New Zealand Gazette – 1934 – No. 51

Page 2088

✨ Loan Conversion Order Details



2088
THE NEW ZEALAND GAZETTE.
[No. 51

  1. Subject to the provisions of the last preceding clause the existing sinking fund of every loan referred to in the First Schedule hereto shall be applied by the Commissioners thereof in or towards making the following payments, in the following order of priority, namely:—

(a) First, in transferring to the Commissioners of the Sinking fund hereinbefore required to be created for the unconverted securities issued in respect of such loan a sum which bears the same proportion to the amount of such existing sinking fund at the date of conversion as the aggregate amount of principal secured by such unconverted securities bears to the aggregate amount of principal secured by all the existing securities in respect of which such sinking fund is held; and

(b) Secondly, in payment, in accordance with the directions of the local authority, of any cash payments required by this Order to be made in respect of premiums to which any person is entitled on the conversion of any existing securities to which this Order applies (whether issued in respect of such loan or of any other loan referred to in the First Schedule hereto);

(c) Thirdly, in transferring the balance to the Commissioners 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, 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.

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, one 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.
Public Works Loan, 1915, of £175,000 .. 105,000 4½ 4½
Public Works Loan, 1925, of £200,000 .. 200,000 5½ 4½
Maori Hill Repayment Loan, 1923, of £3,600 3,600 5 4½
Maori Hill Works Loan (part) .. 1,400 5 4½
Maori Hill Works Loan 2,500 5 4½
Renewal Loan, 1932, of £282,000 .. 246,200 5½ 4½
Flood Damage Loan, 1924 .. 26,000 5½ 4½
1925 Repayment Loan of £85,000 .. 85,000 5½ 4½
Housing Loan, 1925, of £30,000 .. 7,000 5½ 4½
Highway Loan of £80,000 .. 80,000 5½ 4½
Highway Loan of £8,000 (additional 10 per cent.) 8,000 5½ 4½
Supplementary (10 per cent.) Public Works Loan, 1928, of £20,000 20,000 5½ 4½
Antecedent Liability Loan of £297,000—2nd Issue, 1926 (Part 2) 41,300 5½ 4½
Unemployment Relief Loan, 1929, of £19,000 19,000 5½ 4½
Flood Damage Loan, 1929, of £10,000 .. 10,000 5½ 4½
Flood Damage Loan, 1929, of £40,000 .. 30,100 5½ 4½
Public Works Renewal Loan, 1932, of £78,000 78,000 5½ 4½
Repayment Loan, 1928, of £40,000 .. 40,000 5½ 4½
Baytown Waterworks Renewal Loan, 1931, of £5,000 5,000 5½ 4½


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✨ LLM interpretation of page content

💰 Dunedin City Loans Conversion Order, 1934 (continued from previous page)

💰 Finance & Revenue
2 July 1934
Loan conversion, Dunedin City Council, Local Authorities Interest Reduction and Loans Conversion Act 1932–33, Order in Council