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Press, 19 November 1977, Page 27

Public Notices JC).SjL WAIMAIRI COUNTY COUNCIL HAREWOOD RIDING WORKS LOAN. 1977 570.000 IT is hereby publicly notified that the Waimairi County Council at a meeting held tn the Council Chambers, Fendalton. on Wednesday, November 16, 1977, passed the following resolution: — RESOLVED “that in pursuance and exercise of the powers vested in it by the ■Counties Act 1956’ and the ‘Local Authorities Loans Act 1956’ and amendments thereto, and all other Acts (if any) enabling it in that behalf, and by virtue of the sanction of the Local Authorities Loans Board granted at a meeting of the Beard, held on September 20, 1977, the Waimairi County Council hereby resolves to proceed to raise in New Zealand a loan to be known as the Harewooa Riding Works Loan 1977 for an amount of Seventy Thousand Dollars (676,000) for toe purpose of reconstructing Claridges Road from Grampian Street to Highsted Road in the Harewood Riding subject to the following determinations:— I. That the loan be known as the Harewood Riding Works Loan 1977 and hereinafter referred to as the said loan.

2. The maximum term for which the said loan or any part thereof may be borrowed shall be 10 ■ ears provided that:— iai Where the method of repayment is in accordance with clause 3 iai hereof. The minimum term shall be not less than 6 years. (b.i Where the method of repayment is in accordance with clause 3 (b) hereof, any amounts borrowed for less than 6 years shall not exceed 40 per cent of the issue, and shaU be borrowed for 3 years and/or 4 years and/or 5 years. 3. 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 NewZealand Gazette, as if money borrowed pursuant to this sanction were money to which such Gazette notice applies. 4. The said loan or any part thereof, together with interest thereon, shall be repaid by any of the following methods of repayment:— ia) By equal aggregate annua), 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 7.41 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-para-graph (a) of this clause), for the time being borrowed and not repaid5. No interest, instalment of principal and interest j or payment to a sinking fund shall be paid outside New Zealand or out of loan money. 6. No agreement or arrangement shall be entered into with any person in: respect of carrying out any part of the work for which tills loan was sanctioned whereby that person is to subscribe to the loan or receive any debentures or stock in satisfaction of all or part of the price for the earning Out of such work. 7. No agreement or arrangement shall be entered 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 deposits with the Local Authorities Investment Pool from time to time. 8. Commission or fees may be paid in respect of the raising of the said loan or any part thereof as the Board may determine from time to time. 9. This sanction is subject to the General Determination published in the New Zealand Gazette, Julv 27, 1977, No. 81 page 2695. in that money to be borrowed under this sanction Is deemed to be money to which that Determination applies. 10. Loan money is not to be raised in advance of a two year construction programme and the Local Authorities Loans Board pursuant to Clause 2 of its General Determination of July 22, 1977, grants specific approvals to the Waimairi County Council to raise loan monevs prior to March 31, 1977, to the extent shown: — Harewood Riding Works Loan, 1977 — 518,900. , 11. That the security for the repayment of the said loan and the charges thereon shall be a special rate of .01114 cents in the $ (dollar) on the capital rateable value of all rateable property in the Harewood Riding of the County of Waimairi. 12. That no money shall be borrowed under this sanction where no part of tliis loan is raised within three years after the date of the sanction and the authority shall lapse at the expiration of that period and no proceedings shall thereafter be taken for the raising of the said loan. 13. That the form of security for the repayment of principal and interest of the said loan be by means of registered stock.” Pursuant to the “local Authorities Loans Act 1936“ it is hereby publicly notified that the foregoing resolution will be submitted to a meet■‘ng of the Waimairi County Council to be held in the Council Chambers, Fendalton at 7 p.m. on Monday, December 19, 1977, for confirmation as a Special Order. Further public notice is given that a poll of ratepayers is required to be taken iif five per cent of the rate- ! payers of the Harewood Rldiing so demand in wilting I under their hands delivered ’ or sent by post to the underi signed before 9 a.m.. on the ! date fixed for the confirmaI tion of the resolution hereinj before mentionedJ. REID, County Clerk. County Office, FENDALTON, (November 19, 1977.