MAR. 17.
THE NEW ZEALAND GAZETTE.
545
Order in Council consenting to the Raising of Loans by certain Local Authorities, and prescribing Terms and Rates of Interest.
BLEDISLOE, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 14th day of March, 1932.
Present:
His Excellency the Governor-General in Council.
WHEREAS the several local authorities mentioned in the Schedule hereto are desirous of raising the respective amounts set out opposite their names therein:
And whereas the said local authorities have complied with the provisions of the Local Government Loans Board Act, 1926 (hereinafter called "the said Act"), and it is expedient that the precedent consent of the Governor-General in Council under the said Act should be given to the raising of the loans on the terms and conditions hereinafter set forth:
And whereas, in respect of such of the said loans as are intended to be borrowed at a rate of interest not otherwise authorized, the Minister of Finance has in each case given his precedent consent as required by section one hundred and fourteen of the Local Bodies' Loans Act, 1926, to the borrowing by the said local authorities of the respective loans aforesaid, for the terms set out in the Fifth Column of the said Schedule, at respective rates of interest being such as shall not produce to the lenders rates exceeding the respective rates specified in the Sixth Column of the said Schedule:
Now, therefore, His Excellency the Governor-General of the Dominion of New Zealand, acting by and with the advice and consent of the Executive Council of the said Dominion, and in pursuance and exercise of the powers and authorities conferred on him by the said Act and by section one hundred and fourteen of the Local Bodies' Loans Act, 1926, and of all other powers and authorities enabling him in this behalf, doth hereby consent to the raising by the respective local authorities whose names are set out in the Second Column of the said Schedule of the loans referred to in the Third Column of the said Schedule, up to the respective amounts set out in the Fourth Column of the said Schedule, for the respective terms set out in the Fifth Column of the said Schedule, at rates of interest being such as shall not produce to the lenders rates exceeding the respective rates specified in the Sixth Column of the said Schedule, subject to the condition that the respective local authorities shall, before borrowing the said respective sums or any part thereof, make provision for the repayment thereof by establishing a sinking fund under the Local Bodies' Loans Act, 1926, or under such other statutory enactment as may be applicable in any respective case, and shall thereafter make to such sinking fund payments at intervals of not more than one year at a rate or rates which shall be not less than the respective rates per centum set out in the Seventh Column of the said Schedule, such payments to be made in respect of every part of the said respective sums for the time being so borrowed and not repaid, and the first payment to be made not later than one year after the first day from which interest to the lender is computed on any moneys so borrowed.
SCHEDULE.
First
Column.
Consecutive
Number.
Second Column.
Name of Local Authority.
Third Column.
Name of Loan.
Fourth Column.
Amount of Loan.
Fifth
Column.
Term of
Loan.
Sixth
Column.
Rate of
Interest
per Centum.
Seventh
Column.
Annual Rate
per Centum of
Payment
into
Sinking Fund.
1
Cambridge Borough Council
Streets Improvement Repayment
Loan, 1932
£
1,725
Years.
20
£ s. d.
5 5 0
£ s. d.
3 0 0
2
Eltham Borough Council ..
Municipal Buildings Redemption
Loan, 1932
2,450
20
5 5 0
3 0 0
3
Foxton Borough Council ..
Town Hall Renewal Loan, 1932
1,450
10
5 5 0
4 10 0
4
Marton Borough Council ..
Consolidated Redemption Loan,
1932
8,700
10
5 5 0
3 0 0
5
,,
Antecendent Liability Redemption
Loan, 1932
2,700
10
5 5 0
3 0 0
6
North Canterbury Electric-
power Board
Rangiora County Electricity
Loans Redemption Loan, 1932
3,000
10
5 5 0
3 0 0
7
Christchurch City Council
Public Baths Redemption Loan,
1932
3,900
20
5 0 0
3 0 0
8
,,
Central Waterworks Redemption
Loan, 1932
40,000
20
5 0 0
3 0 0
9
,,
Linwood Waterworks Loans Re-
demption Loan, 1932
13,400
20
5 0 0
3 0 0
10
,,
St. Albans Waterworks Loans
Redemption Loan, 1932.
20,350
20
5 0 0
3 0 0
11
Petone Borough Council ..
Antecendent Liability (1922) Re-
newal Loan, 1932
13,500
21
5 5 0
2 16 0
12
Richmond Borough Council
Catchment Area Redemption
Loan, 1932
1,300
15
5 0 0
3 0 0
13
Waimea County Council ..
Antecendent Liability Renewal
Loan, 1932
9,850
5
5 5 0
2 2 0
14
Central Hawke's Bay Electric-
power Board
Redemption Loan No. 1, 1932
11,875
26
5 5 0
2 0 0
15
Wairarapa Electric - power
Board
Redemption Loan, 1932 ..
17,450
26
5 5 0
2 0 0
16
Patangata County Council
Public Works Renewal Loan,
1932
13,250
26½
5 5 0
2 0 0
17
Masterton Borough Council
Gasworks Extension Redemption
Loan, 1932
2,000
5
5 5 0
18 0 0
(T. 40/416/6.)
B
F. D. THOMSON, Clerk of the Executive Council.