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 23rd day of June 1954
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) specified in the fourth column of the said Schedule.

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 per cent per annum.

3. The said respective loans or any parts thereof shall be repaid as follows:

(a) By a payment at the end of every half-year commencing from the date on which each such respective loan is raised, of the amount specified in the fifth column of the said Schedule opposite each such respective loan. 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 each respective loan and the balance of such half-yearly payment in reduction of such principal.

(b) By a payment at the end of the term of each respective loan as determined in clause 1 hereof, of a sum equal to the amount to which the principal of such loan has been reduced in accordance with the preceding paragraph (a) hereof after payment of the aforesaid 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 respective loans or any parts 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.

SCHEDULE

T. J. SHERRARD, Clerk of the Executive Council.
(T. 40/416/6)

Consenting to the Raising of Portion (£60,000) of the Palmerston North City Council's Loan of £267,600 and Prescribing the Conditions Thereof
C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 23rd day of June 1954
Present:

His Excellency the Governor-General in Council
WHEREAS the Palmerston North City Council (hereinafter called the said local authority), being desirous of raising a loan of two hundred and sixty-seven thousand six hundred pounds, to be known as Water Supply Extension and Distribution Loan 1952 (hereinafter called the said loan), for the purpose of completing the city water-supply system by installing distribution and reticulation mains and additional filtration plant, purchasing and fencing land comprised in the catchment area, and meeting the excess cost of works for which the Waterworks Supply Main and Filtration Plant Loan 1948, £100,000, and the Waterworks Storage Dam Loan 1948, £71,000, were authorized, has complied with the provisions of the Local Government Loans Board Act 1926 (hereinafter called the said Act):
And whereas by Orders in Council made on the 23rd day of June 1953 and the 11th day of November 1953 consent was given to the raising of portions of the said loan amounting in the aggregate to one hundred and twenty thousand pounds:
And whereas the said local authority is now desirous of raising a further portion of the said loan amounting to sixty 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 sixty 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 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

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 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. 49/284/37)