Page 27 Advertisements Column 4

Press, 1 September 1977, Page 27

Public Notices CHRISTCHURCH CITY COUNCIL NEW BRIGHTON PEDESTRIAN MALL No. 2 LOAN, 1977 $70,000

NOTICE is hereby given that at an Ordinary Meeting of the Christchurch City Council held on Monday, the 15th day of August, 1977, the following resolution was passed and will be submitted for confirmation as a Special Order at an Ordinary Meeting of the Council to be held on Monday, the 12th day of September, 1977, at 7.30 p.m. In the City Council Chambers, 194 Manchester Street:— “THAT IN PURSUANCE and exercise of the powers vested in it by the Municipal Corporations Act 1954, and the Local Authorities Loans Act 1956, and all amendments thereto, and all other Acts (If any) it in that behalf enabling the Christchurch City Council hereby resolves by way of Special Order to proceed to raise in New Zealand a loan to be known as the New Brighton Pedestrian Mall (No. 2) Loan 1977 of and amount of SEVENTY THOUSAND DOLLARS ($70,000) for the purpose of financing the additional cost of the pedestrian mall in Seaview Road and Oram Avenue and reimbursing the General Bank Account with amounts previously expended for this purpose, subject to the following determination:— (1) The maximum term for which the said loan or any part thereof may be borrowed shall be 20 years, provided that: (a) Where the method of repayment is in accordance with clause (3) (a) hereof, the minimum term be not less than 6 years; (b) Where the method of repayment is in accordance with clause 3 (b) hereof, any amounts borrowed for less than six years shall not exceed 40 per cent of the issue and shall be borrowed for three years and/or four years and/or five years. (2) —The rate of interest that may be paid in respect of the said loan or any part thereof shall be such as shall not produce to the lender a rate exceeding the appropriate rate for the time being specified by the Local Authorities Loans Board and notified In the New Zealand Gazette, as If money borrowed pursuant to this sanction were money to which such Gazette notice applies. (3) —The said loan or any part thereof, together with interest thereon, shall be repaid by any of the following methods of repayment: (a) By equal aggregate annual or half-yearly instalments of principal and interest; (b) By establishing a sinking fund before raising the said loan or any issue relating thereto and by making annual payments to such sinking fund at a rate of not less than 2.58 per cent per annum of the amount of the loan or of that issue, as the case may be (other than any part being repaid pursuant to sub-paragraph (a) of this clause), for the time being borrowed and not repaid. (4) —No interest, instalment of principal and Interest or payment to a sinking fund shall be paid outside New I Zealand or out of loan money. (5) —No agreement or ’ arrangement shall be entered | into with any person in respect of carrying out any part of the work for which this : loan was sanctioned whereby I that person is to subscribe to ; the loan or receive any : debentures or stock in satis- ; faction of all or part of the price for the carrying out of . such work. . (6)—No agreement or i arrangement shall be entered II into with any person to invest loan monies or any part or parts thereof raised in accordance with the terms of this sanction whereby such investment would yield a rate of interest less than that which would be paid by the National Provident Fund on I deposits with the Local Authorities Investment Pool from time to time. (7) —The following commission or fees may be paid in respect of the raising of the said loan or any part thereof: , (a) Brokerage not exceeding I J per cent of the amount raised; • 1(b) Underwriting commission or fees not exceeding 3 per cent of the amount underwritten; ! (c) Such further fees as the Board may from time to time determine. (8) —This sanction Is subject '(to the General Determination I published in the New Zealand i Gazette, the 20th May. 1976, > No. 58, page 1135, in that 1 money to be borrowed under • this sanction Is deemed to be ’ money to which that deter- • initiation applies.” i PURSUANT to the Local i Authorities Loans Act 1956, JIT IS HEREBY NOTIFIED [ that a poll of ratepayers is ■ required to be taken if not I less than fifteen per cent (15 , per cent) of the ratepayers of . the City of Christchurch . whose names are Inscribed on . the Ratepayers’ Roll of the 'I District so demand in writing under their hands, delivered ,or sent by post to the i Christchurch City Council, and received at the offices of the Christchurch City Council. 194 Manchester Street. Christ- ■ church 1 (P.O. Box 237), not later than 9 a.m. on Monday. September 12, 1977, being the date fixed for the conI firmation of the resolution as ■ set out above. J. H. GRAY, General Manager and Town Clerk. 8487 — 1 bUIIONxIL N.Z. NATIONAL PARTY RANGIORA ELECTORATE NOMINATIONS for selection as the Official Candidate for ithe General Election in the Rangiora Electorate will be received from Party Members by the undersigned at 26 Queen Street, Rangiora, up to 4 p.m. on September 15. 1977. Biographical notes on the nominee should accompany : each nomination. Nomination forms and full particulars on procedure may be obtained from: J S. P. PALMER, Electorate Secretary. 26 Queen Street, Rangiora. I 8820