New Zealand Gazette – 1933 – No. 86

Page 3390

✨ Loan Conversion Order Details



3390
THE NEW ZEALAND GAZETTE.
[No. 86

On presentation of this debenture at
, in New Zealand, on or after the
day of
, 19
, the bearer thereof will be entitled to receive £
.
Issued under the common seal of the
, the
day
of
, 19
.

[L.S.]
A.B., Mayor.
C.D., Treasurer [or other officer appointed for the purpose].

(3) Resolution making Special Rate.

In pursuance and exercise of the powers vested in it in that behalf by Part II of the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, and the Loans Conversion Order, 19
, the [Name of local authority] hereby resolves as follows:—

That, for the purpose of providing the instalments of principal and interest and other charges on the new securities authorized to be issued by the [Name of local authority] under the above-mentioned Act and Order in conversion of existing securities issued in respect of the loans set out in the First Schedule to that Order, and also instalments of principal and interest and other charges on the unconverted securities issued in respect of such loans, the said [Name of local authority] hereby makes and levies a special rate of [State amount in the pound] upon the rateable value on the basis of [State whether capital, unimproved, or annual] value of all rateable property of the [Name of district or special rating area], comprising [Name the district—e.g., the whole of the County of
; or, in the case of a special rating area, name the ward, riding, or other statutory subdivision comprising the same; or, if not such a subdivision, describe by its boundaries, and state the numbers of the sections and blocks comprising the same, and name of survey district. If the special rating area has no specific name, refer to it as “special rating area”]; and that such special rate shall be an annually recurring rate during the currency of such securities, and be payable half-yearly on the
day of
and the
day of
[or yearly on the
day of
] in each and every year until the last maturity date of such securities, being the
day of
, 19
, or until all such securities are fully paid off.

THIRD SCHEDULE.
COMPUTATION OF PREMIUMS.

  1. THE amount of the premium payable on the conversion of any existing securities shall be equal to the product obtained by multiplying the following factors, namely:—
    (a) The difference between one year’s interest on the amount of principal secured by the existing securities at the rate payable thereon immediately before the date of conversion and one year’s interest on the same amount at the rate payable on the new securities; and
    (b) The appropriate factor specified in the Table of Factors hereinafter set out, according to the period between the date of conversion and the maturity date of the existing securities.

  2. For the purpose of computing any such period as is mentioned in paragraph (b) of the last preceding clause, any fraction of a half-year that is not less than three months shall be counted as a half-year, and any such fraction that is less than three months shall not be taken into account.

Table of Factors.

Period from Date of Conversion to Maturity Date of Existing Securities. Factor. Period from Date of Conversion to Maturity Date of Existing Securities. Factor.
Years. Years.
½ 0·483998 19½ 12·891438
1 0·967235 20 13·096761
1½ 1·434948 20½ 13·297566
2 1·892370 21 13·493952
2½ 2·339726 21½ 13·686017
3 2·777238 22 13·873855
3½ 3·205123 22½ 14·057560
4 3·623592 23 14·237222
4½ 4·032853 23½ 14·412931
5 4·433108 24 14·584774
5½ 4·824556 24½ 14·752835
6 5·207389 25 14·917198
6½ 5·581799 25½ 15·077944
7 5·947970 26 15·235153
7½ 6·306083 26½ 15·388903
8 6·656316 27 15·539270
8½ 6·998842 27½ 15·686327
9 7·333831 28 15·830149
9½ 7·661448 28½ 15·970806
10 7·981856 29 16·108367
10½ 8·295214 29½ 16·242902
11 8·601676 30 16·374476
11½ 8·901395 30½ 16·503155
12 9·194518 31 16·629053
12½ 9·481191 31½ 16·752081
13 9·761556 32 16·872451
13½ 10·035752 32½ 16·990172
14 10·303914 33 17·105303
14½ 10·566175 33½ 17·217900
15 10·822665 34 17·328020
15½ 11·073511 34½ 17·435716
16 11·318837 35 17·541042
16½ 11·558765 35½ 17·644051
17 11·793413 36 17·744793
17½ 12·022898 36½ 17·843319
18 12·247333 37 17·939876
18½ 12·466829 37½ 18·033913
19 12·681496


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✨ LLM interpretation of page content

💰 Hawera Borough Loans Conversion Order, 1933 (No. 3) (continued from previous page)

💰 Finance & Revenue
Loan Conversion, Debentures, Local Authorities, Hawera Borough Council, Special Rate, Premiums