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Press, 19 February 1983, Page 56

PUDiic nonces Q Christchurch Drainage Board ' NOTICE is hereby given that a . a Special Meeting of tin ! Christchurch Drainage Boarc ■ called for that purpose ant i held at the office of the Boarc » ' in the City of Christchurch or 5 i February 15. 1983. the sale r - Board DID RESOLVE: - | THAT in pursuance ant - , exercise of the powers vestec s i in it by the Christchurct District ’ Drainage Act 1951 , i the Local Authorities Loan: ■ ■ Act 1956 and all amendment: ‘ : thereto and all other Acts, i: • ; anv. it is in that behalf enabling. and by virtue of the ! sanction of the Loca i Authorities Loans Boarc ! granted at a meeting of thal I Board held on the fourteentL ' ■ day of December. 1982. the I Christchurch Drainage I Board at a Special Meeting I called for this purpose am! i held at the office of the I Board. 233 Cambridge Terrace in the City of Christchurch on the fifteenth daj of February. 1983. DOTH resolve by way of Speciai Order: tl) That the Christchurct I Drainage Board proceed tc ■ raise a loan of one million I three hundred thousand : dollars (SI ,300.000) for the : purpose of constructing the Belfast Industrial Pressure Pipeline and River Discharge Structure. (2) That such loan be known as Belfast Industrial Pressure Pipeline Loan 1981 and hereinafter be called , the said loan. (3) That the maximum term for which the said loan oi any part thereof may bt borrowed shall be 30 years ‘ provided that: (a) Where the method ol repayment is in i accordance with clause 5a hereof, the term shall be not less than ( years; lb) Where the method ol repayment is ir accordance with clause 5b hereof, any amounts borrowed for less than 6 years shall not exceed 40 per cent of the issue and shall be borrowed for 3 years and/or ‘ ' years and/or 5 years. - (4) That the rate of Interesl that may be paid in respecl of the said loan or any pari 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 11 money borrowed pursuant to this sanction were money to which such Gazette notice applies. (5) 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 repayments to such sinking fund at a rate of not less than 0.67 per cent per annum where the actual term is for 6 years or 0.81 per cent per annum for all other terms of the . amount of the loan or of that Issue, as the case may be (other than any part being repaid pursuant to subparagraph (a) of this clause), for the time being borrowed and not repaid. (6) That no interest, instalment of principal and interest or payment to a sinking fund shall be paid outside New Zealand or out of loan money. (7) That 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 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 carrying out of such work. (8) That no agreement or arrangement shall be entered into with any person to invest loan moneys or any 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 f’rovident Fund on deposits with the Local Authorities Investment Pool from time to time. (9) That 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. (10) That an appropriate water right-is granted for effluent discharge. (11) That the Christchurch Drainage Board enters into a legally binding- agreement with the Canterbury Frozen Meat Company to ensure all loan repayments are met by the Company. (12) That the agreement between the Christchurch Drainage Board and the industrial companies will be to the satisfaction of the Medical Officer of Health. NOTICE is further given that the foregoing Resolution will be submitted to a meeting of the Board to be held at the office of the Board, 233 Cambridge 'Terrace, Christchurch, on Tuesday the fifteenth day of March, 1983, at 7.30 p.m. for confirmation. M. J. HORNE, Secretary.