MAY 9]

Consenting to the Raising of a Loan of £18,000 by the Timaru Borough Council and prescribing the Conditions thereof

MICHAEL MYERS,
Administrator of the Government
ORDER IN COUNCIL
At the Government House at Wellington, this 1st day of May, 1946
Present:
His Excellency The Administrator of the Government IN COUNCIL
WHEREAS the Timaru Borough Council (hereinafter called the said local authority), being desirous of raising a loan of eighteen thousand pounds (£18,000), to be known as Timaru Streets Improvement Loan, 1944 (issue of £18,000) (hereinafter called the said loan), for the purpose of street and footpath sealing and incidental improvements arising therefrom, 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 Administrator of the Government 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 eighteen thousand pounds (£18,000), 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 nine (9) 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 five shillings (£3 5s.) per centum per annum.
(3) The said loan or any part thereof shall be repaid by the annual redemption of debentures on the dates set out in the first column of the Schedule hereunder of the amounts stated opposite each such date in the second column of the said Schedule.
SCHEDULE OF REDEMPTIONS
First Column. Second Column.
Date. Amount.
30th September, 1951 100
30th September, 1952 2,400
30th September, 1953 10,000
30th September, 1954 5,500
(4) The payment of interest and the redemptions in respect of the said loan shall be made in New Zealand.
(5) No amount payable either as 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 pro-curation 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.
W. O. HARVEY,
Acting Clerk of the Executive Council.
(T. 49/306/18.)
Consenting to the Raising of a Loan of £750 by the Otorohanga Town Board and prescribing the Conditions thereof
MICHAEL MYERS,
Administrator of the Government
ORDER IN COUNCIL
At the Government House at Wellington, this 1st day of May, 1946
Present:
His Excellency The Administrator of the Government IN COUNCIL
WHEREAS the Otorohanga Town Board (hereinafter called the said local authority), being desirous of raising a loan of seven hundred and fifty pounds (£750), to be known as Sewerage Supplementary Loan, 1946 (hereinafter called the said loan), for the purpose of completing the work for which the Sewerage Loan, 1938, £10,000, was raised, 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 Administrator of the Government 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 con-ferred on him by section eleven of the said Act, as set out in section
THE NEW ZEALAND GAZETTE
647
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 seven hundred and fifty pounds (£750), 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 (30) 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 two pounds and fourpence (£2 0s. 4d.), 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 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 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 pro-curation 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.
W. O. HARVEY,
Acting Clerk of the Executive Council.
(T. 49/433/8.)
Consenting to the Raising of a Loan of £2,200 by the Dargaville Borough Council and prescribing the Conditions thereof
MICHAEL MYERS,
Administrator of the Government
ORDER IN COUNCIL
At the Government House at Wellington, this 1st day of May, 1946
Present:
His Excellency The Administrator of the Government IN COUNCIL
WHEREAS the Dargaville Borough Council (hereinafter called the said local authority), being desirous of raising a loan of two thousand two hundred pounds (£2,200), to be known as Sewerage Supplementary Loan, 1945 (hereinafter called the said loan), for the purpose of completing the works for which the Sewerage Installation Loan, 1942, of £22,000, was raised, 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 Administrator of the Government 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 two thousand two hundred pounds (£2,200), 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 not exceed fifteen (15) 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 ten shillings (£3 10s.) per centum per annum.
(3) The said loan shall be repaid by annual instalments of principal extending over the term of the loan as determined in (1) above, the first fourteen (14) of such instalments amounting to one hundred and fifty pounds (£150) each and the final instalment amounting to one hundred pounds (£100).
(4) The payment of interest and principal in respect of the said loan shall be made in New Zealand.
(5) No amount payable either as interest or as principal in respect of the said loan shall be paid out of loan-moneys.
(6) The rate payable for brokerage, underwriting, and pro-curation 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.
W. O. HARVEY,
Acting Clerk of the Executive Council.
(T. 49/194/13.)