NAPIER HARBOUR BOARD LOAN BILL.

Dominion, Volume 3, Issue 692, 17 December 1909, Page 8

NAPIER HARBOUR BOARD LOAN BILL.

—-———<s ——-- —._'."• Tho Napier Harbour .Board Loan Bill', wis reported with : considerable amendments from tho: Local Bills " Committee yesterday. It ■is ■ H<w provided.that tlio board shall havo power to barrow ..£300,000, to bo.applied in connection with' Section:s of; tho "Act", of 1908. <No money shall be borrowed under tho Bill which shall produce to tho lender a higher rate of interest than 5 per cent., per annum. Section 7 of the Napier Harbour ,Loa.u Act of 1906 is amended to provide that nothing mentioned .in the. Bill .shall authorise the board, to levy auy special, rato as a security for the proposed loan. Tho board .may put of loan moneys pay tho preUminary cxponses in connection ..with the scheme for which tho loan is raised. The debentures, issued-under tho Bill and interest shall bo' a first charge on the Harbour Fund of tho board,'subject to the priority of existing charges. For tho purpose oi providing a sinking fund, tho board shall set apart a sum not exceeding >£1 per cent, per annum on tho aggregate amount tor which debentures shall at tho time bo issued. Tho proposal to raise tho loan shall bo doomed to 'bo carried if a majority of tho votes recorded at a poll are in favour of tho proposal.. ' "