# Navigation (Colchester to Wivenhoe) Act 1697, Section XV


Mayor, &c., with Consent of Five Commissioners, may mortgage Duties, for Money on Interest, at £6 per Cent. per Ann., to be applied in the said Work.
And forasmuch as the Moneys so to be collected and paid as aforesaid cannot raise any present Stock of Money sufficient for the purposes aforesaid and the carrying on and defraying the Charges thereof Be it further enacted by the Authority aforesaid That it shall and may be lawfull to and for the said Mayor and Co[m]monalty by Indenture under their Co[m]mon Seale and by and with the Consent and Approbation of the said Co[m]missioners or any Five or more of them under their Hands and Seales att any time before or after to be had unto the same to engage the Profitts and Su[m]ms of Money ariseing or to arise by the means aforesaid for the carrying on the said Work and to grant mortgage or convey the same for any Time or Terme not exceeding the said Terme of One and twenty yeares unto any Person or Persons that shall and will upon such Security & Conveyance advance and pay into the Hands of such Receiver General any Su[m]m or Su[m]ms of Money for or towards the carrying on the said Work for the securing the Repayment thereof together with Interest not exceeding the Rate of Six Pounds per Centum per Annum which said Money so to be advanced or borrowed shall be from time to time applied for and towards the makeing and finishing the said Work as aforesaid.

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Source: https://www.legislation.gov.uk/aep/Will3/9/19/section/XV (the official version)
Page: https://openlegislation.uk/navigation-colchester-to-wivenhoe-act-1697/section-XV
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.