1678

THE NEW ZEALAND GAZETTE

[No. 47

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 27th day of July, 1949

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, in the Dominion of New Zealand, acting by and with the advice and consent of the Executive Council, 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 rate or 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 cent 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-monies.

(5) No amount shall be payable for brokerage, underwriting, or procurement fees in respect of the raising of the said respective loans or any parts thereof.

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

—

SCHEDULE

First Column.

Name of Local Authority.

Second Column.

Name of Loan.

Third Column.

Amount of Loan.

Fourth Column.

Term of Loan (Years).

Fifth Column.

Rate of Interest.

Auckland Metropolitan Drainage Board

Loan No. 5, 1949

£ 60,000

30

£ s. d.

Judea Drainage Board

Drainage Extension Redemption Loan, 1949

870

10

3 5 0

Napier Borough Council

Abbott Renewal Loan, 1949

3,500

10

3 5 0

Napier Borough Council

Reservoir Renewal Loan, 1949

13,850

15

3 5 0

Roxburgh Borough Council

Waterworks Loan No. 3 Renewal Loan, 1949

1,000

15

3 5 0

(T. 40/418/6.)

—

Consenting to the Raising of a Loan of £33,000 by the Mount Eden Borough Council and Prescribing the Conditions Thereof

Act, 1926, as set out in section twenty-nine of the Finance Act, 1982 (No. 2), and of all other powers and authorities enabling him in this behalf, doth hereby consent to the said loan for the said purpose, and in giving such consent doth hereby determine as follows :—

(1) The term for which the said loan or any parts thereof may be raised shall not exceed five (5) 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 cent per annum :

(3) The said loan shall be repaid on the first day of April, one thousand nine hundred and fifty-five (1,955), and in the meantime shall not be necessary to establish a separate sinking fund for the redemption of the said loan of thirty-three thousand pounds (£33,000) :

(4) It shall not be necessary to obtain the prior consent of the local authority on such date prior to that specified in the said securities as the said local authority might fix by notice in that behalf to be published in the Gazette at least six (6) months before such prior date :

And whereas the said local authority proposes, in exercise of the said option to redeem, on the first day of April, one thousand nine hundred and fifty-five (1,955), certain of such securities amounting in the aggregate to the sum of thirty-three thousand pounds (£33,000), being the specified day for the redemption thereof :

And whereas the said local authority proposes to give effect to such proposal by raising a loan of thirty-three thousand pounds (£33,000) to be known as the “Mount Eden Redemption Loan, 1955” (hereinafter called the said loan), with the provisions of the Local Government Loans Board Act, 1926, and it is expedient that the precedent consent of the Governor-General in Council, as required by such 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, and in pursuance and exercise of the powers and authorities conferred on him by section eleven of the Local Government Loans Board Act, 1926, doth hereby consent to the raising of the said loan of thirty-three thousand pounds (£33,000) for the redemption of the securities issued pursuant to the said resolution of the said local authority, and in giving such consent doth hereby determine that the conditions of the said loan shall be as follows :—

(T. 40/208/9.)