one shilling and sixpence in the pound sterling on the rateable value of the rateable property within the said Borough of Hastings: And whereas, on the making of the said loan by the Government Insurance Commissioner, it was assumed that by the said advances so made by the Bank of New South Wales the said loan authorised by the ratepayers had been raised to the extent of eighteen thousand pounds, and that therefore, under section one hundred and eighty-nine of “The Municipal Corporations Act, 1886,” no poll of the ratepayers of the borough was necessary thereon, and that the said Borough Council could, under section one hundred and forty-six of the said Act, increase the special rate authorised to be pledged from one shilling to one shilling and sixpence: And whereas eighteen debentures of one thousand pounds each, payable on the first day of August one thousand nine hundred and twelve, with forty interest coupons to each debenture, covering interest during the currency of the debentures, were issued by the said borough, expressing themselves to be issued for paying off a special loan of eighteen thousand pounds theretofore raised, and to be secured on a special rate of one shilling and sixpence in the pound sterling on the rateable value of the rateable property within the Borough of Hastings; and the Government Insurance Commissioner advanced and paid to the said Borough Council the sum of eighteen thousand pounds: And whereas doubts have arisen as to the validity of the said loan, and the security on which the said debentures and interest are charged, and as to the power of the said Borough Council to borrow the unraised portion of the said loan of twenty-five thousand pounds, and it is expedient to remove such doubts: