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Chronicle (Levin), 2 April 1947, Page 8

IIORO WHENUA COUNTY COUNCIL 8 WORKERS DWELLING S LOAN OF £12,000 SPECIAL ORDER AUTHORISING RAISING OF LOAN pUBLIC NOTICE is hereby given • that at a Special Meeting of the Horowhenua County Council held on Friday, March 14, 1947, the following resolution was passed, and will be submitted for confirmation at the ordinary meeting of the Council to be held on Friday, April 11, 1947, at 9.30 a.m., at the Council Chambers, Bath Street, Levin.' x RESOLUTION That in pursuance and in exer- • cise of the powers vested in it by Section 17 of "The Local Bodies"' Loans Ac.t, 1936," Section- 195 of "The Counties' Act, 1920,"' and of all other Acts and powers (if anyf it in that behalf enabling (an Order-in-Council under "The Local Government Loans Board Act, 1926" having been obtained) the Horowhenua County Council hereby resolves by way of Special Order as . follows: — 1. That the Council proceed to raise a loan of Twelve Thousand Pounds (£12,000) for the purpose of erecting dwellings for occupation by workers employed or resident in the County, in terms of Section 192 of "The Counties Act, 1920." 2. That such loan of Twelve thousand pounds (£12,000) be called "The Workers' Dwellings Loan 1946" of £12,000. 3. That the said sum of Twelve thousand pounds (£12,000) be raised as aforesaid together with interest thereon at a rate not exceeding Three pounds Five Shillings (£3/5/-) per centum per annum, be repaid by Fifty (50) half-yearly instalments of Three Hundred anfi Fifty-one Pounds Fourteen Shillings and Ninepence (£351 14/9) each, comprising principal and interest. 4. That the said sum 'of Twelve thousand pounds (£12,000) be raised by the issue of Fifty (50) debentures numbered 1 to 50 of Three Hundred and Fifty-one Pounds Fourteen Shillings and Ninepence (£351/14/9) each, in the form submitted by the County Clerk at this meeting, the first debenture to be payable on the First day of September, 1947, and one of such debentures to be payable on the First day of March and First day of September there - after, the last debenture to fall due and be pavable on the First day of March, 1972. 5. That the Council shall make and levy and shall annropriate and pledge as security for the repayment of the said debentures an annually recurring special rate of one-twenty-second -of a penny (l/22d) in the pound on the rateable value (on the basis of the capital value) of all rateable property in the Countv of Horowhenua. 6. That the said debentures shall be payable at the Bank of New Zealand, Levin. 7. That the costs of raising the loan be paid out of the loan. Dated at Levin this 19th day of March, 1947. F. H. HUDSON, County Clerk.