Dec. 18] THE NEW ZEALAND GAZETTE 1913

the said loan), for the purpose of redeeming at maturity the out-
standing liability in respect of the Whangarei Airport Loan, 1937,
of £12,000, has complied with the provisions of the Local Govern-
ment 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 con-
sent 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 three hundred
pounds (£5,300), 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 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 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 in the years set out in the first
column of the Schedule hereunder of the amounts stated opposite
each such year in the second column of the said Schedule.

SCHEDULE OF REDEMPTIONS

First Column. Second Column. First Column. Second Column.
——— ——— ——— ———
Year. Amount. Year. Amount.

1st £100 11th £200
2nd 200 12th 300
3rd 200 13th 300
4th 300 14th 300
5th 200 15th 300
6th 200 16th 300
7th 200 17th 300
8th 300 18th 400
9th 200 19th 300
10th 300 20th 400

(4) The payment of interest and 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 procura-
tion 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, Clerk of the Executive Council.

(T. 49/141/11.)

Consenting to the Raising of a Loan of £25,000 by the Tauranga
Electric-power Board and prescribing the Conditions thereof

B. C. FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington, this 10th day of
December, 1947

Present :

THE RIGHT HON. P. FRASER PRESIDING IN COUNCIL

WHEREAS the Tauranga Electric-power Board (hereinafter
called the said local authority), being desirous of raising
a loan of fifty thousand pounds (£50,000), to be known as “ Electrical
Extension Loan, 1946 ” (hereinafter called the said loan), for the
purpose of supplying and distributing electrical energy for the
benefit of the constituent districts of Tauranga County, part
Rotorua County, part Ohinemuri County, Mount Maunganui
Borough, and part Tauranga Borough within the Tauranga Electric-
power District, and for such purpose to do all or any such matters
and things which the Board is empowered to do by the Electric-
power Boards Act, 1925, and its amendments, and in particular, but
without limiting in any way any of the aforesaid powers, to provide,
erect, and construct a system of electrical distribution and reticu-
lation, to purchase plant, land, easements, general equipment,
and any existing electrical installations and plants, and to erect
buildings and offices within and without such district as herein-
before defined, has complied with the provisions of the Local Govern-
ment Loans Board Act, 1926 (hereinafter called the said Act) :

And whereas the said local authority is arranging to raise a
portion thereof amounting to twenty-five thousand pounds (£25,000)
(hereinafter called the said sum), 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 sum :

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 sum
for the said purpose up to the amount of twenty-five thousand
pounds (£25,000), and in giving such consent doth hereby determine
as follows :—

(1) The term for which the said sum 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
sum or any part thereof shall be such as shall not produce to the
lender or lenders a rate or rates exceeding three pounds five shillings
(£3 5s.) per centum per annum.

(3) The said sum shall be repaid by half-yearly redemption of
debentures in the half-years set out in the first column of the Schedule
hereunder of the amounts set opposite each half-year in the third
column of the said Schedule. Each redemption includes a repay-
ment of principal of the amount set opposite each half-year in the
second column of the said Schedule and a half-year’s interest on
the amount of principal outstanding immediately prior to the date
of payment of such instalment.

SCHEDULE OF REDEMPTIONS

First Column. Second Column. Third Column.
——— ——— ———
Half-years. Amount of Principal. Amount of Redemption.

1st £100 £ s. d.
2nd 100 504 8 9
3rd 100 502 17 6
4th 100 501 6 3
5th 100 499 15 0
6th 100 498 3 9
7th 100 496 12 6
8th 100 495 1 3
9th 100 493 10 0
10th 100 491 18 9
11th 100 490 7 6
12th 100 488 16 3
13th 100 487 5 0
14th 100 485 13 9
15th 200 484 2 6
16th 300 582 11 3
17th 200 679 8 9
18th 300 574 15 0
19th 200 671 12 6
20th 300 566 18 9
21st 500 663 16 3
22nd 500 859 2 6
23rd 600 851 0 0
24th 600 942 17 6
25th 600 933 2 6
26th 600 923 7 6
27th 600 913 12 6
28th 700 903 17 6
29th 600 994 2 6
30th 700 882 15 0
31st 700 973 0 0
32nd 700 961 12 6
33rd 700 950 5 0
34th 700 938 17 6
35th 700 927 10 0
36th 800 916 2 6
37th 800 1,004 15 0
38th 800 991 15 0
39th 800 978 15 0
40th 800 965 15 0
41st 800 952 15 0
42nd 800 939 15 0
43rd 800 926 15 0
44th 900 913 15 0
45th 800 1,000 15 0
46th 900 886 2 6
47th 900 973 2 6
48th 900 958 10 0
49th 900 943 17 6
50th 900 929 5 0

(4) The redemption of such debentures and the payment of
interest shall be made in New Zealand, and no redemptions or
interest shall be paid out of loan-moneys.

(5) The rate payable for brokerage, underwriting, and pro-
curation fees in respect to the raising of the said sum or any part
thereof shall not in the aggregate exceed one-half per centum of
any amount raised.

(6) No moneys shall be raised under this consent after the
expiration of two years from the date hereof.

W. O. HARVEY, Clerk of the Executive Council,

(T. 49/249/7.)