25 SEPTEMBER

THE NEW ZEALAND GAZETTE

2855

Consent to Raising of Loans by Certain Local Authorities

PURSUANT to the Local Authorities Loans Act 1956, the undersigned Deputy Secretary to the Treasury, acting under powers delegated to the Secretary to the Treasury by the Minister of Finance, hereby consents to the borrowing by the local authorities, mentioned in the Schedule hereto, of the whole or any part of the respective amounts specified in that Schedule.

SCHEDULE

Dated this 9th day of September 1980.

S. A. McLEOD, Deputy Secretary to the Treasury.

Consent to Raising of Loans by Certain Local Authorities

PURSUANT to the Local Authorities Loans Act 1956, the undersigned Deputy Secretary to the Treasury, acting under powers delegated to the Secretary to the Treasury by the Minister of Finance, hereby consents to the borrowing by the local authorities, mentioned in the Schedule hereto, of the whole or any part of the respective amounts specified in that Schedule.

SCHEDULE

(10/2100/9)

Amount Consented to

Local Authority and Name of Loan $

Central Bay of Plenty Pest Destruction Board:
Staff Housing Loan 1980 ........................ 25,000
Pukekohe Borough Council:
Staff Housing Loan 1980 ........................ 14,000
Thames-Coromandel District Council:
Rural Housing Loan 1980 ........................ 75,000
Westland County Council:
William Stewart Bridge Loan 1980 ............... 45,000

Dated at Wellington this 16th day of September 1980.

S. A. McLEOD, Deputy Secretary to the Treasury.

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:

1. This general determination shall apply to all money for which any local authority has received the sanction of the Board, given before the date of this notice, to borrow by way of special loan, other than money borrowed before the 26th day of September 1980.

2. 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 of interest exceeding the following rates:
   (a) For money borrowed for any period of 1 or 2 years, 12 percent per annum;
   (b) For money borrowed for any period of 3, 4, or 5 years, 12.5 percent per annum;
   (c) For money borrowed for any period of 6, 7, or 8 years, 13.5 percent per annum;
   (d) For money borrowed for any period of 9 years or more, 13 percent per annum.

3. No money to be repaid by equal aggregate yearly or half-yearly instalments of principal and interest shall be borrowed for a term of less than 6 years.

4. No money to be repaid out of a sinking fund shall be borrowed for a term of less than 6 years, provided that a portion of such money, not exceeding 40 percent thereof may be borrowed for terms of either 3 and/or 4 and/or 5 years.

5. The general determination made by the Board and published in the Gazette on the 1st day of May 1980, at page 1289, is hereby consequentially cancelled.

6. All sanctions to which this general determination applies shall be varied accordingly.

Dated at Wellington this 22nd day of September 1980.

S. A. McLEOD, Chairman,
Local Authorities Loans Board.

New Zealand Government Railways—Schedule of Civil Engineering and Building Contracts of $20,000 or More in Value

T. M. HAYWARD, General Manager.