WHEREAS in the year one thousand eight hundred and ninety the Waitemata County Council (hereinafter called the Council) raised a loan of two thousand dollars for the purpose of constructing a public work in that portion of the Waitemata County specified in the Schedule hereto (hereinafter called the Maretahi Loan District): And whereas the Commissioners of the Public Debts Sinking Funds (hereinafter called the Commissioners) advanced the said money, and they are now the holders of a debenture for the same: And whereas the coupons attached to the said debenture provide for the payment of interest on the said loan at the rate of six dollars per centum per annum: And whereas the Council made provision for the repayment of the said loan by a sinking fund of four dollars per centum, and for the purpose of providing the said interest and sinking fund made a special rate of five-twelfths of a cent in the dollar upon all rateable property in the Mairetahi Loan District: And whereas the accrued interest upon the said loan and all contributions payable in respect of the said sinking fund have been paid by the Council: And whereas the Council is desirous of converting the said loan for the purpose of lessening the annual charge upon the Mairetahi Loan District:
The references to
“two thousand dollars”,
“four dollars”, and
“five-twelfths of a cent in the dollar” was substituted, as from 10 July 1967, for references to
“one thousand pounds”,
“four pounds”, and
“one penny in the pound” pursuant to section 7(1) and (2) Decimal Currency Act 1964 (1964 No 27).