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Press, 29 January 1988, Page 26

Public Notices OGILVIES HOTEL 11 Manchester Street SUNDAY BUFFET 6 p.m. - 8.30 p.m. Hot and cold cuisine 514.50 per head Reservations preferred Phone 62-839 RANGIORA DISTRICT COUNCIL TUAHIWI SEWER COMPLETION LOAN 1988 $50,000 NOTICE is given that at a meeting of the Rangiora District Council held on Tuesday, January 26, 1988, the following resolution was passed and will be submitted for confirmation at an Ordinary Meeting of the Council to be held on Tuesday, February 23, 1988, at 7.30 p.m. in the Council Chambers, High Street, Rangiora. “That in pursuance and in exercise of the powers conferred on it by the Local Government Act 1974, the Local Authorities Loans Act 1956 and respective amendments and regulations and all other powers thereunto enabling; the Rangiora District Council hereby resolves by way of Special Order to borrow the sum of fifty thousand dollars ($50,000) by way of a loan to be known as the “Tuahiwi Sewer Completion Loan 1988 — $50,000” for the purpose of meeting construction costs of the Tuahiwl Public Sewerage Scheme subject to the following conditions'. 1. The maximum term for which the said loan or any part thereof may be borrowed shall be 30 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 two years. 2. The 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 the said loan or any issue relating thereto and by making annual repayments to such sinking fund at the rate of not less than 4 per cent per annum of the amount of the loan (other than any part being repaid pursuant to sub-paragraph (a) of this clause) for the time being borrowed and not repaid. 3. No Interest, instalment of principal arid Interest or payment to a sinking fund shall be paid outside New Zealand or out of loan money. 4. 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 raised 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. 5. 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 Provident Fund on depostis with the Local Authorities Investment Pool from time to time. That the Rangiora District Council hereby appropriates and pledges as security for the said loan of fifty thousand dollars, a security rate of .649041 cents in the dollar on the land value of all rateable property within the area of the benefit. That copies of this resolution and of all other resolution orders and documents relating to the said amount of $50,000 verified by the Mayor (or Deputy Mayor) and the Principal Administrative Officer as correct extracts from the Minutes of the proceedings of the Council, may from time to time be sealed with the Common Seal of the Rangiora District Council.” A copy of this Special Order is deposited at the offices of the Rangiora District Council and is open for inspection by the public during ordinary office hours until February 23, 1988. Attention is drawn to Section 34 of the Local Authorities Loans Act 1956 which provides that no less than fifteen per cent of the electors of the area served by the Tuahiwl Sewer Scheme may in writing so demand that a poll be taken on the proposal. Notices must be delivered or sent by post to the Council and received by the Council Office not later than 9.00 a.m. Tuesday, February 23, 1988. Dated at Rangiora this 27th day of January, 1988. A. F. RAPLEY . District Clerk