972

Consenting to the Raising of a Loan of £12,000 by the
Tuakau Town Board and Prescribing the Conditions
Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 17th day of
June 1953

Present:

WHEREAS the Tuakau Town Board (hereinafter called
the said local authority), being desirous of raising a
loan of twelve thousand pounds (£12,000) to be known as
"Water-supply Additional Loan 1953" (hereinafter called the
said loan) for the purpose of completing the Tuakau water-
supply scheme, including the provision of a water-tower and
reticulation for the part of the town district north of the
main trunk railway-line and meeting all capital costs incidental
to the scheme, has 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 loan:

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 loan for the said purpose up to the amount of twelve
thousand pounds (£12,000), 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 be ten (10) 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 shall be repaid as follows:

(a) By twenty equal payments of four hundred and
thirty-eight pounds thirteen shillings and fivepence
(£438 13s. 5d.) one of such payments to be made
at the end of every half-year commencing from the
date on which the said loan is raised. Each such
half-yearly payment shall be applied firstly in
payment of interest computed at the rate of four
pounds (£4) per centum per annum on the amount
of principal for the time being outstanding at the
beginning of each such half-year, and the balance of
such half-yearly payment in reduction of principal.

(b) By a payment at the end of the tenth year from
the date of the raising of the said loan of a sum
equal to the amount to which the said principal has
been reduced in accordance with the preceding
paragraph (a) hereof after payment of the afore-
said twenty half-yearly payments.

4. The payments referred to in clause 3 hereof shall be
   made in New Zealand and no such payment shall be made 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. 49/423/5)

Consenting to the Raising of Portion (£37,600) of the
Auckland City Council's Loan of £1,698,000 and
Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 17th day of
June 1953

Present:

WHEREAS the Auckland City Council (hereinafter called
the said local authority) is desirous, pursuant to the
terms of a requisition issued under section 22 of the Health
Act 1920, of raising a loan of one million six hundred and
ninety-eight thousand pounds (£1,698,000) to be known as
"Cossey's Creek Development Loan 1951" (hereinafter called
the said loan) for the purpose of providing waterworks
comprising the development of the Cossey's Creek water-supply
scheme:

And whereas by Orders in Council made on the 14th day
of November 1951 and the 6th day of August 1952, consent
was given to the raising by the said local authority of portions
of the said loan amounting in the aggregate to six hundred
thousand pounds (£600,000):

And whereas the said local authority is arranging to raise
a further portion of the said loan amounting to thirty-seven
thousand six hundred pounds (£37,600) (hereinafter called the
said sum), and it is expedient that the precedent consent of
the Governor-General in Council, as required by the Local
Government Loans Board Act 1926 (hereinafter called the
said Act), should be given to the raising of the said sum:

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 for the said purpose up to the amount of thirty-
seven thousand six hundred pounds (£37,600), 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 ten (10) 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
   four pounds (£4) per centum per annum.

3. The said sum 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

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

5. No amount payable either as interest or as a redemption
   in respect of the said sum 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 sum or
   any part thereof shall not in the aggregate exceed three-
   quarters 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.

T. J. SHERRARD,
Clerk of the Executive Council.

(T. 49/121)

Varying the Determinations in Respect of the Waimea County
Council's Loan of £3,500

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 17th day of
June 1953

Present:

WHEREAS by Order in Council made on the 19th day of
September 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 Waimea County Council (hereinafter
called the said local authority) of a loan of three thousand
five hundred pounds (£3,500) to be known as "Workers'
Dwellings Loan 1951" (hereinafter called the said loan):

And whereas the said loan has not yet been raised 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 Governor-
General, acting by and with the advice and consent of the
Executive Council, hereby varies certain of the determinations
aforesaid in respect of the said loan by prescribing as follows:

1. In lieu of a term of twenty-five (25) years, as specified
   in clause 1 of the said Order in Council, the term for which
   the said loan or any part thereof may be raised shall not
   exceed ten (10) years.

2. In lieu of repayment by equal aggregate annual or
   half-yearly instalments of principal and interest, as specified
   in clause 3 of the said Order in Council, the said local
   authority shall, before raising the said loan or any part
   thereof, make provision for the repayment thereof by establish-
   ing 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 than two pounds eleven shillings
   and fourpence (£2 11s. 4d.), such payments to be made in
   respect of every part of the said loan 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 loan or any
   part thereof so raised.

T. J. SHERRARD,
Clerk of the Executive Council.

(T. 49/293/10)