25 JANUARY 2007

NEW ZEALAND GAZETTE, No. 7

165

(a) borrow up to $1,753 million for a term of up to
15 years until 31 March 2022, subject to the
following conditions:

(i) The total annual cost of repaying all outstanding
debt (principal and interest) during the calendar
years 2007 to 2012 does not exceed a total of
15% of the board’s operational funding in any
of those calendar years inclusive of the 10%
restriction specified in Regulation 12(1) of the
Crown Entities (Financial Powers) Regulations
2005;

(ii) the minimum repayments of the loan must be in
line with the schedule of repayments prepared
by the board’s business manager so that annual
debt servicing will reduce to below the 10%
restriction by 2013;

(iii) the board must operate with annual operating
surpluses and positive working capital
throughout the term of the approval as detailed
in the projected statement of financial position
and financial performance;

(iv) the board must not borrow further from any
other source while total debt repayments exceed
10% of the board’s operational funding, or
extend the term of the total borrowing of $2.8
million past 31 March 2022, without reapplying
to the ministry for approval; and

(v) the board must provide the ministry’s Northern
Regional Financial Adviser with financial
information every six months so that the
ministry can monitor repayment of the loan and
adherence with the conditions of approval; and

(b) enter into derivative transactions (interest rate swaps)
on the reducing balance of total borrowings of
$2.8 million with ASB Bank Limited while this
borrowing is repaid, but not past 31 March 2022.

Dated at Wellington this 16th day of January 2007.

PETER MERSI, Acting Secretary to the Treasury.

go378

Notice of Approval Given Pursuant to Section
160(3) of the Crown Entities Act 2004

Pursuant to section 160(3) of the Crown Entities Act 2004,
I, Peter Mersi, Acting Secretary to the Treasury, hereby give
notice that:

(a) on 8 November 2006, The Honourable Dr Michael
Cullen, Minister of Finance, and The Honourable
Pete Hodgson, Minister of Health, gave approval
under section 160(1)(b) of the Crown Entities Act
2004, in relation to section 161 of that Act, for the
Mental Health Commission:

(i) to give an indemnity of up to $50,000 for the
Building Bridges, Community Mental Health
Conference to be held from 30 October 2006 to
1 November 2006 in Christchurch; and

(ii) to give an indemnity for future Building
Bridges conferences; and

(b) on 20 November 2006, The Honourable Dr Michael
Cullen, Minister of Finance, and The Honourable
Pete Hodgson, Minister of Health, gave approval
under section 160(1)(b) of the Crown Entities Act
2004, in relation to section 161 of that Act, for the:

(i) New Zealand Blood Service to hold finance
leases that result from existing operating
leases reclassified as finance leases when new
accounting standards come into force;

(ii) Crown Health Financing Agency to continue
to hold its finance lease for phone equipment
which was rolled forward from a lease
approved under previous legislation; and

(iii) New Zealand Blood Service and the Crown
Health Financing Agency to enter into finance
leases from sources other than and including
the Crown.

Dated at Wellington this 16th day of January 2007.

PETER MERSI, Acting Secretary to the Treasury.

go379

New Zealand Superannuation Act 2001

Appointment to the Board of the Guardians of

New Zealand Superannuation

Pursuant to section 54 of the New Zealand Superannuation
Act 2001, His Excellency the Governor-General of
New Zealand hereby appoints

John Evans

as a member of the Board of the Guardians of New Zealand
Superannuation for a term commencing on 15 December
2006 and expiring on 15 December 2011.

As witness the hand of His Excellency the Governor-General
of New Zealand this 7th day of December 2006.

MICHAEL CULLEN, Minister of Finance.

go423

Authorities and Other Agencies of State Notices

Civil Aviation Authority of New Zealand

Civil Aviation Act 1990

Airworthiness Directives

Pursuant to section 72I(3A) of the Civil Aviation Act 1990, I, Owen Olls, Airworthiness Specialist, acting under a delegation
from the Director of Civil Aviation, hereby issue the following airworthiness directives in respect of aircraft or aeronautical
products:

• DCA/AS355/73
• DCA/DIAMOND/4A
• DCA/GA8/5
• DCA/GLIDER/10
• DCA/TUR/26B
• DCA/TUR/42