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 House at Wellington, this 12th day of August 1953
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL 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 procurement 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 (Years) | Rate of Interest |
| Dargaville Borough Council.. | Worker's Dwelling Loan 1953 | £2,300 | 25 | £4 0 0 |
| Dunedin City Council.. | Housing Loan 1953 | £20,000 | 30 | £3 10 0 |
| Manawatu Catchment Board.. | Upper Manawatu and Lower Mangahao Scheme Loan 1953 | £11,250 | 25 | £4 0 0 |
| Te Puke Rabbit Board.. | Housing Loan 1953 | £3,000 | 10 | £4 0 0 |
| Waitemata County Council.. | Workers' Dwellings Loan 1952, £35,000 | £20,000 | 20 | £4 0 0 |

T. J. SHERRARD, Clerk of the Executive Council.
(T. 40/416/6)
Varying the Determinations in Respect of Portion (£56,000) of the Waikato Hospital Board's Loan of £115,500

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government Buildings at Wellington, this 3rd day of
August 1953
Present:
THE HON. K. J. HOLYOAKE PRESIDING IN COUNCIL
WHEREAS by Order in Council made on the 7th day of May 1952 (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 Waikato Hospital Board (hereinafter called the said local authority) of a loan of one hundred and fifteen thousand five hundred pounds (£115,500) to be known as "Building Loan No. 2 1952" (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 cancel the determinations aforesaid in respect of a portion of the said loan amounting to fifty-six thousand pounds (£56,000) (hereinafter called the said sum) and make new determinations in lieu thereof:
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 cancels the determinations aforesaid in respect of the said sum, and in lieu thereof makes the following determinations:

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

| Half-year | Amount | Half-year | Amount |
| --- | --- | --- | --- |
| 1st | £900 | 11th | £1,100 |
| 2nd | £900 | 12th | £1,200 |
| 3rd | £1,000 | 13th | £1,200 |
| 4th | £1,000 | 14th | £1,200 |
| 5th | £1,000 | 15th | £1,200 |
| 6th | £1,000 | 16th | £1,300 |
| 7th | £1,100 | 17th | £1,200 |
| 8th | £1,000 | 18th | £1,300 |
| 9th | £1,100 | 19th | £1,300 |
| 10th | £1,100 | 20th | £34,900 |

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 procurement 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. 49/512/17)