1092

Consenting to the Raising of a Loan of £3,200 by the Hauraki Plains County Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 3rd day of May, 1938.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS the Hauraki Plains County Council (hereinafter called “the said local authority”) proposes, pursuant to the provisions of section three of the Main Highways Amendment Act, 1928, to borrow the sum of three thousand two hundred pounds (£3,200) by a loan to be known as “Main Highways Loan, 1938” (hereinafter called “the said loan”), for the purpose of meeting its share of the cost of reconstructing and sealing the County’s sections of the Pipiroa-Coromandel and Orongo-Netherton Main Highways:
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, 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 by the said local authority of the said loan for the said purpose up to the amount of three thousand two hundred pounds (£3,200), 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 be six (6) 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 loan, together with interest thereon, shall be repaid by equal aggregate annual instalments extending over the term as determined in (1) above.
(4) 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. 49/216.)

Consenting to the Raising of a Loan of £5,400 by the Waitaki County Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 3rd day of May, 1938.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS the Waitaki County Council (hereinafter called “the said local authority”), being desirous of raising the sum of five thousand four hundred pounds (£5,400) by a loan to be known as “Housing Loan, 1938” (hereinafter called “the said loan”), for the purpose of purchasing or leasing land and erecting thereon dwelling-houses for the occupation of Council employees, 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, doth hereby 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 five thousand four hundred pounds (£5,400), 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-five (25) 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 or rates exceeding three pounds (£3) per centum per annum.
(3) The said loan or any part thereof, together with interest thereon, shall be repaid by equal aggregate annual or half-yearly instalments extending over the term as determined in (1) above.

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(4) The payment of such instalments shall be made in New Zealand and no instalments shall be paid out of loan-moneys.
(5) No amount shall be paid for brokerage, underwriting, and procuration fees in respect of the raising of the said loan or any part thereof.
(6) 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. 49/481/4.)

Consenting to the Raising of a Loan of £77,500 by the Hamilton Borough Council and prescribing the Conditions thereof.

GALWAY, Governor-General.
ORDER IN COUNCIL.
At the Government Buildings at Wellington, this 3rd day of May, 1938.
Present:
THE RIGHT HON. M. J. SAVAGE PRESIDING IN COUNCIL.
WHEREAS the Hamilton Borough Council (hereinafter called “the said local authority”) is desirous of raising the sum of seventy-seven thousand five hundred pounds (£77,500) by a loan to be known as “Garden Place Loan, 1938” (hereinafter called “the said loan”), for the purpose of the levelling and formation of the street known as Garden Place, acquiring of certain properties adjacent thereto and levelling and improving the same, levelling and improving certain lands in Garden Place already vested in the Corporation, removing buildings on the lands to be acquired, renovating and re-erecting the same on other lands vested in the Corporation, filling-in and levelling certain lands vested in the Corporation or under the control of the Hamilton Domain Board, and levelling, pipe draining, and improving certain lands vested in the Corporation, the construction and formation of new streets and footways (including any necessary retaining walls, paving, kerbing, and channelling), and the provision of stormwater and sewer drainage in Garden Place, and such new streets, including the purchase of all necessary land, buildings, material, plant, and tools, and all payments for labour, engineers and legal fees, valuation fees, advertising, survey charges, plans, and supervision, and for compensation to owners of property in respect of such works:
And whereas the said local authority 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, doth hereby 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 seventy-seven thousand five hundred pounds (£77,500), 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 thirty-five (35) 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 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 one pound thirteen shillings (£1 13s.), such payments to be made in respect of every part of the said loan for the time being so borrowed and not repaid, the first such payment to be made not later than three years 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 the 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-moneys.
(6) The rate payable for brokerage, underwriting, and procuration fees in respect of the raising 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. 49/307/15.)