New Zealand Gazette – 1952 – No. 60

Page 1479

✨ Loan Determinations



11 SEPT.] THE NEW ZEALAND GAZETTE 1479

Varying the Determinations in Respect of Loans or Portions Thereof being Raised by Certain Local Authorities

H. F. O’LEARY,
Administrator of the Government
ORDER IN COUNCIL
At the Government House at Wellington, this 3rd day of September 1952

Present:
His Excellency the Administrator of the Government in Council

WHEREAS by Orders in Council made on the respective dates specified in the third column of the Schedule hereto, consent was given to the raising by the respective local authorities enumerated in the first column of the said Schedule of the respective loans stated in the second column of the said Schedule, subject in each case to the determinations set forth in such Orders in Council:

And whereas the authorities conferred by the said Orders in Council have not been exercised in respect of each respective loan to the extent specified in the fourth column of the said Schedule opposite each such loan:

And whereas it is expedient to vary the determinations of each respective loan in so far as such determinations apply to the raising of the sum specified in the fifth column of the said Schedule opposite each such loan (hereinafter called the said sum):

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 Administrator of the Government, acting by and with the advice and consent of the Executive Council, hereby varies in respect of each loan referred to in the Schedule hereto, certain of the aforesaid determinations in respect of the raising of such loan in so far as such determinations apply to the raising of the said sum, by prescribing that in lieu of the rate of interest as specified in the Order in Council authorizing the raising of such loan, 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 four pounds (£4) per centum per annum.

SCHEDULE

First Column. Second Column. Third Column. Fourth Column. Fifth Column.
Name of Local Authority. Name of Loan. Date of Consenting Order in Council and Amount Thereby Authorized. Amount of Loan Unraised. Sum in Respect of Which Rate of Interest is Hereby Varied.
----------------------------- ----------------------------------- ---------------------------------------------------- --------------------- ----------------------------------------
Akitio County Council Bridges Loan 1952 24 March 1952, £4,220 £ 3,220 £ 3,220
Dannevirke Borough Council Housing Loan 1952 16 June 1952, £3,500 3,500 3,500
Horowhenua Electric-power Board Electric Reticulation Loan No. 6, 1952 2 July 1952, £90,000 90,000 60,000
Leeston Town Board Community Centre and War Memorial Loan 1951 19 December 1951, £3,250 3,250 3,250
Leeston Town Board Fire-station Loan 1951 10 June 1952, £1,600 1,600 1,600
North Auckland Electric-power Board Reticulation Loan 1952 21 May 1952, £100,000 100,000 50,000
Taupo Town Board Hydro-electric Power Supply Additional Loan 1952 14 May 1952, £37,000 37,000 37,000
Tauranga Harbour Board Railway Wharf Extension Loan 1952 3 March 1952, £12,000 12,000 9,000
Wairere Electric-power Board Reticulation Loan 1951 3 March 1952, £20,000 20,000 15,000
Wairere Electric-power Board Power House and Headworks Dam Extension Loan 1952 30 July 1952, £6,000 6,000 6,000

(T. 40/416/6) T. J. SHERRARD, Clerk of the Executive Council.

Varying the Determinations in Respect of the Auckland City Council’s Loan of £25,400

H. F. O’LEARY,
Administrator of the Government
ORDER IN COUNCIL
At the Government House at Wellington, this 3rd day of September 1952

Present:
His Excellency the Administrator of the Government in Council

WHEREAS by Order in Council made on the 3rd day of October 1951 (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 in New Zealand by the Auckland City Council (hereinafter called the said local authority) of a loan of twenty-five thousand four hundred pounds (£25,400) to be known as “Crematorium Additional Loan No. 2 1951” (hereinafter called the said loan):

And whereas the authority conferred by the said Order in Council has not yet been exercised and it is expedient to vary certain of the determinations aforesaid in respect of the said loan:

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 Administrator of the Government, acting by and with the advice and consent of the Executive Council, hereby cancels the aforesaid determinations in respect of the said loan and in lieu thereof makes the following determinations:—

  1. The term for which the said loan or any part thereof may be raised shall not exceed fifteen (15) 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 four pounds (£4) per centum per annum.

  3. The said loan or any part thereof shall be repaid by the half-yearly redemption of debentures in the half-years set out in the first column of the Schedule hereunder of the amounts stated opposite each such half-year in the second column of the said Schedule.

SCHEDULE

First Column. Second Column. First Column. Second Column.
Half-year. Amount. Half-year. Amount.
--------------- ---------------- --------------- ----------------
1st £ 300 16th £ 400
2nd 300 17th 400
3rd 300 18th 400
4th 300 19th 400
5th 300 20th 400
6th 300 21st 500
7th 300 22nd 500
8th 300 23rd 500
9th 300 24th 500
10th 300 25th 500
11th 400 26th 500
12th 400 27th 500
13th 400 28th 500
14th 400 29th 600
15th 400 30th 13,800

  1. The payment of interest and redemptions in respect of the said loan shall be made in New Zealand.

  2. No amount payable either as interest or as a redemption in respect of the said loan shall be paid out of loan-moneys.

  3. The rate payable for brokerage, underwriting, and procurement fees in respect of the raising of the said loan or any part thereof shall not in the aggregate exceed three-quarters per centum of any amount raised.

  4. 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. 49/121)



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✨ LLM interpretation of page content

💰 Varying Loan Determinations for Multiple Local Authorities

💰 Finance & Revenue
3 September 1952
Loans, Interest Rates, Local Authorities, Financial Determinations
  • H. F. O’Leary, Administrator of the Government
  • T. J. Sherrard, Clerk of the Executive Council

💰 Varying Determinations for Auckland City Council Loan

💰 Finance & Revenue
3 September 1952
Loan, Interest Rates, Repayment Schedule, Auckland City Council
  • H. F. O’Leary, Administrator of the Government
  • T. J. Sherrard, Clerk of the Executive Council