Page 57 Advertisements Column 3

Press, 22 October 1983, Page 57

Public Notices COUNTY OF HURUNUI AFFORESTATION LAND ACQUISITION AND DEVELOPMENT LOAN 1983 $200,000 PUBLIC NOTICE is herebygiven that the Hurunul County Council at a special meeting held on Friday, September 30, 1983, passed the following resolution: That in pursuance and in exercise of the powers conferred upon it by the Local Government Act 1974, the Local Authorities Loans Act 1956 and their various Amendments and Regulations made thereunder the Hurunul County Council hereby resolves by way of Special Order as follows: That in accordance with the sanction of the Local Authorities Loans Board granted at a meeting of the Board held on September 20, 1983, the Council resolveses to proceed to raise In New Zealand a loan to be known as the Afforestation Land Acquisition and Development Loan 1983 for the sum of Two hundred thousand dollars (200,000) for the purpose of purchasing and developing land for afforestation, subject to the following determinations: (1) The maximum term for which the said loan or any part thereof may be borrowed shall be 30 years, provided that: (a) Where the method of repayment Is In accordance with clause 3(a) hereof, the term shall be not less than six years; (b) Where the method of replayment 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 3 years and/or 4 years and/or 5 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 halfyearly instalments of principal and in(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 1.06 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 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 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. (6) No agreement or arrangement shall be entered into with any person to Invest loan moneys 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. (7) 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. (8) Stock or debentures in the said loan may be Issued at a discount provided that such discount shall not produce to any lender a yield exceeding the appropriate yield 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 the Gazette notice applies. (9) That approval of the Conservator of Forests, Christchurch be sought on any area intended for purchase by Council for afforestation purchases, and at that time Council should also demonstrate that it has the physical and financial ability to undertake each proposal. (10) That the security for the said loan be a special rate of such amount each year upon the rateable value of all rateable property in the County of Hurunul as may In that year provide sufficient revenue for the payment of annual charges in respect of the loan plus ten per cent thereof, which rate shall continue until the loan is paid off. NOTE — It Is not proposed to levy or collect the special rate but to meet the loan charges with Income from afforestation activities and the general rate. The above resolution will be submitted to a meeting of the council to be held at the Council Chambers, Amberley, commencing at 9.15 a.m. on Monday, October 31, 1983, for confirmation as a Special Order. PUBLIC NOTICE is hereby given that a poll of ratepayers is required to be taken if 15 per cent of the ratepayers of the County of Hurunul so demand by writing under their hands, delivered or sent by post to the undersigned not later than 9 am. on Monday, October 31,1983 (the day fixed for the confirmation of the resolution to raise the loan). Dated at Amberley this sth day of October, 1983 A. J. McKENDRY, f County Clerk.