290

THE NEW ZEALAND GAZETTE

[No. 11

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

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 24th day of February 1953
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 be 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 local authorities shall, before raising the said respective loans or any parts thereof, make provision for the repayment thereof by establishing sinking funds under the Local Bodies’ Loans Act 1926, or under such other statutory enactment as may be applicable in any respective case, and shall thereafter make payments to such sinking funds at intervals of not more than one year, at a rate or rates per centum which shall be not less than the respective rates stated in the sixth column of the said Schedule, such payments to be made in respect of every part of the said respective loans for the time being so borrowed and not repaid, the first such payment in each respective case to be made not later than one year after the first day from which interest to the lender or lenders is computed on any loan or part thereof so raised.
4. The payment of interest and repayments of principal in respect of the said loans shall be made in New Zealand.
5. No amount payable as either interest or sinking fund in respect of the said loans shall be paid out of loan-moneys.
6. 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.
7. No moneys 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.
   Sixth Column.
   Rate of Sinking Fund.
   Feilding Borough Council
   Water Supply Loan 1952,
   £35,000
   Waitaki Electric-power Board
   Extension Loan 1952, £30,000,
   Balance £15,000
   Wellington City Council
   Aerodrome Development Loan
   No. 1 1952, £100,000
   £
   7,000
   15,000
   50,000
   30
   15
   24
   £ s. d.
   4 0 0
   4 0 0
   4 0 0
   £ s. d.
   2 2 0
   5 7 6
   3 0 0
   T. J. SHERRARD, Clerk of the Executive Council.
   (T. 40/416/6)
   Consenting to the Raising of a Loan of £4,200 by the South
   Canterbury Catchment Board and Prescribing the
   Conditions Thereof
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government Buildings at Wellington, this 24th day of
   February 1953
   Present:
   THE RIGHT HON S. G. HOLLAND PRESIDING IN COUNCIL
   WHEREAS the South Canterbury Catchment Board
   (hereinafter called the said local authority) proposes,
   pursuant to the provisions of section 30 of the Soil Conservation and Rivers Control Act 1941, to raise a loan of four thousand two hundred pounds (£4,200) to be known as ‘Plant Loan No. 9 1953’ (hereinafter called the said loan) for the purpose of purchasing plant:
   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 by the said local authority of the said loan for the said purpose up to the amount of four thousand two hundred pounds (£4,200), and in giving such consent hereby determines as follows:-
8. The term for which the said loan or any part thereof may be raised shall be eight (8) years.
9. 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 a rate exceeding four pounds (£4) per centum per annum.
10. The said loan or any part thereof, together with interest thereon, shall be repaid by equal aggregate annual instalments extending over the term as determined in 1 above.
11. 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. 49/724)
    Consenting to the Raising of a Loan of £31,545 by the
    Waimate Borough Council and Prescribing the Conditions
    Thereof
    C. W. M. NORRIE, Governor-General
    ORDER IN COUNCIL
    At the Government Buildings at Wellington, this 24th day of
    February 1953
    Present:
    THE RIGHT HON S. G. HOLLAND PRESIDING IN COUNCIL
    WHEREAS the Waimate 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 thirty-one thousand five hundred and forty-five pounds (£31,545) to be known as ‘Drainage Loan 1953’ (hereinafter called the said loan) for the purpose of providing sewerage works in certain portions of the Borough of Waimate:
    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 thirty-one thousand five hundred and forty-five pounds (£31,545), and in giving such consent hereby determines as follows:-
12. The term for which the said loan or any part thereof may be raised shall not exceed twenty-five (25) years.
13. 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.
14. The said loan or any part thereof shall be repaid by the annual redemption of debentures in the years set out in the first column of the Schedule hereunder, of the amounts stated opposite each such year in the second column of the said Schedule.