New Zealand Gazette – 1911 – No. 9

Page 424

✨ Loan Regulations and Amortisation Table

424
THE NEW ZEALAND GAZETTE.
[No. 9

The term of the loan shall commence on the date on which the money leaves the Advances Office, and the loan shall be deemed to be paid to the local authority on that date, notwithstanding any default by the local authority in accepting the amount of the loan or in fulfilling the conditions of the receipt thereof; and the dates of the payment of principal and interest by the local authority shall be computed and determined accordingly.
Any loan may, if so agreed upon, be made payable to the local authority by instalments, and in any such case each instalment shall for the purpose of calculating the term of the loan and the payments of principal and interest in respect thereof be deemed to constitute a separate loan made on the day on which that instalment is paid to the local authority. No instalment shall be less than £100, and no loan shall be divided into more than five instalments without the consent of the Board.
No loan and no instalment of a loan shall be paid to a local authority at any date later than two years after the date of the application for the loan, except in special cases where the period may be extended by the Board to four years with the consent of the Minister.
The debentures issued by the local authority in respect of the loan shall be in the Form No. 7 in the Second Schedule hereto or to the like effect.
Every such debenture shall be executed in pursuance of a resolution of the local authority, and shall be signed by the Mayor or Chairman of the local authority, and countersigned by an officer appointed by the local authority for that purpose. The due execution of every such debenture shall be verified by statutory declaration in the Form No. 8 in the Second Schedule hereto, or to the like effect.
A commission fee of one-half per centum on the amount of the loan shall be payable to the Superintendent by the local authority to whom the loan is granted. The said fee shall be paid at the time when the amount of the loan is paid to the local authority; but where the loan is paid to the local authority by instalments, the commission fee shall be apportioned between those instalments, and a proportionate part thereof shall be paid by the local authority at the time when each instalment is received by it.

SCHEDULES.

FIRST SCHEDULE.

Table No. I.—Advances to Local Authorities.—Term, 36½ Years; Interest, 3½ per Cent.—Table of Half-yearly Instalments for every One Hundred Pounds of the Loan.

Half-year.	Half-yearly Instalment.	Apportioned thus:		Balance of Principal owing.
		On Account of Interest at 3½ Per Cent.	On Account of Principal.
	£ s. d.	£ s. d.	£ s. d.	£ s. d.
1st	2 8 9	1 15 0	0 13 9	99 6 3
2nd	2 8 9	1 14 9	0 14 0	98 12 3
3rd	2 8 9	1 14 6	0 14 3	97 18 0
4th	2 8 9	1 14 3	0 14 6	97 3 6
5th	2 8 9	1 14 0	0 14 9	96 8 9
6th	2 8 9	1 13 9	0 15 0	95 13 9
7th	2 8 9	1 13 6	0 15 3	94 18 6
8th	2 8 9	1 13 3	0 15 6	94 3 0
9th	2 8 9	1 13 0	0 15 9	93 7 3
10th	2 8 9	1 12 8	0 16 1	92 11 2
11th	2 8 9	1 12 5	0 16 4	91 14 10
12th	2 8 9	1 12 2	0 16 7	90 18 3
13th	2 8 9	1 11 10	0 16 11	90 1 4
14th	2 8 9	1 11 7	0 17 2	89 4 2
15th	2 8 9	1 11 3	0 17 6	88 6 8
16th	2 8 9	1 10 11	0 17 10	87 8 10
17th	2 8 9	1 10 7	0 18 2	86 10 8
18th	2 8 9	1 10 4	0 18 5	85 12 3
19th	2 8 9	1 10 0	0 18 9	84 13 6
20th	2 8 9	1 9 8	0 19 1	83 14 5
21st	2 8 9	1 9 4	0 19 5	82 15 0
22nd	2 8 9	1 9 0	0 19 9	81 15 3
23rd	2 8 9	1 8 8	1 0 1	80 15 2
24th	2 8 9	1 8 3	1 0 6	79 14 8
25th	2 8 9	1 7 11	1 0 10	78 13 10
26th	2 8 9	1 7 7	1 1 2	77 12 8
27th	2 8 9	1 7 2	1 1 7	76 11 1
28th	2 8 9	1 6 10	1 1 11	75 9 2
29th	2 8 9	1 6 5	1 2 4	74 6 10
30th	2 8 9	1 6 0	1 2 9	73 4 1
31st	2 8 9	1 5 8	1 3 1	72 1 0
32nd	2 8 9	1 5 3	1 3 6	70 17 6
33rd	2 8 9	1 4 10	1 3 11	69 13 7
34th	2 8 9	1 4 5	1 4 4	68 9 3
35th	2 8 9	1 4 0	1 4 9	67 4 6
36th	2 8 9	1 3 7	1 5 2	65 19 4

VUW Te Waharoa — NZ Gazette 1911, No 9

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✨ LLM interpretation of page content

💰 Loan Regulations for Local Authorities

Domain💰 Finance & Revenue
KeywordsLoans, Local Authorities, Advances Office, Debentures, Commission Fee, Instalments

💰 Amortisation Table for Loans to Local Authorities

Domain💰 Finance & Revenue
KeywordsLoan Amortisation, Local Authorities, Half-yearly Instalments, Principal, Interest, Debt Repayment

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