New Zealand Gazette – 1970 – No. 38

Page 1131

✨ Local Authority Loans Interest Rates

SUPPLEMENT
TO THE
NEW ZEALAND GAZETTE
OF
THURSDAY, 25 JUNE 1970
Published by Authority

WELLINGTON: FRIDAY, 26 JUNE 1970

Local Authorities Loans Act 1956—Rates of Interest

Pursuant to section 9 (4A) of the Local Authorities Loans
Act 1956 (as inserted by section 4 (3) of the Local
Authorities Loans Amendment Act 1967), notice is hereby
given that the Local Authorities Loans Board, acting with the
approval of the Minister of Finance, has determined as
follows:

This general determination shall apply to all money
which any local authority has received the sanction of the
Board to borrow by way of special loan, other than money
borrowed prior to the 26th day of June 1970.
The rate or rates of interest that may be paid by any
local authority in respect of any such money borrowed by
it shall be such as shall not produce to the lender or lenders
a rate or rates exceeding the following rates—

(a) For money borrowed for a period of 1 year, 4.4
percent per annum.

(b) For money borrowed for a period of 2 years, 4.8
percent per annum.

(d) For money borrowed for any period of not less than
4 years but less than 6 years, 5.3 percent per annum.

(e) For money borrowed for any period of not less than
6 years but less than 10 years, 5.7 percent per annum.

(f) For money borrowed for any period of 10 years or more,
6 percent per annum.

All sanctions to which this determination applies shall
be varied accordingly.
The general determination made by the Board and
published in the Gazette on the 9th day of October 1969, at
page 1972, is hereby consequentially cancelled.

Dated at Wellington this 24th day of June 1970.

K. R. WOOD, Secretary,
Local Authorities Loans Board.

BY AUTHORITY: A. R. SHEARER, GOVERNMENT PRINTER, WELLINGTON, NEW ZEALAND—1970

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✨ LLM interpretation of page content

💰 Local Authorities Loans Act 1956 - Rates of Interest Determination

Domain💰 Finance & Revenue
Dated24 June 1970
KeywordsLocal authorities, Loans, Interest rates, Special loans, Borrowing periods, Determination
👩‍💼 Officials

K. R. Wood, Secretary, Local Authorities Loans Board

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