MAR. 24.] THE NEW ZEALAND GAZETTE. 649
Order in Council consenting to the Raising of Loans by certain Local Authorities and prescribing the Conditions thereof.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 18th day of March, 1937.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS the several local authorities enumerated in the Schedule hereto, being desirous of raising the respective
loans stated opposite their names therein, have respectively complied with the provisions of the Local Government
Loans Board Act, 1926 (hereinafter called "the said Act"), and it is expedient that the precedent consent of the
Governor-General in Council, as required by the said Act, should be given to the raising of the said loans:
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 said Act, as set out in section twenty-nine of the Finance Act, 1932 (No. 2), and
of all other powers and authorities enabling him in this behalf, doth hereby consent to the raising in New Zealand by
the respective local authorities mentioned in the First Column of the said Schedule of the respective loans set out in
the Second Column of the said Schedule, up to the respective amounts specified in the Third Column of the said
Schedule, and in giving such consent doth hereby determine as follows:-
(1) The terms for which the said loans or any parts thereof may be raised shall be the respective terms (in years) stated
in the Fourth Column of the said Schedule.
(2) The rates of interest that may be paid in respect of the said loans or any parts thereof shall be such as shall not
produce to the lender or lenders a rate or rates exceeding the respective rates per centum per annum stated in the
Fifth Column of the said Schedule.
(3) The said respective loans or any parts thereof, together with interest thereon, shall be repaid by equal aggregate
annual or half-yearly instalments extending over the respective terms 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-
moneys.
(5) The rate payable for brokerage, underwriting, and procurement fees in respect of the raising of the said respective
loans or any parts thereof shall not in the aggregate exceed one-half per centum of any amount raised.
(6) No moneys shall be borrowed under this consent after the expiration of two years from the date hereof.
SCHEDULE.
| First Column. | Second Column. | Third Column. | Fourth Column. | Fifth Column. |
| --- | --- | --- | --- | --- |
| Name of Local Authority. | Name of Loan. | Amount of Loan. | Term of Loan | Rate of Interest. |
| (Years). | |
| Hawera Borough Council | Waterworks Improvement Loan, 1937 | £5,200 | 10 | £3 10 0 |
| Kaiapoi Borough Council | Housing Loan (No. 3) | £7,000 | 30 | £3 10 0 |
(T. 40/416/6.)
C. A. JEFFERY, Clerk of the Executive Council.
Order in Council consenting to the Raising of a Loan of £1,000
by the Feilding Borough Council and prescribing the Conditions thereof.
GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 18th day of
March, 1937.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS the Feilding Borough Council (hereinafter
called "the said local authority"), being desirous
of raising the sum of one thousand pounds (£1,000) under the
provisions of section seven of the Local Bodies' Finance Act,
1921-22, by a loan to be known as "Waterworks Flood-
damage Extension Loan, 1937" (hereinafter called "the said
loan"), for the purpose of replacing and strengthening an
additional length of the weir at the waterworks intake, has
complied with the provisions of the Local Government Loans
Board Act, 1926 (hereinafter called "the said Act"), and it is
expedient that the precedent consent of the Governor-General
in Council as required by the said Act should be given to the
raising of the said loan:
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 said Act, as set out
in section twenty-nine of the Finance Act, 1932 (No. 2), and
of all other powers and authorities enabling him in this behalf,
doithereby consent to the raising in New Zealand by the said
local authority of the said loan for the said purpose up to the
amount of one thousand pounds (£1,000), and in giving such
consent doth hereby determine as follows:
(1) The term for which the said loan or any part thereof
may be raised shall not exceed twenty (20) years.
(2) The rate of interest that may be paid in respect of the
said loan 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
loan or any part thereof, make provision for the repayment
thereof by establishing a sinking fund under the Local Bodies'
Loans Act, 1926, or under such other statutory enactment as
may be applicable, and shall thereafter make payments to
such sinking fund at intervals of not more than one year at a
rate or rates per centum which shall be not less than three
pounds ten shillings (£3 10s.), such payments to be made in
respect of every part of the said loan for the time being
borrowed and not repaid, the first such payment to be made
not later than one year after the first day from which interest
to the lender or lenders is computed on the said loan or any
part thereof so raised.
(4) The payment of interest and repayment of principal in
respect of the said loan shall be made in New Zealand.
(5) No amount payable as either interest or sinking fund in
respect of the said loan shall be paid out of loan-money.
(6) The rate payable for brokerage, underwriting, and
procurement fees in respect of the borrowing of the said loan
or any part thereof shall not in the aggregate exceed one-half
per centum of any amount raised.
(7) No moneys shall be borrowed under this consent after
the expiration of two years from the date hereof.
C. A. JEFFERY,
Clerk of the Executive Council.
(T. 49/415/6.)