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

FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 3rd day of March 1952
Present:
THE RIGHT HON. S. G. HOLLAND PRESIDING 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 | Rate of Interest. |
| Pahiatua County Council | Bridges Redemption Loan 1952 | £1,500 | 5 | 3 5 0 |
| Rotorua Borough Council | Streets and Footpaths Surfacing Supplementary Loan 1952 | £3,000 | 10 | 3 5 0 |
| Tauranga Harbour Board | Railway Wharf Extension Loan 1952 | £12,000 | 15 | 3 5 0 |
| Tauranga Borough Council | Redemption Loan 1952 | £36,520 | 9 | 3 5 0 |
| Waikato County Council | Roads and Bridges No. 2 Redemption Loan 1952 | £2,000 | 10 | 3 5 0 |
| Waikato Hospital Board | Building Loan (No. 2) 1951 | £38,000 | 25 | 3 5 0 |
| Wainere Electric-power Board | Reticulation Loan 1951 | £20,000 | 25 | 3 5 0 |
| Cambridge Fire Board | Fire Station Loan 1952 | £14,000 | 25 | 3 5 0 |
T. J. SHERRARD, Clerk of the Executive Council.
(T. 40/416/6)

Consenting to the Raising of a Loan of £18,000 by the Takapuna Borough Council and Prescribing the Conditions Thereof
FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 3rd day of March 1952
Present:
THE RIGHT HON. S. G. HOLLAND PRESIDING IN COUNCIL
WHEREAS the Takapuna Borough Council (hereinafter called the said local authority) proposes, pursuant to the terms of a requisition issued under section 22 of the Health Act 1920, to raise a loan of eighteen thousand pounds (£18,000) to be known as "Sewerage Extensions Loan 1952" (hereinafter called the said loan) to provide drainage works, sewerage works, and works for the disposal of sewage in the Borough of Takapuna :
Now, therefore, pursuant to section 11 of the Local Government Loans Board Act 1926, 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 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 hereby determines as follows :-
(1) The term for which the said loan 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 loan 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 loan or any part thereof, together with interest thereon, shall be repaid by equal aggregate annual or half-yearly instalments extending over the term 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 loan or any part 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.
T. J. SHERRARD,
Clerk of the Executive Council.
(T. 49/120)

Consenting to the Raising of the Balance (£7,400) of the Waipukurau Borough Council's Loan of £30,000 and Prescribing the Conditions Thereof
FREYBERG, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 3rd day of March 1951
Present:
THE RIGHT HON. S. G. HOLLAND PRESIDING IN COUNCIL
WHEREAS by Order in Council made on the 1st day of February 1950 (hereinafter called the said Order in Council) and subject to the determinations as to borrowing and repayment therein set out, consent was given to the raising by the Waipukurau Borough Council (hereinafter called the said local authority) of a loan of thirty thousand pounds (£30,000) to be known as "General Purposes Loans Amalgamated Loan 1949":
And whereas the authority conferred by the said Order in Council has lapsed in accordance with the provisions of clause (6) thereof and it is not now lawful or competent for the said local authority to raise the said loan or any portion thereof except in accordance with the provisions of a further Order in Council that may be issued pursuant to section 11 of the Local Government Loans Board Act 1926 (hereinafter called the said Act) :
And whereas an amount of seven thousand four hundred pounds (£7,400) (hereinafter called the said sum) has not yet been raised and it is expedient to authorize the said local authority to raise the said sum on the conditions hereinafter set out :
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 said local authority of the said sum up to the amount of seven thousand four hundred pounds (£7,400) for the purpose for which the said loan was authorized, and in giving such consent hereby determines as follows :-
(1) The term for which the said sum or any part thereof may be raised shall not exceed twenty (20) 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.