1364
THE NEW ZEALAND GAZETTE.
[No. 37

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 Buildings at Wellington, this 15th day of May, 1933.

Present:
RIGHT HON. J. G. COATES PRESIDING 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 expected 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 ;

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 section eleven of the said Act (as set out in section twenty-nine of the Finance Act, 1932 (No. 2)), 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 parts 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 from the first day from which interest to the lender is computed on any moneys so borrowed, and subject to the further condition that the respective local authorities shall not enter into any contracts for payment of brokerage at any rate exceeding one-half per centum on any sum borrowed pursuant to this consent.

SCHEDULE.

(T. 40/416/6.)
F. D. THOMSON, Clerk of the Executive Council.

Order in Council consenting to the Raising of a Loan of £20,200 by the Invercargill City Council on the Instalment-repayment System, and prescribing the Terms.

BLEDISLOE, Governor-General.
ORDER IN COUNCIL.

At the Government Buildings at Wellington, this 15th day of May, 1933.

Present:
RIGHT HON. J. G. COATES PRESIDING IN COUNCIL.

WHEREAS the Invercargill City Council (hereinafter called “the said local authority”) is desirous of raising the sum of twenty thousand two hundred pounds (£20,200) by a loan to be known as Sewerage Redemption Loan No. 2, 1933, for the purpose of redeeming the outstanding liability in respect of a loan of twenty-eight thousand pounds (£28,000), maturing on the first day of July, one thousand nine hundred and thirty-three.

And whereas the said local authority has complied with the provisions of the Local Government Loans Board Act, 1926 (hereinafter called “the said Act”), and it is expected that the precedent consent of the Governor-General in Council under the said Act should be given to the raising of the said loan on the terms and conditions hereinafter set forth ;

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 section eleven of the Local Government Loans Board Act, 1926 (as set out in section twenty-nine of the Finance Act, 1932 (No. 2)), and by section thirty-two 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 said local authority of the said loan up to the amount of twenty thousand two hundred pounds (£20,200), at such rate or rates of interest as shall not produce to the lenders a rate exceeding the rate of four pounds ten shillings (£4 10s.) per centum per annum, upon terms of making the said loan, together with interest thereon, repayable by instalments extending over a period not exceeding twenty (20) years, and subject to the further condition that the said local authority shall not enter into any contract for payment of brokerage at a rate exceeding one-half per centum on any sum borrowed pursuant to this consent.

(T. 49/233/26.)
F. D. THOMSON,
Clerk of the Executive Council.