Varying the Determinations in Respect of Portions of Loans Being Raised by the Napier City Council
H. F. O'LEARY,
Administrator of the Government
ORDER IN COUNCIL
At the Government House at Wellington, this 1st day of October 1952
Present :
HIS EXCELLENCY THE ADMINISTRATOR OF THE GOVERNMENT IN COUNCIL
WHEREAS by Orders in Council made on the respective dates specified in the second column of the Schedule hereto consent was given
to the raising by the Napier City Council (hereinafter called the said local authority) of the respective loans stated in the first 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:
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 third column of the said Schedule opposite each 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 as follows:-

1. In lieu of the term as specified in the Order in Council authorizing the raising of such loan, the term for which the said sum or any
   part thereof may be raised shall not exceed twelve (12) years.
2. 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.
3. In lieu of repayment by equal aggregate annual or half-yearly instalments of principal and interest, as specified in the Order in Council
   authorizing the raising of such loan, the said local authority shall, before raising the said sum or any part thereof, make provision for the
   repayment thereof by establishing a sinking fund under the Local Bodies' Loans Act 1926, or under such other statutory enactment as may
   be applicable, and shall thereafter make payments to such sinking fund at intervals of not more than one year at a rate or rates per centum
   which shall be not less the rate then stated in the fourth column of the said Schedule opposite each such loan, such payments to be made
   in respect of every part of the said sum for the time being so borrowed and not repaid, the first such payment to be made not later than one
   year after the first day from which interest to the lender or lenders is computed on the said sum or any part thereof so raised.
   SCHEDULE
   First Column.
   Name of Loan.
   Waterworks and Conveniences Loan 1950
   Town Planning (Thackeray Street) Loan 1950
   Onekawa Sewer Loan No. 2, 1951
   Marewa Streets Loan 1951
   Second Column.
   Date of Consenting Order in Council
   and Amount Thereby Authorized.
   20 December 1950, £12,400
   18 October 1950, £5,500
   3 April 1951, £26,750
   8 August 1951, £31,000
   Third Column.
   Portion of Loan
   Hereby Varied.
   £
   10,000
   5,500
   22,000
   25,000
   Fourth Column.
   Rate of
   Sinking Fund.
   £ s. d.
   2 18 1
   2 18 1
   2 18 1
   3 14 5
   (T. 49/147)
   T. J. SHERRARD, Clerk of the Executive Council.
   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 1st day of October 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.
   Name of Local Authority.
   Ashburton Borough Council
   Buller Hospital Board
   Castlepoint County Council
   Castlepoint County Council
   Coromandel County Council
   Lower Hutt City Council
   Otago Electric-power Board
   Otago Electric-power Board
   Rotorua Borough Council
   South Canterbury Catchment
   Board
   Wanganui Hospital Board
   Second Column.
   Name of Loan.
   Plant, Machinery, and Building
   Loan 1951
   Nurses' Home Loan 1952
   Annedale Culvert Loan 1950
   Black Swamp Bridge Loan 1951
   Storm Damage Loan 1951
   Roading Development Loan 1951
   Maniototo Area Rural Reticulation
   Loan 1951
   General Extension and Reticulation Loan 1952
   Streets and Footpaths Surfacing
   Supplementary Loan 1952
   Opihi Flood Damage Restoration
   Amalgamated Loan 1952
   Maternity Block Loan 1951
   Third Column.
   Date of Consenting
   Order in Council
   and Amount Thereby
   Authorized.
   10 March 1952, £10,000
   30 July 1952, £60,000
   5 December 1951, £1,000
   5 December 1951, £2,000
   21 January 1952, £2,000
   3 March 1952, £76,000
   3 October 1951, £50,000
   14 May 1952, £95,000
   3 March 1952, £3,000
   20 August 1952, £21,250
   12 September 1951, £185,000
   Fourth Column.
   Amount of
   Loan
   Unraised.
   £
   10,000
   60,000
   1,000
   2,000
   2,000
   40,000
   35,000
   95,000
   3,000
   21,250
   120,000
   Fifth Column.
   Sum in Respect
   of Which Rate
   of Interest is
   Hereby Varied.
   £
   4,000
   5,000
   1,000
   2,000
   2,000
   40,000
   10,000
   15,000
   3,000
   21,250
   40,000
   (T. 40/416/6)
   T. J. SHERRARD, Clerk of the Executive Council.