Page 56 Advertisements Column 3

Press, 20 May 1987, Page 56

Public Notice* - AKAROA COUNTY COUNCIL AKAROA SEWERAGE EXTENSION LOAN NO. 2 1987 - $70,000 PUBLIC NOTICE is hereby given that at a meeting of a Akaroa County Council held on Friday, April 24, 1987 the following resolution was passed and will be submitted for confirmation to the meeting of the Akaroa County Council to be held at 9 a.m. on Friday. May 29, 1987 at the Council Chambers, Duvauchelle. THAT in pursuance of the powers vested in it by the Local Authorities Loans Act 1956 and the Local Government Act 1974 the Akaroa County Council resolves by way of Special Order as follows:

1. THAT the Akaroa County Council proceed to raise a loan of $70,000 for the purpose of carrying out extensions to the Akaroa Sewerage System. 2. THAT the loan be known as the Akaroa Sewerage Extension Loan No. 2, 1987 3. THAT 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 5 (a) hereof, the term shall be not less than 8 years. (b) Where the method of repayment is in accordance with clause 5 (b) 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 4 years and/ or 5 years. 4. THAT 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 Loan Board and notified in the New Zealand Gazette, as if money borrowed pursuant to this sanction were money to which such Gazette notice applies. 5. THAT the said loan or any part thereof, together with interest thereon, shall be repaid by any of the following methods of repayments: (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 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. 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 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. 9. 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 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. 11. THAT working drawings and details be submitted to the District Commission of Works, Christchurch, for general acceptance prior to committing the work. 12. THAT the Akaroa County Council hereby appropriate and pledge as security for the repayment of the loan and the charges thereon an annual recurring special rate of .00084 cents in the dollar upon the Land Value of all rateable property in the Akaroa Riding. NOTE: It is not proposed to levy the special rate but to meet loan repayments from general funds. PUBLIC NOTICE is also given that a poll of ratespayers Is required to be taken if not less than 15 per cent of the ratepayers within the Akaroa Riding of the Akaroa County so demand by writing under their hands, delivered or sent by post to. the undersigned and received at the Council Office, Duvanuchelle, not later than 9 a.m. on the day fixed for confirmation of the resolution to raise the loan. A copy of this resolution Is deposited at the Office of the Akaroa County Council, Duvauchelle, and Is open for inspection by the public during normal office hours. Dated at Duvauchelle this 30th day of April, 1987. L. W. M. GRAHAM, County Clerk N.Z.H.S. CANTERBURY AREA’S GUTHREYS TRAVEL TWO-DAY HORSE TRIAL at Rlccarton Racecourse May 30 and 31, 1987 WOULD any person, group or business wishing to operate a Trade Stand (free rental) over this competition time, please phone 496-303 evenings. PENSIONER FLAT OPEN WEEK MAY 16-23 2-4 P M. UNIT 4 34 ABBERLEY CRESCENT THE Glenora Foundation Inc., has a pensioner flat available to rent at the above address. For further details, please nhone Jenny Smith 595-458.