New Zealand Gazette – 1983 – No. 148

Page 3057

✨ Local Authorities Loans Act Rates



No. 148 3057

SUPPLEMENT
TO THE
NEW ZEALAND GAZETTE
OF
THURSDAY, 8 SEPTEMBER 1983

Published by Authority

WELLINGTON: MONDAY, 12 SEPTEMBER 1983

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 13th day of September 1983.

  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, 8.5 percent per annum;

(b) For money borrowed for any period of 3, 4, or 5 years, 9.0 percent per annum;

(c) For money borrowed for any period of 6 years or more, 9.5 percent per annum.

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

  2. 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.

  3. The general determination made by the Board and published in the Gazette on the 11th day of August 1983, at page 2600 is hereby consequentially cancelled.

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

Dated at Wellington this 9th day of September 1983.

C. H. TERRY, Chairman, Local Authorities Loans Board.



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✨ LLM interpretation of page content

💰 Local Authorities Loans Act 1956—Rates of Interest

💰 Finance & Revenue
9 September 1983
Local Authorities, Loans, Interest Rates, Special Loans
  • C. H. TERRY, Chairman, Local Authorities Loans Board