✨ Local Government Loan Approvals
1600
THE NEW ZEALAND GAZETTE
[No. 82
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 17th day of October 1951
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, pursuant to section 11 of the said Act, as set out in section 29 of the Finance Act 1932 (No. 2), His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, hereby consents 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 hereby determines as follows:—
(1) The terms for which the said loans or any parts thereof may be raised shall not exceed 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 procuration 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. | Second Column. | Third Column. | Fourth Column. | Fifth Column. |
|---|---|---|---|---|
| Name of Local Authority. | Name of Loan. | Amount of Loan. | Term of Loan (Years). | Rate of Interest. |
| £ | £ s. d. | |||
| Waitaki Electric-power Board | Renewal Loan 1952 | 4,770 | 5 | 3 5 0 |
| Wellington City Council | Abattoir Loan 1951 | 15,000 | 20 | 3 5 0 |
| Whangarei Borough Council | General Purposes Loan 1947, £173,200; portion, £30,000 | 30,000 | 25 | 3 5 0 |
(T. 40/416/6)
T. J. SHERRARD, Clerk of the Executive Council.
———
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 17th day of October 1951
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, pursuant to section 11 of the said Act, as set out in section 29 of the Finance Act 1932 (No. 2), His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, hereby consents 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 hereby determines as follows:—
(1) The terms for which the said loans or any parts thereof may be raised shall not exceed 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 procuration 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. | Second Column. | Third Column. | Fourth Column. | Fifth Column. |
|---|---|---|---|---|
| Name of Local Authority. | Name of Loan. | Amount of Loan. | Term of Loan (Years). | Rate of Interest. |
| £ | £ s. d. | |||
| Grey County Council | Workers’ Dwellings Loan 1951 | 7,000 | 25 | 3 5 0 |
| Hamilton City Council | Richmond Area Renewal Loan 1952 | 1,100 | 10 | 3 5 0 |
| New Lynn Borough Council | Sewerage Extension and Water-supply Reconstruction Loan 1950 | 45,400 | 25 | 3 5 0 |
| Stratford Borough Council | Public Baths and Electrical Works Redemption Loan 1952 | 2,700 | 5 | 3 5 0 |
| Waimea County Council | Stoke War Memorial Community Centre Loan 1951 | 5,000 | 25 | 3 5 0 |
| Tararua Electric-power Board | Supplementary Loan 1947, £38,000; balance, £8,000 | 8,000 | 20 | 3 5 0 |
(T. 40/416/6)
T. J. SHERRARD, Clerk of the Executive Council.
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VUW Te Waharoa —
NZ Gazette 1951, No 82
NZLII —
NZ Gazette 1951, No 82
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Consenting to the Raising of Loans by Certain Local Authorities
(continued from previous page)
💰 Finance & Revenue17 October 1951
Local Government Loans, Waitaki Electric-power Board, Wellington City Council, Whangarei Borough Council
- B. C. Freyberg, Governor-General
- T. J. Sherrard, Clerk of the Executive Council
💰 Consenting to the Raising of Loans by Certain Local Authorities
💰 Finance & Revenue17 October 1951
Local Government Loans, Grey County Council, Hamilton City Council, New Lynn Borough Council, Stratford Borough Council, Waimea County Council, Tararua Electric-power Board
- B. C. Freyberg, Governor-General
- T. J. Sherrard, Clerk of the Executive Council