Otago Harbour Board Loans Consolidation Act 1884

Otago Harbour Board Loans Consolidation Act 1884

Local Act1884 No 20
Date of assent6 November 1884

An Act to authorise the Otago Harbour Board to consolidate certain Loans.

  • Preamble

    WHEREAS, by an Ordinance of the Superintendent and Provincial Council of Otago, made and passed in the thirty-seventh year of the reign of Her present Majesty (Session XXXIII, No 422), shortly intituled The Otago Harbour Board Ordinance 1874, it was enacted that, for the purpose of constructing such works as are specified in the said Ordinance, the Board (meaning thereby the Otago Harbour Board) might borrow, on the security of the lands described in Schedule 1 to the said Ordinance, and of all other lands which might for the time being be vested in the said Board, and of the rents thereof, and of the dues chargeable or receivable by the said Board under the said Ordinance, any sums of money not exceeding in the aggregate the sum of five hundred thousand dollars, at any rate not exceeding six dollars per centum per annum, payable half-yearly, and so often as such sum should be repaid the said Board might re-borrow the same or any less sum: And whereas, in exercise of the powers conferred in and by the said Ordinance, the said Board has from time to time borrowed upon the security aforesaid various sums of money amounting in the aggregate to the said sum of five hundred thousand dollars, and in order to secure the repayment thereof has from time to time issued, or caused to be issued, mortgages in the form prescribed by the said Ordinance: And whereas, in pursuance of the provisions of the said Ordinance, certain of the moneys so authorized to be borrowed have been repaid, but the mortgages in respect of the unpaid balance are still outstanding: And whereas, by an Act of the General Assembly of New Zealand passed in the forty-fourth year of the reign of Her present Majesty (No 23, Local), shortly intituled The Otago Harbour Board Empowering Act 1880, the Board was authorized to raise and borrow from time to time, in addition to the money then already borrowed, a sum or sums of money not exceeding in the whole two hundred thousand dollars: And whereas the said Board has, in exercise of the powers conferred upon it by the said Act, from time to time borrowed in the manner directed by and subject to the conditions of The Harbours Act 1878, various sums of money, amounting in the aggregate to the said sum of two hundred thousand dollars, and in order to secure the repayment thereof has from time to time issued, or caused to be issued, debentures in the form provided by The Harbours Act 1878, and such debentures are still outstanding: And whereas, by an Act of the General Assembly of New Zealand, passed in the forty-sixth year of the reign of Her present Majesty (No 24, Local), shortly intituled The Otago Harbour Board Further Empowering Act 1882, the said Board was authorized to raise and borrow from time to time, in addition to any money then already borrowed, a sum or sums of money not exceeding in the whole four hundred thousand dollars: And whereas the said Board has, in exercise of the powers conferred upon it by the said Otago Harbour Board Further Empowering Act 1882, borrowed in the manner directed by and subject to the conditions of The Harbours Act 1878, sums of money amounting in the aggregate to the said sum of four hundred thousand dollars, and in order to secure the repayment thereof has issued debentures in the form provided by The Harbours Act 1878, and such debentures are still outstanding: And whereas doubts have arisen as to the status of the holders of the debentures which have been issued as aforesaid, and the Otago Harbour Board is desirous of having power to borrow as hereinafter mentioned moneys not exceeding in the whole the sum of one million four hundred thousand dollars, necessary for paying off and discharging all or any moneys raised by virtue of the said Ordinance, and The Otago Harbour Board Empowering Act 1880, and The Otago Harbour Board Further Empowering Act 1882, and for raising a sum or sums of money to be applied in improving the Otago Harbour: And whereas it is expedient that power should be given to the said Board for the purpose aforesaid:

    The words five hundred thousand dollars, six dollars, two hundred thousand dollars, four hundred thousand dollars and one million four hundred thousand dollars were substituted, as from 10 July 1967, for the words two hundred and fifty thousand pounds, six pounds, one hundred thousand pounds, two hundred thousand pounds and seven hundred thousand pounds respectively, pursuant to section 7(1) and (2) Decimal Currency Act 1964 (1964 No 27).

BE IT THEREFORE ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—

1 Short Title
  • The Short Title of this Act is The Otago Harbour Board Loans Consolidation Act 1884.

2 Interpretation
  • In this Act the following expressions shall have the meanings hereby respectively assigned to them, unless there be something in the context or subject-matter inconsistent therewith:—

    The Board means the Otago Harbour Board

    Harbour dues means any due, rate, fee, toll, tax, pilotage rate, port charge, or payment in the nature thereof, payable or leviable under The Harbours Act 1878, or a special Act

    Harbour fund shall mean all moneys arising from the following sources:—

    • (1) Harbour dues and pilotage rates, and all other dues which the Board may be empowered to levy or receive;

    • (2) Harbour improvement rates;

    • (3) Rents and profits of land vested in the Board on this Act becoming law;

    • (4) Proceeds and profits of land set aside as endowments;

    • (5) All other moneys which may be received by, or become the property of, the Board under the authority of The Harbours Act 1878, or a special Act.

3 Power to borrow money
  • It shall be lawful for the Board to borrow and take up at interest any sum or sums of money not exceeding in the whole the sum of one million three hundred and ninety eight thousand dollars, to be applied as hereinafter mentioned.

    The words one million three hundred and ninety eight thousand dollars were substituted, as from 10 July 1967, for the words six hundred and ninety-nine thousand pounds pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

4 Application of the money
  • The moneys hereby authorized to be raised shall be applied as follows, namely: A competent part of such moneys shall be applied in paying off and discharging all or any moneys raised under the authority of The Otago Harbour Board Ordinance 1874, The Otago Harbour Board Empowering Act 1880, and The Otago Harbour Board Further Empowering Act 1882. The balance, or any sum not exceeding three hundred thousand dollars, may be applied in the general improvement of the Otago Harbour:

    Provided that if the Board shall determine not to pay off and discharge as aforesaid any of the moneys raised under the authority of The Otago Harbour Board Ordinance 1874, The Otago Harbour Board Empowering Act 1880, and The Otago Harbour Board Further Empowering Act 1882, but to let the debentures issued to secure the repayment thereof remain outstanding, then the total amount of money to be borsowed by the Board under the authority hereof shall not exceed the rum of three hundred thousand dollars.

    The words three hundred thousand dollars were substituted, as from 10 July 1967, for the words one hundred and fifty thousand pounds pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

5 Power to Board to issue debentures
  • The Board may issue debentures, in the form provided by and subject to the conditions of The Harbours Act 1878, to secure all sums of money hereby authorized to be borrowed.

6 Power to Board to buy its own mortgages and debentures
  • The Board shall have power to buy its own mortgages and debentures at a rate not exceeding the then current market-rate, and in payment therefor to issue or give the debentures authorized to be issued by this Act.

7 Security for loan
  • The debentures issued under the authority hereof, and the interest payable thereon, shall be a first charge on all moneys in the Harbour Fund, excepting moneys appropriated to any special purpose, and without prejudice to the rights conferred on the holders of any mortgages and debentures which may remain unpaid and which have been given or issued under the authority of The Otago Harbour Board Ordinance 1874, The Otago Harbour Board Empowering Act 1880 and The Otago Harbour Board Further Empowering Act 1882.

8 Power to appoint Agent
  • The Board may appoint any joint-stock company, or any person or persons, to be its agent or agents for carrying out all or any of the purposes aforesaid.

9 Special Act
  • This Act shall be deemed a special Act within the meaning of section 188 of The Harbours Act 1878.

10 130,000 of loan to be expended in improving Lower Harbour
  • Out of the sum or sums of money raised under the authority of this Act not less than one hundred and thirty thousand dollars sterling shall be expended on harbour works undertaken for the improvement of the bar at the Otago Heads and the general improvement of the Lower Harbour.

    The words one hundred and thirty thousand dollars were substituted, as from 10 July 1967, for the words sixty-five thousand pounds pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).