Consenting to the Raising of Portion (£185,000) of the Christchurch Transport Board's Loan of £950,000 and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington, this 17th day of March 1954

Present:

THE RIGHT HON. S. G. HOLLAND PRESIDING IN COUNCIL

WHEREAS the Christchurch Transport Board (hereinafter called the said local authority) being desirous of raising a loan of nine hundred and fifty thousand pounds to be known as 'Modernization Loan 1950' (hereinafter called the said loan) for the purpose of replacing the present tramway system by a combined system of trolley buses and motor buses including (a) purchasing diesel motor buses; (b) purchasing trolley buses; (c) purchasing land, plant, and electrical equipment, erecting substations, and erecting or installing equipment; (d) restoring road surfaces; together with works incidental thereto, has complied with the provisions of the Local Government Loans Board Act 1926 (hereinafter called the said Act):

And whereas consent has been given to the raising of portions of the said loan amounting in the aggregate to five hundred and twenty-five thousand pounds:

And whereas the said local authority is desirous of raising a further portion of the said loan amounting to one hundred and eighty-five thousand pounds (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 one hundred and eighty-five thousand pounds, 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 be twelve years.

2. The rate of interest that may be paid in respect of the said sum of any part thereof shall be such as shall not produce to the lender or lenders a rate or rates exceeding four per cent per annum.

3. The said sum 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.

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 money.

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 cent of any amount raised.

7. No money 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. 49/222/24)

Varying the Determinations in Respect of Portion (£8,000) of the Howick Borough Council's Loan of £12,000

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington, this 17th day of March 1954

Present:

THE RIGHT HON. S. G. HOLLAND PRESIDING IN COUNCIL

WHEREAS by Order in Council made on the 12th day of May 1953 (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 Howick Borough Council (hereinafter called the said local authority) of the sum of eight thousand pounds (hereinafter called the said sum), being portion of

a loan of twelve thousand pounds known as 'Water Reticulation Loan 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 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 aforesaid determinations 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 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 per cent per annum.

3. The said sum shall be repaid as follows:

(a) By twenty equal payments of two hundred and ninety-two pounds eight shillings and eleven pence, one of such payments to be made at the end of every half-year commencing from the date on which the said sum is raised. Each such half-yearly payment shall be applied first in payment of interest computed at the rate of four per cent per annum on the amount of principal for the time being outstanding at the beginning of each such half-year in respect of the said sum and the balance of such half-yearly payment in reduction of such principal.

(b) By a payment at the end of the tenth year from the date of the raising of the said sum of an amount equal to the amount to which the principal of the said sum 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 money.

5. 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 cent of any amount raised.

6 No money 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. 49/288/12)

Varying the Determinations in Respect of Portion (£48,500) of the Auckland City Council's Loan of £101,000

C. W. M. NORRIE, Governor-General

ORDER IN COUNCIL

At the Government Buildings at Wellington, this 17th day of March 1954

Present:

THE RIGHT HON. S. G. HOLLAND PRESIDING IN COUNCIL

WHEREAS by Order in Council made on the 16th day of February 1954 (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 Auckland City Council (hereinafter called the said local authority) of an amount of forty-eight thousand five hundred pounds (hereinafter called the said sum), being portion of a loan of one hundred and one thousand pounds known as 'Parnell Baths Improvement Loan 1952' (hereinafter called the said loan):

And whereas the said sum has not been raised and it is expedient to vary certain of the determinations in respect 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 varies certain of the determinations aforesaid in respect of the said sum by prescribing as follows:

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

2. In lieu of repayment in the manner specified in clause 3 of the said Order in Council, the said sum or any part thereof, together with interest thereon, shall be repaid by equal aggregate annual or half-yearly instalments extending over the term of twenty-five years.

T. J. SHERRARD,

Clerk of the Executive Council.

(T. 49/121/85)