New Zealand Gazette – 1935 – No. 95

Page 3964

✨ Loan Conversion Order



3964
THE NEW ZEALAND GAZETTE.
[No. 95

rate of interest payable on the new securities, the holders of such existing securities
shall on the conversion thereof be entitled to receive new securities for the same
aggregate amount of principal as is secured by the existing securities, without
premium.

PLACE FOR PAYMENT OF PRINCIPAL AND INTEREST.

  1. The principal and interest in respect of new securities shall be payable in
    New Zealand.

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 num-
    bered (3) 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 the
    half-yearly instalments of principal and interest 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 principal, 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.

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.
Rawene Riding Loan £5,000* 4½ 4½
Omapere Bridge Loan of £2,500 (part) 1,000* 4½ 4½
Taheke Riding Supplementary Loan of £670 670* 4½ 4½
Rawene Riding Supplementary Loan 465* 4½ 4½
Taheke Riding Loan of £6,000 (part) 1,500* 4½ 4½
Metalling Broadwood–Te Karao Road Loan of £5,000 (part) 1,000* 4½ 4½
Ditto 1,000* 4½ 4½
„ 1,000* 4½ 4½
„ 1,000* 4½ 4½
„ 1,000* 4½ 4½
Horeke Special Loan 400* 4½ 4½
Waimamaku Valley Loan 500 4½ 4½
Hokianga Hospital Water-supply Loan 10,000* 4½ 4½
Rawene Special Area Water Loan 4,000* 4½ 4½
Rawene Riding Roads and Bridge Loan of £7,000 (part) 5,000* 4½ 4½
Rawene Special Area Water Supplementary Loan 400* 4½ 4½
Rawene Riding Roads and Bridges Loan of £7,000 (part) 1,750* 4½ 4½
Hokianga Flood Damage Loan 3,850* 4½ 4½
Workers’ Dwelling Loan of £5,000 (part) 1,500* 4½ 4½
£41,035
  • Less amount of principal repaid as at date of conversion.


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✨ LLM interpretation of page content

💰 Hokianga County Loans Conversion Order, 1935 (No. 1) (continued from previous page)

💰 Finance & Revenue
12 December 1935
Loans, Conversion, Local Authority, Hokianga County Council, Securities, Debentures, Interest, Maturity Dates, Sinking Fund, Order in Council