2160
THE NEW ZEALAND GAZETTE.
[No. 62

purpose for which the £160,000 portion of the aforesaid 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 exceed twenty (20) 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 four pounds five
shillings (£4 5s.) 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 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 sum for the time
being so raised 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 sum
or any part thereof so raised.
(4) The payment of interest and repayment of principal in
respect of the said sum shall be made in New Zealand.
(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 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.
(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. 49/129.)

Consenting to the Raising of a Loan of £16,000 by the Waimate
Borough Council and prescribing the Conditions thereof.

GALWAY, Governor-General.

By his Deputy,

MICHAEL MYERS.

ORDER IN COUNCIL.

At the Government House at Wellington, this 2nd day of
August, 1939.

Present :

His Excellency the Governor-General in Council.

WHEREAS the Waimate Borough Council (hereinafter
called “ the said local authority ”) is desirous of
raising the sum of sixteen thousand pounds (£16,000) by a
loan to be known as “ Water-supply Improvement Loan,
1939 ” (hereinafter called “ the said loan ”), for the purpose
of laying an additional main from the reservoir to the town-
ship, relaying part of the existing main from the intake to
the reservoir, improving the reticulation in the borough and
providing measuring appliances, and 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
to the amount of sixteen thousand pounds (£16,000), 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-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 exceeding four pounds
five shillings (£4 5s.) per centum per annum.
(3) The said loan shall be repaid from revenue by the
annual redemption of debentures in the years set out in the
Schedule hereunder of the amounts specified opposite such
years in the said Schedule.

SCHEDULE.

Years Amount
per Annum.
£
First to seventh year 500
Eighth to fourteenth year 600
Fifteenth to nineteenth year 700
Twentieth to twenty-fifth year 800

(4) The payment of interest and the redemptions in respect
of the said loan shall be made in New Zealand.
(5) No amount payable as either interest or as a redemption
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. 49/227/2.)

Consenting to the Raising of a Loan of £1,000 by the Hamilton
Borough Council and prescribing the Conditions thereof.

GALWAY, Governor-General.

By his Deputy,

MICHAEL MYERS,

ORDER IN COUNCIL.

At the Government House at Wellington, this 9th day of
August, 1939.

Present :

His Excellency the Governor-General in Council.

WHEREAS the Hamilton Borough Council (hereinafter
called the “ said local authority ”) proposes, pursuant
to the terms of a Warrant issued under section one hundred
and thirty-five of the Public Works Act, 1928, to borrow the
sum of one thousand pounds (£1,000) by a loan to be known
as “ Fairfield Bridge Loan No. 2 ” (hereinafter called “ the
said loan ”), for the purpose of paying its proportion of the
increased cost of constructing a reinforced-concrete bridge
(together with approaches thereto) over the Waikato River
near Hamilton :

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 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 ten (10) 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 four pounds five
shillings (£4 5s.) per centum per annum.
(3) The said loan or any part thereof, together with interest
thereon, shall be repaid as follows :—
(a) By twenty equal payments of thirty-seven pounds
seven shillings and threepence (£37 7s. 3d.),
one of such payments to be made at the end of
every half-year commencing from the date on
which the said loan is raised. Each such half-
yearly payment shall be applied firstly in payment
of interest computed at the rate of four pounds
five shillings (£4 5s.) per centum per annum on the
amount of principal for the time being outstanding
at the beginning of each such half-year, and the
balance of such half-yearly payment in reduction
of such principal.
(b) By a payment at the end of the tenth year from the
date of the raising of the said loan of a sum equal
to the amount to which the principal has been
reduced in accordance with the preceding paragraph
(a) hereof after payment of the aforesaid twenty (20)
half-yearly payments.
(4) The payment of such instalments shall be made in New
Zealand and no instalments shall be paid out of loan-moneys.
(5) 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.
(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. 49/307/11.)