(1) Notwithstanding anything to the contrary in any Act, any local authority which is the administering body of a recreation reserve may borrow money for the improvement and development of the reserve or the purchase of other land for addition to the reserve or for payment of the consideration for any conservation covenant, and may in its capacity as an administering body expend for those purposes money so borrowed.
(2) Notwithstanding anything to the contrary in any Act, advances by way of loan may from time to time be made out of money appropriated by Parliament, or out of money paid into the Public Account to the credit of the Trust Account pursuant to section 78 or section 82 or section 83 or section 95(7) or section 105 or section 110, to any administering body, whether a local authority or not, for the purpose of improving or developing any reserve under its control or the purchase of other land for addition to any such reserve. Every advance under this subsection shall be made upon such terms and conditions as the Minister of Finance thinks fit.
(3) Where any administering body borrows money pursuant to subsection (2) or to section 89(1), it may use any of its funds for the repayment of the money so borrowed and any interest payable thereon.
(4) Where in the opinion of the Minister there is good and sufficient reason for so doing, the Minister may postpone or remit the payment of interest or principal in respect of any money borrowed by an administering body under subsection (2).
Compare: 1953 No 69 s 80(1)–(4)
Section 90(1): amended, on 1 July 1998, by section 16(1) of the Local Government Amendment Act (No 3) 1996 (1996 No 83).