Consenting to the Raising of Portion (£40,000) of the Hutt Valley Drainage Board's Loan of £110,000 and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL
At the Government House at Wellington, this 11th day of August 1954
Present:
HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
WHEREAS the Hutt Valley Drainage Board (hereinafter called the said local authority), being desirous of raising a loan of one hundred and ten thousand pounds, to be known as Sewer Extension Loan 1954, for the purpose of extending the Hutt Valley main sewer from Pomare Railway Station to the northern boundary of Upper Hutt, as part of the scheme for the disposal of sewage from the Hutt Valley, 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, part of the said loan amounting to forty 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 forty 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 as follows:
   (a) By twenty equal payments of one thousand one hundred and fifty pounds fourteen shillings and fivepence each, 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, firstly, 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, and the balance of such half-yearly payment in reduction of 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 said principal 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. 49/809/3)
   Consenting to the Raising of a Loan of £10,000 by the Waipawa County Council and Prescribing the Conditions Thereof
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government House at Wellington, this 11th day of August 1954
   Present:
   HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
   WHEREAS the Waipawa County Council (hereinafter called the said local authority), being desirous of raising a loan of ten thousand pounds, to be known as Workers' Dwellings Loan 1954 (hereinafter called the said loan), for the purpose of purchasing or erecting houses for Council employees, 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 ten thousand pounds, and in giving such consent hereby determines as follows:
7. The term for which the said loan or any part thereof may be raised shall not exceed twenty years.
8. 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.
9. The said loan or any part thereof, together with interest thereon, shall be repaid by equal aggregate annual or half-yearly instalments extending over the term as determined in clause 1 hereof.
10. The payment of all such instalments shall be made in New Zealand, and no such instalment shall be paid out of loan money.
11. The rate payable for brokerage, underwriting, and procurement 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.
12. 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. 49/494/8)
    Varying the Determinations in Respect of Portion (£10,000) of the Kaiapoi Borough Council's Loan of £100,000
    C. W. M. NORRIE, Governor-General
    ORDER IN COUNCIL
    At the Government House at Wellington, this 11th day of August 1954
    Present:
    HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
    WHEREAS by Order in Council made on the 7th day of April 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 Kaiapoi Borough Council (hereinafter called the said local authority) of an amount of twenty thousand pounds, being portion of a loan of one hundred thousand pounds know as Sewerage Loan 1952:
    And whereas the said amount of twenty thousand pounds has not yet been raised and it is expedient to vary certain of the determinations aforesaid in respect of a portion thereof amounting to ten thousand pounds (hereinafter called the said sum):
    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 that in lieu of repayment in the manner prescribed in clause 3 of the said Order in Council the said sum or any part thereof shall be repaid as follows:
    (a) By twenty equal payments of three hundred and eighteen pounds four shillings and eightpence each, 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.
    T. J. SHERRARD, Clerk of the Executive Council.
    (T. 49/334/13)
    Varying the Determinations in Respect of the Hawera Fire Board's Loan of £4,500
    C. W. M. NORRIE, Governor-General
    ORDER IN COUNCIL
    At the Government House at Wellington, this 4th day of August 1954
    Present:
    HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
    WHEREAS by Order in Council made on the 16th day of June 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 Hawera Fire Board (hereinafter called the said local authority) of a loan of four thousand five hundred pounds, to be known as Fire Appliance Loan 1954 (hereinafter called the said loan):
    And whereas the said loan has not yet been raised, and it is expedient to vary certain of the determinations aforesaid in respect of the said loan: