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 18th day of August 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
   | First Column | Second Column | Third Column | Fourth Column | Fifth Column |
   |--------------|---------------|--------------|---------------|--------------|
   | Name of Local Authority | Name of Loan | Amount of Loan | Term of Loan (Years) | Half-yearly Payment |
   | Waitara Fire Board | Building Loan 1953 | £11,500 | 10 | £365 19 4 |
   | Wellington Harbour Board | Harbour Works Loan 1954 | £107,000 | 10 | £3,405 1 8 |
   (T. 40/416/6)
   T. J. SHERRARD, Clerk of the Executive Council.
   Consenting to the Raising of the Balance (£39,000) of the Hamilton City Council's Loan of £85,000 and Prescribing the Conditions Thereof
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government House at Wellington this 1st day of September 1954
   Present:
   HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
   WHEREAS by Order in Council made on the 19th day of December 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 Hamilton City Council (hereinafter called the said local authority) of a loan of eighty-five thousand pounds, to be known as Fairfield and Enderley Sewer and Water Loan 1951 (hereinafter called the said loan):
   And whereas the authority has lapsed in accordance with the provisions of clause 6 of the said Order in Council and it is not now lawful or competent for the said local authority to raise the said loan or any portion thereof 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 thirty-nine thousand pounds (hereinafter called the said sum) has not yet been raised 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 thirty-nine thousand pounds for the purpose for which the said loan was authorized, 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 not exceed ten 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 per cent per annum.
9. 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 | £900 | 6th | £1,200 |
   | 2nd | £1,000 | 7th | £1,100 |
   | 3rd | £1,000 | 8th | £1,300 |
   | 4th | £1,000 | 9th | £1,300 |
   | 5th | £1,100 | 10th | £29,100 |
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 money.
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 three-quarters per cent of any amount raised.
13. 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. 49/307/37)
    Consenting to the Raising of Portion (£14,000) of the Papatoetoe Borough Council's Loan of £37,000 and Prescribing the Conditions Thereof
    C. W. M. NORRIE, Governor-General
    ORDER IN COUNCIL
    At the Government House at Wellington, this 21st day of July 1954
    Present:
    HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
    WHEREAS the Papatoetoe Borough Council (hereinafter called the said local authority), being desirous of raising a loan of thirty-seven thousand pounds, to be known as Street Improvement Loan 1953 (hereinafter called the said loan), for the purpose of widening, shaping, and sealing streets in the area added to the Borough on 1 April 1950, has complied with the provisions of the Local Government Loans Board Act 1926 (hereinafter called the said Act):