Page 7 Advertisements Column 7

Timaru Herald, Volume XIIIC, Issue 14216, 4 June 1910, Page 7

£ timaru borough council. SPECIAL ORDER. , ÜBLIC NOTICE is hereby giveft pursuant to the provisions ,-08 Tlio Municipal Corporations Act 1908" and its amendments that the following Resolution passed by The Timaru Borough Council at a Special Meeting' thereof on the 16th dav of May 1910' WILL be submitted for confirmation as a Special Order at a Special Meeting of the said Council to he held at its Chambers Georgo Street Timaru sit 8.30 p.m. on MONDAY, the 13th day of June 1910. i THAT this Council in pursuance of; and in exercise of all powers and authorities vested in it by " Thej Timaru Borough Loans Consolidation Act 1909," "The Local Bodies Loans Act 1908" and "The Loral Bodies Loans Amendment Act ]9OB " (which two Acta last above mentioned are incorporated with "The Timaru Borough Loan's Consolidation Act 1909 " whore not inconsistent therewith) and in exercise of all other powers and authorities them thereunto enabling doth hereby resolve as follows:

1. That Debentures to the extent of £62,000 (sixty-two thousand pounds .sterling) be issued by or on behalf oi the Council under tile before mentioned powers and authorities each of such debentures to be fop a sum of not) less than fifty pounds (£SO) aa determined by tho Loan Agentt hereinafter mentioned, to have a currency of 30 (thirty) year# noiu cliitc? ot issue "to bear interest at the rate of four pounds ten shillings per centum per annum, such interest to be payable halfyearly in the United Kingdona of Great Britain and Ireland or m any of the Australasian Dominion or Colonjes as deteiv mined by the said Loan Agents until the Loan is paid off.. Tho said Loan to have a Sinking I 1 und of Ten Shillings per centum per annum on the amount thereof payable on the 31st day ot March in each your or otherwise as arranged by the said Loan Agents. 5. That the provision for the payment ol tho interest and sinking fund of and in respect of the said Loan shall .be an an-nual-recurring special rate <f eight peru;e and one farthing in the pound sterling upon the annual rateable value of all rateable property within tho whole of the said Borough payablo half-yearly on the 30th day of June and the 31st day ot December or otherwise ;as arranged by the Loan Agents in each and every year during the currency of such Lban being a period of 30 (thirty) years or until the Loan is fully paid off. 8. That the Public Trustee of th» Dominion of New Zealand be Sinking Fund Commissioner for and in respect of the said Loan and that he shall receive invest and dispose of the same until all the said debentures shall lid paid off, so that such sinking fund and all accumulations of income therefrom less the lawful charges of such Commissioner shall bo paid in or towards the redemption of such debentures, and any surplus thereafter remaining in iti® hands of such Commissioner shall be paid to the Council or as it directs. 4. That Messrs Richard Henry Glyn, William Tiirton Holinea, Frederic Lubbock, and Alexander Michie (or any two of them), of London, Local Directors there of the Bank of New. Zealand, be tho Agents of tlje Council for and in respect of the said Loan and that a Foirfer of Attorney be executed appointing them such Loan Agents and Attorneys of the Mayor Councillors and Burgesses of the Borough of Timaru on its behalf to issue the Debentures and Coupons respect of the said Loan in London and also to sign the same unless they require tho Debentures to be completed here aa hereinafter mentioned, also to authorise the said Loan Agents and Attorneys or anyi two of them as aforesaid' to pay out ©f the proceeds of the said Debentures the principal money accruing due on the Ist of July 1910 under a Loan of £60,000 raised by the said Council in the year 1880 for tho purpose of constructing waterworks apd supplying the Borough of Timaru with water and to apply the balance firstly in payment of the lawful charges in respect of the new Loan and apply the surplus in or towards payment of the interest on the - said Loan of 18S0 and any other lawful charges that may be authorised by the Council including the adjustment of interest on the new Loan. for any broken period less than a. half-yearly period for which interest is payable under tl» Debentures for the new Loan, also to authorise the said Loan Agents and Attorneys to do any other acts or tilings or execute any other deeds or documents that the Solicitors for the Council may consider necessary or expedient in respect of the said new Loan. 6. That the said Power of Attorney bo sealed with the Corporate Seal of the Mayor Councillors, and Burgesses of the Borough of Timaru and signed by the Mayor or Deputy Mayor and two Councillors and be also signed by tho Town Clerk. 0. That all Debentures be sealed with the Corporate Seal and be signed by Ilis Worship the Mayor and the Borough Treasurer and that the interest Coupons and other necessary documents (if any) be so signed or the said signatures lithographed or impressed thereon by means of a stamp unless otherwise required by lawProvided that if the said Loan Agents so decide the Debentures and Coupons shall be signed and completed by thorn as they think fit. 7.- That His Worship the Mayor and Town Clerk and Borough Treasurer and each of them b< authorised to give all noticei required by law and to take all such other steps and sign all such other documents ,aa may be necessary for giving full effect to the foregoing. gV'That this 'Resolution bo confirmed as a Special Order at a. ■Meeting of tho Council to be ... ~li<jld at the Council Chambers 'at CTimaru aforesaid at' 8.30 o'clock p.m. on the 13th day of June, 1910. Da£ed alt Timaru this 16th day ol May 1910. D. VIRTUE, Town Clerk