Whereas by section three of the Wanganui-Rangitikei Electric-power Board Enabling Act 1924 repealed, it was enacted that the Wanganui-Rangitikei Electric-power Board (hereinafter referred to as the Board) should purchase from the Corporation of the City of Wanganui (hereinafter referred to as the Corporation), and the Corporation should sell to the Board, certain properties and assets of the Corporation, referred to in the said Act and in this section as the city power plant, as described in the draft agreement between the Board and the Corporation set out in Schedule 1 to the said Act, at the price, upon the terms, and in the manner provided in the said agreement and Act: And whereas the said agreement was duly entered into by the Board and the Corporation and executed on the first day of October, nineteen hundred and twenty-four: And whereas the Corporation is required by paragraph (a) of section ten of the said Act to pay or apply certain annual instalments on account of part of the purchase-money payable by the Board under the said agreement, and the balance of such purchase-money payable on the first day of December, nineteen hundred and thirty-one, as a sinking fund in or towards payment of certain loans raised or partly raised for purposes connected with the supply of electric current (hereinafter referred to as the said electricity loans) and is required by paragraph (c) of the said section to apply the interest payable by the Board on such purchase-money in or towards payment of the interest payable on the said electricity loans: And whereas by the Wanganui City Council Special Rate Empowering and Enabling Act 1924 [Repealed], the Corporation is authorized to make and levy a special rate upon all the rateable property in the City of Wanganui for the purpose of providing for the payment of the interest and sinking funds in respect of the loans enumerated in Schedules 1, 2, 3, and 5 Schedules to that Act: And whereas the said electricity loans are, inter alia, enumerated in Schedule 1 to that Act, as follows— “34, £24,000 Tramways Loan; 35, £140,000 Tramways Loan; 36, £50,000 Tramways Loan; 37, £40,000 Tramways and Electric Light Loan; 39, £14,000 Tramways Additional Loan”
: And whereas the Board has in pursuance of the said agreement paid to the Corporation all such annual instalments of purchase-money payable in the years nineteen hundred and twenty-four to nineteen hundred and twenty-nine inclusive, averaging in each year the sum of six thousand four hundred and fifty-five dollars and five cents, and has also paid all interest payable in respect of such purchase-money up to and inclusive of the half-yearly payment of interest due on the first day of June, nineteen hundred and thirty: And whereas the Corporation paid all such instalments and interest payable in the years nineteen hundred and twenty-four to nineteen hundred and twenty-six inclusive into the Tramway Account of the Corporation, and paid all such instalments and interest payable in the years nineteen hundred and twenty-seven to nineteen hundred and twenty-nine inclusive and the interest due on the first day of June, nineteen hundred and thirty, into the District Fund Account of the Corporation to the credit of the Interest Account to which the moneys raised by the making and levying of the said special rate under the Wanganui City Council Special Rate Empowering and Enabling Act 1924 [Repealed], are credited: And whereas the Corporation has paid and disbursed out of the said accounts all the said instalments and interest so paid into them respectively, first, as to part thereof, in payment of all payments of interest and sinking funds for the time being payable in respect of the said electricity loans; and, secondly, as to the balance thereof, towards payment of the interest and sinking funds payable in respect of the other loans enumerated in the said Schedules to the Wanganui City Council Special Rate Empowering and Enabling Act 1924 [Repealed]: And whereas doubts have arisen as to whether such instalments of purchase-money and interest or portions thereof have been properly applied: And whereas it is expedient that the acts of the Corporation in so paying or applying the said instalments and interest should be validated, and that the Corporation should be authorized and empowered to pay or apply all future payments of such purchase-money and the interest thereon as hereinafter provided: Be it therefore enacted as follows:—
(1) The payments by the Corporation of the interest and instalments of purchase-money received by the Corporation from the Board as aforesaid into the Tramway Account of the Corporation, and into the District Fund Account to the credit of the said Interest Account, respectively, and all payments and disbursements of such interest and instalments thereout respectively are hereby validated.
(2) Notwithstanding anything contained in the Wanganui-Rangitikei Electric-power Board Enabling Act 1924 [Repealed], the Corporation may pay the instalment of such purchase-money payable by the Board on the first day of December, nineteen hundred and thirty, and all interest hereafter payable by the Board on such purchase-money into the District Fund Account of the Corporation to the credit of the said interest account, and may pay or apply all such moneys out of the said account, first, in payment of all payments of sinking funds for the time being payable in respect of the said electricity loans, and, secondly, as to the balance (if any) of such moneys, towards payment of the sinking funds payable in respect of the other loans enumerated in the said Schedules to the Wanganui City Council Special Rate Empowering and Enabling Act 1924 [Repealed].
(3) The Corporation shall pay or apply the balance of such purchase-money payable by the Board on the first day of December, nineteen hundred and thirty-one, in or towards payment of the sinking-funds in respect of such of the said electricity loans as have not been fully repaid or any one or more thereof.
The expression “six thousand four hundred and fifty-five dollars and five cents”
was substituted, as from 10 July 1967, for the expression “three thousand two hundred and twenty-seven pounds ten shillings and sixpence”
pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).