10 JUNE] THE NEW ZEALAND GAZETTE 981

Consenting to the Raising of the Balance (£20,000) of the Dundedin City Council’s Loan of £858,000 and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
By his Deputy,
H. E. BARROWCLOUGH
ORDER IN COUNCIL
At the Government House at Wellington, this 26th day of May 1954

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS by Order in Council made on the 13th day of March 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 by the Dunedin City Council (hereinafter called the said local authority) of an amount of seven hundred and eighteen thousand pounds, being the balance then unraised of a loan of eight hundred and fifty-eight thousand pounds known as Transport and Streets Reconstruction Loan 1946;

And whereas the said amount of seven hundred and eighteen thousand pounds was allocated to various purposes as follows, namely, (a) replacing the whole of the existing city passenger transport systems with an electric trolley-bus system, £576,000; (b) paving tramway track areas and reconstructing streets on the trolley-bus routes, £72,000; and (c) widening and regrading Albert Street, £76,000;

And whereas the authority conferred by the said Order in Council has lapsed in accordance with the provisions of clause 7 thereof and it is not now lawful or competent for the said local authority to raise the said amount of seven hundred and eighteen thousand pounds or any portion yet unraised except in accordance with the provisions of a further Order in Council that may be issued pursuant to section 11 of the Local Government Loans Board Act 1926 (hereinafter called the said Act);

And whereas an amount of six hundred and ninety-eight thousand pounds only has been raised comprising portion, £550,000, of the amount of £576,000 specified in purpose (a) above; and the whole of the respective amounts of £72,000 and £76,000 specified in purposes (b) and (c) above;

And whereas the said local authority is now desirous of raising the balance of the said amount of seven hundred and eighteen thousand pounds amounting to twenty thousand pounds (hereinafter called the said sum) and it is expedient to authorize the said local authority to raise the said sum on the conditions hereinafter set out:

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 up to the amount of twenty thousand pounds for the purpose (a) above, 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 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 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

First Column | Second Column || First Column | Second Column
-------------|-------------||-------------|-------------
Year | Amount || Year | Amount
| || |
1st | 400 || 6th | 600
2nd | 500 || 7th | 600
3rd | 500 || 8th | 600
4th | 500 || 9th | 600
5th | 600 || 10th | 15,100

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 procuration 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.

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. 49/254/36)

Consenting to the Raising of a Loan of £135,000 by the Wellington City Council and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
By his Deputy,
H. E. BARROWCLOUGH
ORDER IN COUNCIL
At the Government House at Wellington, this 2nd day of June 1954

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS the Wellington City Council (hereinafter called the said local authority) being desirous of raising a loan of one hundred and thirty-five thousand pounds to be known as Transport Loan 1953 (hereinafter called the said loan) for the purpose of erecting overhead wiring and incidental work for the Brooklyn trolley-bus route, completing trolley-bus bodies, and providing for contingencies, and refunding to the Tramway Account moneys expended on the provision of a trolley-bus service to Karori, 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 one hundred and thirty-five thousand pounds, 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 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 per cent per annum.

3. The said local authority shall, before raising the said loan or any part thereof, make provision for the repayment thereof by establishing 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 cent which shall be not less than three pounds twelve shillings and sevenpence, 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.

4. The payment of interest and repayment of principal in respect of the said loan shall be made in New Zealand.

5. No amount payable as either interest or sinking fund in respect of the said loan shall be paid out of loan money.

6. 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 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. 49/168/127)

Consenting to the Raising of the Balance (£5,000) of the Tawa Flat Borough Council’s Loan of £15,000 and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
By his Deputy,
H. E. BARROWCLOUGH
ORDER IN COUNCIL
At the Government House at Wellington, this 2nd day of June 1954

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL.

WHEREAS the Tawa Flat Borough Council (hereinafter called the said local authority) being desirous of raising a loan of fifteen thousand pounds to be known as Bridges Loan 1953 for the purpose of erecting and replacing bridges and constructing culverts, has complied with the provisions of the Local Government Loans Board Act 1926 (hereinafter called the said Act);

And whereas by Order in Council made on the 22nd day of July 1953 consent was given to the raising of portion of the said loan amounting to ten thousand pounds;

And whereas the said local authority is now desirous of raising the balance of the said loan amounting to 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: