Now, therefore, His Excellency the Governor-General of
the Dominion of New Zealand, acting by and with the advice
and consent of the Executive Council of the said Dominion,
and in pursuance and exercise of the powers and authorities
conferred on him by section eleven of the Local Government
Loans Board Act, 1926, and by section nine of the Local
Authorities Interest Reduction and Loans Conversion Amendment Act, 1934, and of all other powers and authorities
enabling him in this behalf, doth hereby consent to the
borrowing by the said local authority of the said sum or any
part thereof for the purpose for which the said loan was
authorized, and in giving such consent doth hereby determine
as follows :—
(1) The term for which the said sum or any part thereof
may be borrowed shall be twenty-five (25) years.
(2) The rate of interest that may be paid in respect of the
said sum or any part thereof shall be such as shall not produce
to the lender or lenders a rate exceeding three pounds ten
shillings (£3 10s.) per centum per annum.
(3) The said sum or any part thereof together with interest
thereon shall be repaid by equal annual or half-yearly instal-
m ents extending over the term as determined in (1) above.
(4) The payment of such instalments shall be made in New
Zealand, and no such instalment shall be paid out of loan-
money.
(T. 49/267/8.)
F. D. THOMSON,
Clerk of the Executive Council.
Order in Council consenting to the Raising of Part (£1,000) of
the Manukau County Council’s Loan of £55,400.
BLEDISLOE, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 26th day of
November, 1934.
Present :
His Excellency The Governor-General In Council.
WHEREAS by Order in Council made on the thirtieth
day of January, one thousand nine hundred and
thirty-one, consent was given to the raising by the Manukau
County Council (hereinafter called “the said local autho-
rity”), of the sum of fifty-five thousand four hundred pounds
(£55,400) by a loan to be known as “Mangere Special-area
Water-supply Loan, 1930” (hereinafter called “the said
loan”) :
And whereas by section nine of the Local Authorities
Interest Reduction and Loans Conversion Amendment Act,
1934, the authority conferred by the said Order in Council
was revoked in so far as it had not been exercised, and it is
not now lawful or competent for the said local authority to
borrow any moneys to which the said Order in Council relates
except in accordance with the provisions of an Order in
Council that may be made under section eleven of the Local
Government Loans Board Act, 1926, after the passing of the
first-mentioned Act :
And whereas it is expedient to authorize the said local
authority to borrow on the conditions hereinafter mentioned
the sum of one thousand pounds (£1,000) (hereinafter called
“the said sum”), being part of the moneys to which the said
Order in Council relates :
Now, therefore, His Excellency the Governor-General of
the Dominion of New Zealand, acting by and with the advice
and consent of the Executive Council of the said Dominion,
and in pursuance and exercise of the powers and authorities
conferred on him by section eleven of the Local Government
Loans Board Act, 1926, and by section nine of the Local
Authorities Interest Reduction and Loans Conversion Amend-
ment Act, 1934, and of all other powers and authorities
enabling him in this behalf, doth hereby consent to the
borrowing by the said local authority of the said sum or any
part thereof for the purpose for which the said loan was
authorized, and in giving such consent doth hereby determine
as follows :—
(1) The term for which the said sum or any part thereof
may be borrowed shall not extend beyond the twentieth day
of July, one thousand nine hundred and sixty-one (1961).
(2) The rate of interest that may be paid in respect of the
said sum or any part thereof shall be such as shall not pro-
duce to the lender or lenders a rate exceeding three pounds
ten shillings (£3 10s.) per centum per annum.
(3) The said local authority shall, before raising the said
sum or any part thereof, make provision for the repayment
thereof by establishing a sinking fund, calculated on the
amount to be raised, of not less than two pounds seven shillings
and sixpence (£2 7s. 6d.) per centum per annum.
(T. 49/286/2.)
(4) The rate payable for brokerage, underwriting, and
procuration fees in respect of the raising of the said sum or
any part thereof shall not in the aggregate exceed one-half
per centum of any amount raised.
(5) No amount payable as either interest or sinking fund
in respect of the said sum shall be paid out of loan-money.
(6) The payment of interest and repayment of principal
in respect of the said sum shall be made in New Zealand.
(7) No moneys shall be borrowed under this consent after
the expiration of two years from the date hereof.
F. D. THOMSON,
Clerk of the Executive Council.
(T 49/111/6.)
Order in Council consenting to the Raising of Part (£25,000)
of the Waitemata Electric-power Board’s Loan of £100,000.
BLEDISLOE, Governor-General.
ORDER IN COUNCIL.
At the Government House at Wellington, this 3rd day of
December, 1934.
Present:
His Excellency The Governor-General In Council.
WHEREAS by Order in Council made on the sixth day
of January, one thousand nine hundred and thirty-
three, consent was given to the raising by the Waitemata
Electric-power Board (hereinafter called “the said local
authority”) of the sum of thirty-five thousand pounds
(£35,000) by a loan to be known as “Reticulation Extension
Loan, 1929” (hereinafter called “the said loan”):
And whereas by section nine of the Local Authorities
Interest Reduction and Loans Conversion Amendment Act,
1934, the authority conferred by the said Order in Council
was revoked in so far as it had not been exercised, and it is
not now lawful or competent for the said local authority to
borrow any moneys to which the said Order in Council relates
except in accordance with the provisions of an Order in Council
that may be made under section eleven of the Local Govern-
ment Loans Board Act, 1926, after the passing of the first-
mentioned Act:
And whereas it is expedient to authorize the said local
authority to borrow on the conditions hereinafter mentioned
the sum of twenty-five thousand pounds (£25,000) (hereinafter
called “the said sum”), being part of the moneys to which
the said Order in Council relates:
Now, therefore, His Excellency the Governor-General of
the Dominion of New Zealand, acting by and with the advice
and consent of the Executive Council of the said Dominion,
and in pursuance and exercise of the powers and authorities
conferred on him by section eleven of the Local Government
Loans Board Act, 1926, and by section nine of the Local
Authorities Interest Reduction and Loans Conversion Amend-
ment Act, 1934, and of all other powers and authorities
enabling him in this behalf, doth hereby consent to the borrow-
ing by the said local authority of the said sum or any part
thereof for the purpose for which the said loan was authorized,
and in giving such consent doth hereby determine as follows :—
(1) The term for which the said sum or any part thereof
may be borrowed shall be twenty-six (26) years.
(2) The rate of interest that may be paid in respect of the
said sum or any part thereof shall be such as shall not produce
to the lender or lenders a rate exceeding three pounds ten
shillings (£3 10s.) per centum per annum.
(3) The said local authority shall, before raising the said
sum or any part thereof, make provision for the repayment
thereof by establishing a sinking fund, calculated on the
amount to be raised, of not less than two pounds ten shillings
(£2 10s.) per centum per annum.
(4) The rate payable for brokerage, underwriting, and pro-
curation fees in respect of the raising of the said sum or any
part thereof shall not in the aggregate exceed one-half per
centum of any amount raised.
(5) No amount payable as either interest or sinking fund in
respect of the said sum shall be paid out of loan-money.
(6) In respect of the works to be undertaken from the said
sum, guarantees as described in subclause one of clause twelve
of the Electrical Supply Regulations, 1927, shall first be given
in favour of the said local authority for payments amounting
in each of not less than five (5) consecutive years from the com-
pletion of such works to at least seventeen and a half (17½)
per cent. of the estimated capital cost of such works.
(7) The payment of interest and repayment of principal in
respect of the said sum shall be made in New Zealand.
(8) No moneys shall be borrowed under this consent after
the expiration of two years from the date hereof.
F. D. THOMSON,
Clerk of the Executive Council.