1690
THE NEW ZEALAND GAZETTE
[No. 66

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 seven hundred and ninety-five pounds eleven shillings and sevenpence, 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, 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. 49/672/3)

Consenting to the Raising of Portion (£150,000) of the Upper Hutt Borough Council’s Loan of £477,000

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL

At the Government House at Wellington this 13th day of October 1954

Present:

HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL

WHEREAS the Upper Hutt Borough Council (hereinafter called the said local authority), being desirous of raising, firstly, a loan of three hundred and seventy-eight thousand five hundred pounds, to be known as Sewerage Loan 1953, for the purpose of providing sewer drainage reticulation in the Borough of Upper Hutt, and, secondly, a loan of ninety-eight thousand five hundred pounds, to be known as Stormwater Drainage Loan 1954, for the purpose of providing stormwater drainage in the Wallaceville and Upper Hutt areas, 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 the aforesaid loans of three hundred and seventy-eight thousand five hundred pounds and ninety-eight thousand five hundred pounds in one loan of four hundred and seventy-seven thousand pounds, to be known as Sewerage and Stormwater Drainage Loans Amalgamated Loan 1954 (hereinafter called the said loan):

And whereas by Order in Council made on the 7th day of July 1954 consent was given to the raising, in the first instance, of portion of the said loan amounting to one hundred thousand pounds:

And whereas the said amount of one hundred thousand pounds has not been raised:

And whereas in lieu of raising the said amount of one hundred thousand pounds the said local authority is now desirous of raising portion of the said loan amounting to one hundred and fifty 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 in the amounts of seventy-five thousand pounds for each of the aforesaid purposes, 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

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.
8. The determinations set out in the Order in Council made on the 7th day of July 1954 in respect of the said amount of one hundred thousand pounds are hereby cancelled.

T. J. SHERRARD, Clerk of the Executive Council.
(T. 49/179/35 and 37)

Consenting to the Raising of Portion (£30,000) of the Taumarunui Borough Council’s Loan of £73,000 and Prescribing the Conditions Thereof

C. W. M. NORRIE, Governor-General
ORDER IN COUNCIL

At the Government Buildings at Wellington this 20th day of October 1954

Present:

THE HON. T. CLIFTON WEBB PRESIDING IN COUNCIL

WHEREAS the Taumarunui Borough Council (hereinafter called the said local authority), being desirous of raising a loan of seventy-three thousand pounds, to be known as Water Supply Loan 1953 (hereinafter called the said loan), for the purpose of providing a new water supply for the Borough, 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 13th day of October 1954 consent was given to the raising of portion of the said loan amounting to five thousand pounds:

And whereas the said local authority is now desirous of raising a further portion of the said loan amounting to thirty 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 thirty 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.