This Act may be cited as the Aid to Public Works and Land Settlement Act, 1907.

This Act shall be deemed to be an authorising Act within the meaning of the New Zealand Loans Act, 1904, and the moneys hereinafter authorised to be raised shall be raised under and subject to the provisions of that Act accordingly.

The Colonial Treasurer is hereby empowered to raise, on the security of and charged upon the public revenues of New Zealand, such sums of money, not exceeding in the whole the sum of one million pounds, as he thinks fit.

The sums so raised shall bear interest at such rate (not exceeding four pounds ten shillings per centum per annum) as the Colonial Treasurer prescribes.

All moneys raised under the authority of this Act shall, as and when raised, be paid into the Public Account to the credit of the Public Works Fund, and shall from time to time be applied to the works and purposes specified in the Schedule hereto, in such amounts as are from time to time appropriated by Parliament:

Provided that any of the aforesaid moneys appropriated to specific roads or bridges may from time to time, without further authority or appropriation than this Act, be paid over in whole or in part to the local authority in whose district the works are situate, or under whose control such works are usually performed, upon such terms and conditions as in each case the Minister in charge determines by agreement with such local authority.