HARBOR BOARD DEBENTURES.

Globe, Volume XX, Issue 1580, 13 March 1879, Page 3

HARBOR BOARD DEBENTURES.

The following important notice of motion was given by Mr D. Craig at the last meeting of the Lyttelton Harbor Board, and will come on for discussion at the next meeting: — Whereas on the 12th October, 1877, the 16th November, 1877, the Bth February, 1877, and the 22nd March, 1877, certain resolutions were passed to the following effect: — Harbor Board Office, Christchurch, N.Z., Oct. 12th, 1877. It was resolved, on the motion of Mr H. Sawtell, seconded by Mr Murray-Aynsley—- " That, the Lyttelton Hurbor Bo.rd do, by virtue of the powers vcted in them by the Lyttelton Harbor Board Act, 1876, borrow and raise the sum of £ 00,000 for the purpose of constructing harbor works and dredging and deepening the Harbor of Lyttelton, " That for the purpose of securing the repayment of the said sum, together with interest thereon, the Board do issue 1000 debentures for the sum of £ 100 each, in the foi min the schedule to the said Act, o.- to the effect thereof, under its common seal. " That such d< benturea be repayable both as to principal and interest, at the office of the agents of the Board in London, within thirtyfive years from the date of the issue thereof, and shall be secured on the rates and property of the Lyttelton Harbo' Board. " That the r,*te of interest to be named in or made payable by such debentures be £5 per centum per annum payable half yearly, and that coupons be attached to such debentures for the payment of such interest. " That the minimum price of such debentures be fixed at .£IOO.

" That the said debentures be signed by the chairman and one member of the Beard, counteraisned by the treasurer." Lyttelton >-. arbor Board Office, Christchurch, October 12th, 1877. Tt was resolved, on the motion of Mr E. Q. Wright, seconded by Mr Murray-Aynsley— " That the National Bank of New Zealand be appointed the agents for negotiating such loan, or for making advances required under Clauses 48 and 4y of the Lyttelton Harbor Boaid Act."

Lyttelton Harbor Board C'ffice, Christchurch, November 16th, 1877. It was resolved, on the motion of Mr John Anderson, seconded by Mr E. G. Wright—- " That the National Bank of New Zealand, having been appointed the agents of the Board for the purpose of negotiating the Harbor Board Loan, be authorised to offer the said debentures for sale in London forthwith to the extent of ,£IOO,OOO, and, pending the raising of such loan, the said agents be authorised to borrow the sum of .£25,000 on the security of the said debentures of the said Board, in accordance with directions to be furnished by them." Lyttelton Harbor Board Office, Christchurch. February Bth, 1878. It was resolved, on the motion of Mr P. Cunningham, seconded by Mr E. J. S. Harman— " That a provision of 1 per cent, be set aside for a sinking fund '' Lyttelton Harbor Board Office, Christchurch, March 22nd, 1878. It was resolved, on the motion of Mr R. J. S. Harman, seconded by Mr D. Craig—- " That the Board rescind the following portion of their resolution passed on October 12th, 1877 :—' That the said debentures shall be signed by the chairman and one member of the Board, countersigned by the treasurer,' and the Board resolve in lieu thereof, ' That the National Bank of New Zealand, who have been appointed the agents of the Board for the purpose of raising such loan, be authorised to sign and issue such debentures.'"

March 22nd, 1878. It was resolved, on the motion of Mr D. Craig, seconded by the Hon. J. Hall — " That the Board order the seal of the Board to be affixed to the debentures in the presence of three members of the Board, and that the necessary notarial evidence of snch sealing be prepared and sent to the National Bank." And whereas no moneys h-we been raised pursuant to such resolutions, it is hereby resolved that the said resolutions bo rescinded, and that the debentures sealed by the Board by virtue of such resolutions bo cancelled; and that all authorities given to sign such debentures and to raise and negotiate such loan are hereby revoked. That the National Bank of New Zealand, Limited, are hereby authorised and requested to cancel such debentures. That the Lyttelton Harbor Board do by virtue of the powers vested in them by the Lyttelton Harbor Board Act, 187 G, and the Lyttelton Harbor Board Act Amendment Act, 1878, and the Harbors Act, 1878, borrow and raise the sum of ,£200,000 for the purpose of constructing harbor works and dredging and deepening the harbor of Lyttelton That for the purpose of securing the repayment of the said sum, together with interest thereon, the Board do i'sue, or cause to be issued, 20U0 debentures for the sum of .£IOO each in the form in the schedule of the Harbors Act, 1878, or to the effect thereof, under its common seal. That such debentures be repayable both as to principle and interest at the office of the agents of the Board in London within thirty-five years from the date of tha issue thereof, and shall be a first charge on all moneys in the harbor fund, as defined by the Harbora Act, 1878.

That the rate of interest to be named in or made payable by such debentures be .£6 per centum per annum, payable half-yearly, and that separate coupons as p-escribed by the Harbors Act, 1878, be a'tach'd to such debentures for the payment of such interest. That the minimum price of such debentures be fixed at ,£IOO. That the sa-d debentures shall be signed by the cha>rman and countersigned by the treasurer. Or That the NatiV-al Bmk of New Zealand (Limited) bo appoimed the agents of the Board for raising and negotiating such loan, and that they be authorised to sign and issue such debentures.