New Zealand Gazette – 1934 – No. 16

Page 535

✨ Loan Conversion Order



Mar. 15.] THE NEW ZEALAND GAZETTE. 535

principal secured by such unconverted securities bears to the aggregate amount of principal secured by all the existing securities issued in respect of such loan ; and
(b) Secondly, in transferring the balance to the Commissioner of the consolidated sinking fund hereinbefore required to be created for the new securities, to be held as part of that sinking fund.

CONSOLIDATED SPECIAL RATE.

  1. (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, as 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.

SECURITIES HELD BY TRUSTEES.

  1. 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, on thousand nine hundred and thirty-three, shall be construed as references to the day following the date of conversion.

BROKERAGE.

  1. 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. Date of Maturity.
Original. Existing.
£ Per Cent. Per Cent.
Drainage Loan, 1920 17,500 5¼ 4¼
Waterworks Loan, 1893 15,000 5½ 4²⁄₅
Waterworks Loan, 1907 7,000 4½ 4¹⁄₄
Destructor Loan, 1929 1,400 5½ 4²⁄₅
Destructor Loan, 1924 1,500 6 4⁴⁄₅
Road Formation Cemetery Reserve Loan, 1924 5,500 6 4⁴⁄₅
Fire-brigade Station Loan, 1924 2,500 6 4⁴⁄₅
Drainage Merged Area Loan, 1924 6,000 6 4⁴⁄₅
Streets Improvements Loan, £120,000, 1924 (£70,000 raised) 70,000 6 4⁴⁄₅
Waterworks Loan, 1924 16,000 6 4⁴⁄₅
Streets - improvements Supplementary Loan, £12,000, 1925 12,000 6 4⁴⁄₅
Fire-brigade Station Supplementary Loan, 1925 250 6 4⁴⁄₅
Unemployment Relief Loan, £20,000, 1926 20,000 6 4⁴⁄₅
Unemployment Relief Loan, £9,000, 1926 9,000 6 4⁴⁄₅
Stanley Bay Reserve Improvements Loan, 1925 2,000 6 4⁴⁄₅
Stanley Bay Reserve Improvements Supplementary Loan, 1926 200 6 4⁴⁄₅
Unemployment Relief Loan, 1928 11,100 5³⁄₄ 4³⁄₅
Water, &c., Loan, £12,000, 1916 12,000 5¹⁄₄ 4¹⁄₄
Vauxhall Seawall Completion Loan, 1929 1,900 5½ 4²⁄₅
Waterworks and Drainage Repayment Loan, 1925 14,350 6 4⁴⁄₅
Fire-brigade Loan, £500, 1926 500 6 4⁴⁄₅
Fire-alarms Loan, £2,000, 1926 (£1,800 raised) 1,800 6 4⁴⁄₅
Unemployment Relief Supplementary Loan, 1927 2,000 6 4⁴⁄₅
Unemployment Relief Supplementary Loan, 1927 900 6 4⁴⁄₅
Land Compensation Loan, 1929 4,300 5½ 4²⁄₅
£234,700


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✨ LLM interpretation of page content

💰 Devonport Borough Loans Conversion Order, 1934 (continued from previous page)

💰 Finance & Revenue
8 March 1934
Loan conversion, Devonport Borough Council, Local Authorities Interest Reduction and Loans Conversion Act, 1932–33