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 7th day of October 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 term for which the said loans or any parts thereof may be raised shall not exceed ten (10) years.
2. The rate 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 four pounds (£4) per centum per annum.
3. The said respective loans shall be repaid as follows:
   (a) By twenty equal payments of the amount specified in the fourth column of the said Schedule opposite each such respective loan, one of such payments to be made at the end of every half-year commencing from the date on which each such respective loan is raised.
   (b) By a payment at the end of the tenth year from the date of the raising of each respective loan of an amount equal to the amount to which such loan has been reduced in accordance with the preceding paragraph (a) hereof after payment of the aforesaid 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 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
   Name of Local Authority
   Second Column
   Name of Loan
   Third Column
   Amount of Loan
   Fourth Column
   Half-yearly Payment
   £
   £ s. d.
   Palmerston North Hospital Board ... Building Loan 1953, £201,150
   161,150
   4,000 0 0
   South Otago Hospital Board ... Development Loan 1953
   50,000
   1,000 0 0
   (T. 40/416/6)
   T. J. SHERRARD, Clerk of the Executive Council.
   Consenting to the Raising of Portion (£36,000) of the Auckland Hospital Board's Loan of £56,000 and Prescribing the Conditions Thereof
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government House at Wellington, this 23rd day of September 1953
   Present:
   His Excellency the Governor-General in Council
   WHEREAS the Auckland Hospital Board (hereinafter called the said local authority), being desirous of raising a loan of fifty-six thousand pounds (£56,000) to be known as "Therapy Block Loan 1953" (hereinafter called the said loan) for the purpose of making alterations to provide improved accommodation for X-ray therapy and physiotherapy in the therapy block at Auckland Hospital, has complied with the provisions of the Local Government Loans Board Act 1926 (hereinafter called the said Act):
   And whereas the said local authority is desirous of raising in the first instance portion of the said loan amounting to thirty-six thousand pounds (£36,000) (hereinafter called the said sum) 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 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-six thousand pounds (£36,000), and in giving such consent hereby determines as follows:
7. The term for which the said sum or any part thereof may be raised shall be ten (10) years.
8. 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.
9. 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
   First Column
   Half-year
   Second Column
   Amount
   First Column
   Half-year
   Second Column
   Amount
   £
   £
   1st ...
   600
   11th ...
   700
   2nd ...
   600
   12th ...
   700
   3rd ...
   600
   13th ...
   800
   4th ...
   600
   14th ...
   800
   5th ...
   600
   15th ...
   800
   6th ...
   700
   16th ...
   800
   7th ...
   700
   17th ...
   800
   8th ...
   700
   18th ...
   800
   9th ...
   700
   19th ...
   900
   10th ...
   700
   20th ...
   22,400
10. The payment of interest and redemptions in respect of the said sum shall be made in New Zealand.
11. No amount payable either as interest or as a redemption in respect of the said sum shall be paid out of loan moneys.
12. 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 one-half per centum of any amount raised.
13. 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. 49/396/11)