WHEREAS by Proclamation of His Excellency the Governor-General of the Dominion of New Zealand, made pursuant to the provisions in that behalf contained in the Municipal Corporations Act, 1920, on the twenty-fifth day of March, nineteen hundred and twenty-four, and published in the New Zealand Gazette of the twenty-seventh day of March, nineteen hundred and twenty-four, Number 17, at page 734, the Borough of Wanganui and the Gonville and Castlecliff Town Districts were constituted one united borough as and from the first day of April, nineteen hundred and twenty-four, under the name of the Borough of Wanganui: And whereas the boundaries of the said Borough of Wanganui so constituted as aforesaid are set out in the schedule to the said Proclamation: And whereas by Proclamation of His Excellency the Governor-General of the Dominion of New Zealand, made pursuant to the provisions in that behalf contained in the Municipal Corporations Act, 1920, on the ninth day of June, nineteen hundred and twenty-four, and published in the New Zealand Gazette of the twelfth day of June, nineteen hundred and twenty-four, Number 40, at page 1399, the Borough of Wanganui as constituted at the first day of April, nineteen hundred and twenty-four, was declared a city as from the first day of July, nineteen hundred and twenty-four, under the name of the City of Wanganui: And whereas the Council of the Borough of Wanganui as constituted prior to the said Proclamation of the twenty-fifth day of March, nineteen hundred and twenty-four, on the nineteenth day of December, nineteen hundred and nineteen, duly raised a loan of one hundred and forty thousand pounds, known as the Wanganui Borough Council Tramways Special Loan of One hundred and forty thousand Pounds (hereinafter called the said loan) for the purposes specified in the Fourth Schedule to the Wanganui City Council Special Rate Empowering and Enabling Act, 1924: And whereas of the said loan the sum of nine thousand seven hundred and twenty-five pounds was allocated for the purposes of the construction of an electric tramway in extension of the then existing electric tramway in the Borough of Wanganui as constituted prior to the said Proclamation of the twenty-fifth day of March, nineteen hundred and twenty-four, along certain streets in the said borough from the junction or intersection of Victoria Avenue and Glasgow Street to a point in the Great North-western Road, a distance of seventy-one chains from the point of commencement: And whereas by section nine of the Wanganui City Council Special Rate Empowering and Enabling Act, 1924, it was declared that notwithstanding the provisions of any Act or Acts to the contrary, and notwithstanding the allocation of the specified sums to the separate purposes of the said loan as shown in the said Fourth Schedule to the said Act, the said loan should be deemed to be a loan raised and it was thereby declared to have been raised for the extension of the tramway system in the City of Wanganui and the supply and reticulation of electric current for fighting and power generally, and the Wanganui City Council was thereby expressly authorized and empowered to pay, apply, use, and allocate the moneys of the said loan accordingly as if no specified sums had been allocated to the separate purposes of the said loan: And whereas in terms of the Wanganui-Rangitikei Electric-power Board Enabling Act, 1924, the Wanganui City Council sold to the Wanganui-Rangitikei Electric-power Board the electrical lighting works, electric-line transformers, substations, undertaking, and plant of the Wanganui City Council, and no part of the said loan is now required for the supply and reticulation of electric current for lighting and power: And whereas the construction of an electric tramway in the City of Wanganui in extension of the existing tramway system from the junction of Victoria Avenue and Glasgow Street to a point in the Great North-western Road (now the Great North Road) seventy-one chains distant from the point of commencement is impracticable: And whereas the Wanganui City Council proposes to provide some other suitable service for the conveyance or transport of passengers and goods in place and stead of the electric tramway authorized by the said loan through, over, and upon that part or portion of the City of Wanganui which would have been served by the construction of the electric tramway so authorized as aforesaid, and to pay, use, or apply the whole or such part of the said sum of nine thousand seven hundred and twenty-five pounds as shall or may be necessary for such purposes, and it is expedient that the Wanganui City Council should be authorized so to do: And whereas by virtue of the Wanganui City Council Vesting and Empowering Act, 1924, the lands described in the Second Schedule to the said Act were vested in the Mayor, Councillors, and Citizens of the City of Wanganui for the purposes of public recreation and instruction: And whereas it is expedient that certain leasing-powers in connection with the said lands should be conferred on the Wanganui City Council: