(1) The Board shall in each year cause an estimate to be prepared, in such manner and according to such principle and method as the Board approves, of the anticipated revenue of the year (exclusive of any rate to be levied under this Act or under the Gisborne Harbour Board Enabling Act 1913), and of the anticipated expenditure of the year (including interest and sinking fund upon the moneys borrowed under the authority of this Act and the Gisborne Harbour Board Enabling Act 1913, but exclusive of capital expenditure on loan account), and shall upon such estimate determine the deficiency of such revenue to meet such expenditure.
(2) Any credit or debit balance of the Board's General Account at the close of each year shall be carried forward to the account of the succeeding year for the purpose of the estimate of such succeeding year and the determination of the deficiency of the revenue of such succeeding year to meet the expenditure thereof.
(3) The Board shall direct the levy in each year of such part of the said special rate as shall be sufficient to provide such deficiency.
(4) The Board may for the purposes of such direction and levy adopt some convenient fraction of five-twelfths of a cent, notwithstanding that the sum thereby produced may exceed such deficiency.
(5) The direction for every such levy shall be by resolution of the Board, and shall appoint a date or dates for payment thereof, and every such direction shall have the force and effect according to its tenor of a rate duly made and struck on all rateable property in accordance with the provisions of the Rating Powers Act 1988.
(6) Nothing in this Act shall be construed as in any manner limiting or affecting the rights of the holders of debentures to be issued by the Board to require the levy of the whole of the rate as defined by section eighteen hereof if any default be made by the Board in payment of any interest or capital moneys secured by such debentures.
The reference to the Rating Act 1925 was substituted, as from 1 April 1926, for a reference to the Rating Act 1908 pursuant to section 120(1) Rating Act 1925. That Act was in turn repealed, as from 1 April 1968, by section 177(1) Rating Act 1967 (1967 No 123). That Act was in turn repealed, as from 28 June 1988, by section 209(1) Rating Powers Act 1988 (1988 No 97).
The words to
“five-twelfths of a cent” were substituted, section from 10 July 1967, for the words
“one penny” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).