New Zealand Gazette – 1934 – No. 5

Page 151

✨ Local Authority Loans Conversion Order



FEB. 1.] THE NEW ZEALAND GAZETTE. 151

(3) Coupon.

No. .

New debenture No. of the [Name of local authority], New Zealand, issued under Part II of the Local Authorities Interest Reduction and Loans Conversion Act, 1932–33, and the Loans Conversion Order, 19 .

On presentation of this coupon at , in New Zealand, on or after the day of , 19 , the bearer hereof will be entitled to receive £ .

(N.B.—The holder of this coupon has no claim in respect thereof upon the Government or public revenues of New Zealand.)

A.B., Mayor.

C.D., Treasurer [or other officer appointed to sign debentures].

(4) 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 interest, sinking fund, 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 the interest, sinking fund, 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 district, 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.

MATURITY DATES OF NEW SECURITIES.

Date. Aggregate Amount of Principal, to be increased or reduced proportionately in accordance with Clause 16 (2) of this Order if the Total Amount is greater or less than £159,990. Date. Aggregate Amount of Principal, to be increased or reduced proportionately in accordance with Clause 16 (2) of this Order if the Total Amount is greater or less than £159,990.
1st March, 1935 .. £ 3,700 1st March, 1949 .. £ 5,600
,, 1936 .. 3,800 ,, 1950 .. 5,800
,, 1937 .. 3,900 ,, 1951 .. 6,000
,, 1938 .. 4,000 ,, 1952 .. 6,200
,, 1939 .. 4,200 ,, 1953 .. 6,400
,, 1940 .. 4,300 ,, 1954 .. 6,600
,, 1941 .. 4,400 ,, 1955 .. 6,800
,, 1942 .. 4,500 ,, 1956 .. 7,000
,, 1943 .. 4,600 ,, 1957 .. 7,200
,, 1944 .. 4,800 ,, 1958 .. 7,400
,, 1945 .. 4,900 ,, 1959 .. 7,700
,, 1946 .. 5,000 ,, 1960 .. 7,900
,, 1947 .. 5,200 ,, 1961 .. 8,200
,, 1948 .. 5,400 ,, 1962 .. 8,490
Total .. .. .. £159,990

FOURTH 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.

  1. 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.

F



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✨ LLM interpretation of page content

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

💰 Finance & Revenue
25 January 1934
Loans, Conversion, Local Authority, Lower Hutt Borough, Securities, Debentures, Interest, Coupons, Maturity Dates, Premiums
  • A.B., Mayor
  • C.D., Treasurer