1204

THE NEW ZEALAND GAZETTE

[No. 51

Consenting to the Raising of Loans by Certain Local Authorities and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 15th day of September, 1948

Present:

His Excellency The Governor-General 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.

Name of Local Authority.

Lower Hutt City Council ...
Otago Central Electric-power Board ...
Otago Central Electric-power Board ...
Runanga Borough Council ...
Tauranga County Council ...

Second Column.

Name of Loan.

Staff Dwellings Loan, 1948 ...
Buildings Renewal Loan, 1948 ...
Upper Clutha Renewal Loan, 1948 ...
Water-supply Renewal Loan, 1948 ...
Bridges Loan, 1948 ...

Third Column.

Amount of Loan.

£

15,000
4,800
24,400
8,200
2,500

Fourth Column.

Term of
Loan
(Years).

20
15
15
10
10

Fifth Column.

Rate of
Interest.

£ s. d.

3 5 0
3 5 0
3 5 0
3 5 0
3 5 0

T. J. SHERRARD, Clerk of the Executive Council.

(T. 40/416/8.)

Consenting to the Raising of Loans by Certain Local Authorities and Prescribing the Conditions Thereof

B. C. FREYBERG, Governor-General

ORDER IN COUNCIL

At the Government House at Wellington, this 15th day of September, 1948

Present:

His Excellency The Governor-General 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.

Name of Local Authority.

Invercargill City Council ...
Morrinsville Borough Council ...
Opunake Electric-power Board ...
Napier Borough Council ...
Napier Borough Council ...
Thames Valley Electric-power Board ...

Second Column.

Name of Loan.

Redemption Loan, 1949 ...
Workers' Dwellings Loan, 1948 ...
Housing Loan, 1948 ...
Reservoir Renewal Loan, 1948 ...
Works Renewal Loan, 1949 ...
Workers' Dwellings Loan, 1948 ...

Third Column.

Amount of
Loan.

£

8,200
3,500
2,000
4,100
1,960
10,000

Fourth Column.

Term of
Loan
(Years).

10
30
15
10
5
25

Fifth Column.

Rate of
Interest.

£ s. d.

3 2 6
3 5 0
3 5 0
3 5 0
3 5 0
3 5 0

T. J. SHERRARD, Clerk of the Executive Council.

(T. 40/416/8.)