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 27th day of October 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 be the respective terms (in years) stated in the fourth column of the said Schedule.
2. The rates 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 the respective rates per cent per annum stated in the fifth column of the said Schedule.
3. The said respective local authorities shall, before raising the said respective loans or any parts thereof, make provision for the repayment thereof by establishing sinking funds under the Local Bodies' Loans Act 1926, or under such other statutory enactment as may be applicable in any respective case, and shall thereafter make payments to such sinking funds at intervals of not more than one year, at a rate or rates per cent which shall be not less than the respective rates stated in the sixth column of the said Schedule, such payments to be made in respect of every part of the said respective loans for the time being so borrowed and not repaid, the first such payment in each respective case to be made not later than one year after the first day from which interest to the lender or lenders is computed on any loan or part thereof so raised.
4. No amount payable as either interest or sinking fund in respect of the said loans shall be paid out of loan money.
5. The payment of interest and repayment of principal in respect of the said loans shall be made in New Zealand.
6. 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.
7. No money shall be borrowed under this consent after the expiration of two years from the date hereof.
   SCHEDULE
   | First Column Name of Local Authority | Second Column Name of Loan | Third Column Amount of Loan £ | Fourth Column Term of Loan (Years) | Fifth Column Rate of Interest | Sixth Column Rate of Sinking Fund £ s. d. |
   | --- | --- | --- | --- | --- | --- |
   | Akaroa Borough Council | Water Supply Extension Loan (No. 2) 1954 | 5,000 | 12 | 4 | 6 17 0 |
   | Gore Borough Council | Fire Engine Loan 1954 | 3,300 | 15 | 4 | 5 5 7 |
   T. J. SHERRARD, Clerk of the Executive Council.
   (T. 40/416/6)
   Consenting to Raising of Loans by Certain Local Authorities
   C. W. M. NORRIE, Governor-General
   ORDER IN COUNCIL
   At the Government House at Wellington this 3rd day of November 1954
   Present:
   HIS EXCELLENCY THE GOVERNOR-GENERAL IN COUNCIL
   PURSUANT to the Local Government Loans Board Act 1926, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, hereby consents to the borrowing by the local authorities mentioned in the Schedule hereto, by way of loan, of the whole or any part of the respective amounts specified in that Schedule.
   SCHEDULE
   Name of Local Authority | Name of Loan | Amount of Loan £
   --- | --- | ---
   Auckland City Council | Parnell Baths Improvement Loan 1952, £101,000 | 52,500
   Balclutha Borough Council | Sewerage Loan 1953, £88,000 | 12,000
   Christchurch City Council | Housing (Aged Persons) Loan 1953 | 6,000
   Marton Borough Council | Water Supply Improvement Loan 1953, £165,000 | 85,000
   Otahuhu Borough Council | Municipal Offices Loan 1954 | 32,000
   Paeroa Borough Council | Water Reticulation Improvement Loan 1953, £42,000 | 37,000
   Rodney County Council | Rural Housing Loan (No. 2) 1954 | 10,000
   Timaru City Council | Municipal Testing Station Loan 1954 | 3,000
   Timaru City Council | Water Supply Loan 1954 | 30,000
   Timaru City Council | Western Extension Loan (No. 1) 1952, £50,000 | 10,000
   Timaru City Council | Western Extension Loan (No. 2) 1954 | 23,000
   Tauranga Borough Council | Waterworks Additional Loan 1953 | 25,000
   Waimea Electric Power Board | Housing Loan 1954 | 12,500
   T. J. SHERRARD, Clerk of the Executive Council.
   (T. 40/416/6)