✨ Loan Conversion Order
Nov. 23.] THE NEW ZEALAND GAZETTE. 2825
CONSOLIDATED SPECIAL RATE.
- (1) As a security for the new securities and the unconverted securities the local authority shall forthwith, by resolution gazetted (in the form numbered (4) in the Second Schedule hereto), make and levy a special rate over the whole of the district of the local authority to provide for the payment of interest, sinking fund, and other charges in respect of such securities.
(2) Subject to the provisions of this Order, the provisions of the Local Bodies’ Loans Act, 1926, and of any other Act shall, so far as applicable and with all necessary modifications, apply with respect to such special rate, and with respect to the interest and other charges in respect of such securities, as if such special rate were made and levied in respect of a special loan raised under Part I of the said Local Bodies’ Loans Act, 1926.
(3) Upon the making of such special rate every special rate theretofore made in respect of any existing securities to which this Order applies shall cease to be a security for such existing securities: Provided that nothing herein contained shall operate to bar the recovery by the local authority of any special rate due at the date of the passing of the resolution referred to in subclause one hereof.
SECURITIES HELD BY TRUSTEES.
- The provisions of sections twenty-two, twenty-three, and twenty-four of the New Zealand Debt Conversion Act, 1932–33 (relating to the adjustment of premiums as between capital and income and to the powers of trustees and other persons in relation thereto), shall apply with respect to existing securities converted into new securities in accordance with this Order in the same way as they apply with respect to securities converted under that Act, save that the references in the said section twenty-two to the first day of April, one thousand nine hundred and thirty-three, shall be construed as references to the day following the date of conversion.
BROKERAGE.
- The local authority shall not, in respect of the conversion into new securities of any existing securities to which this Order applies, enter into any contract for the payment of brokerage at a rate exceeding one-quarter per centum of the amount of such existing securities.
FIRST SCHEDULE.
LOANS TO BE CONVERTED.
| Name. | Amount. | Rate of Interest. | Maturity Date. |
|---|---|---|---|
| Nominal. | Effective. | ||
| Per Cent. | Per Cent. | ||
| Tramways Paving and Town Hall Loan, No. 2 Repayment Loan 1914 Repayment Loan, 1924 | £59,000 | 5½ | 4⅞ |
| Ngaio Public Hall Loan, 1924 .. | 5,000 | 5½ | 4⅞ |
| Miramar Wharf Loan, 1908, £5,000 (raised £4,000) | 4,000 | 4½ | 4¼ |
| Mount Victoria Tunnel Loan 1920 Supplementary Loan, 1931, £11,800 (raised £8,800) | 8,800 | 5 | 4¼ |
| Miramar Sanitation Loan (1909) .. | 3,000 | 4½ | 4¼ |
| Miramar Tramways Loan 1906 Repayment Loan, 1931 | 11,300 | 5¼ | 4¼ |
| Mount Victoria Tunnel Loan 1920 Supplementary Loan, 1931 (No. 2) | 3,400 | 5 | 4¼ |
| (Karori District) Works, Tramways, and Recreation Reserve Loan 1906 Renewal Loan, 1931 | 19,700 | 5 | 4¼ |
| Street-widening Loan, 1931, £50,000 } .. | 7,200 | 5 | 4¼ |
| Street-widening Loan, 1931, £50,000 } .. | 42,800 | 5¼ | 4¼ |
| Unemployment Loan, 1926 .. | 12,000 | 5½ | 4⅞ |
| Unemployment Loan, 1927 (No. 1) .. | 4,000 | 5½ | 4⅞ |
| Unemployment Loan, 1927 (No. 2) .. | 10,000 | 5½ | 4⅞ |
| Unemployment Loan, 1927 (No. 3) .. | 26,000 | 5½ | 4⅞ |
| Hutt Bridge Loan, 1928 .. | 5,800 | 5½ | 4⅞ |
| Miramar Power Supply, £18,000 (raised £10,000) | 10,000 | 4½ | 4¼ |
| Unemployment Loan, 1928 (No. 1) .. | 10,000 | 5½ | 4⅞ |
| Unemployment Loan, 1928 (No. 2) .. | 15,000 | 5½ | 4⅞ |
| Wellington City Council and Harbour Board Exchange Loan (Hunter Street Block) Renewal Loan, 1928 | 11,800 | 5½ | 4⅞ |
| Miramar Sewerage Loan (part), £6,000 .. | 3,000 | 4½ | 4¼ |
| Miramar Sewerage Extension Loan (part), £3,000 | 2,200 | 4½ | 4¼ |
| Unemployment Loan, 1928 (No. 3) .. | 10,000 | 5½ | 4⅞ |
| Unemployment Loan, 1929 (No. 1) .. | 25,000 | 5¼ | 4¼ |
| Tramways Paving and Town Hall Repayment Loan 1904 Repayment Loan, 1929 | 30,000 | 5¼ | 4¼ |
| Baths Loan 1920 Renewal Loan. 1932 .. | 12,300 | 5¼ | 4¼ |
| General Improvements Loan 1920 Renewal Loan, 1932 | 56,500 | 5¼ | 4¼ |
| Street Works Loan 1920 Renewal Loan, 1932 | 93,400 | 5¼ | 4¼ |
| Unemployment Loan, 1929 (No. 2) .. | 20,000 | 5¼ | 4¼ |
| Electric Light and Power Co., Ltd., Undertaking Acquisition Loan 1907 Renewal Loan, 1932, £32,200 (raised £14,200) | 14,200 | 5¼ | 4¼ |
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1933, No 78
NZLII —
NZ Gazette 1933, No 78
✨ LLM interpretation of page content
💰
Wellington City Loans Conversion Order, 1933
(continued from previous page)
💰 Finance & Revenue20 November 1933
Loan conversion, Wellington City Council, Local Authorities Interest Reduction and Loans Conversion Act, 1932–33