Page 60 Advertisements Column 7

Press, 23 September 1987, Page 60

Public Notices ? r ’ | ' I MAIN ROADS PROPERTY PURCHASE . J v LOAN 1965 | $25 MILLION IT is hereby publicly notified that :the walmalrl District Council, at its Ordinary Meeting held in the Council Chambers, Fendalton, on Wednesday, September 16, 1987, resolved: "THAT in pursuance and exercise of the powers vested in it by the ’Local Government Act 1974,’ and the ‘Local Authorities Loans Act 1956,’ and amendments thereto, and all other Acts (if any) enabling it in that behalf and by venture of the sanction of the Local Authorities Loans Board grantetfat a meeting of the Board held on,November 5, 1985, the Wjlmalrl District Council resolves to proceed to raise In New Zealand, a loan to be known as the Main Roads Property Purchase Loan 1985, for an amount of Two Million* Five Hundred Thousand Dollars ($2,500,000) for the purpose of purchasing property on Fendalton Road (Railway to Clyde Road) and stage two of the- Northcote Expressway and to reimburse funds for money previously expended for purposes outlined above, subject to the following determinations:— (I) The maximum term for which the said loan or any part thereof may be borrowed shall be 20. years, provided that, where the method of repayment Is In accordance with clause 2(a) . hereof, or clause 2(b) hereof, the term shall not be less than 2 years. (II) The said loan or any part thereof, together with Interest thereon, shall be repaid by any of the following methods of paymentfa) By equal aggregate annual or half-yearly Instalments of principal and Interest; (b) By establishing a . sinking fund before rals- - Ing the said loan or any issue relating thereto /• and by making annual L payments to such slnkY Ing fund at a rate of not less than 1.17 per cent per £ annum of the amount of the loan or of that Issue, i 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. (III) (a) No interest, -instalment of principal and Interest or payment to a sinking fund shall be paid outside New Zealand or out of loan money. (b) Interest rates shall be determined according to market rates applicable at the time of actual loan raising. (Iv) 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. . (v) No agreement or ar- . rangement shall be entered Into with any persons to invest loan J 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. (vi) 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. (vll) The Council hereby appropriates and pledges a special annual recurring rate of 0.11422 cents In i the dollar on the capital value of all rateable property in the District of Walmalrl.” Pursuant to the “Local Authority Loans Act 1956” and amendments thereto, it Is hereby further publicly notified that the foregoing resolution will be submitted to an Ordinary Meeting of the Walmalrl District Council to be held in the Council Chambers, Fendalton, at 7 p.m. on Wednesday, October 21, 1987, for confirmation as a Special Order. Further public notice is hereby given that a poll of ratepayers is required to be taken If 15 per cent of the ratepayers of the District of Walmalrl so demand in writing under their hand, delivered or sent by post to the undersigned before 9 a.m. on the date fixed for the confirmation of the above resolution as a Special Order. P. W. CHAPPLE, ' District Clerk. District Office, FENDALTON.