The Short Title of this Act is “The Waimakariri-Ashley Water-supply Board Loan Act, 1894.”

Subsection one of section thirty-one of “The Water-supply Act, 1891” (hereinafter referred to as “the said Act”), and sections one hundred and ninety-two to one hundred and ninety-nine, both inclusive, of “The Counties Act, 1886,” shall not apply to this Act.

The Waimakariri-Ashley Water-supply Board (hereinafter referred to as “the Board”) incorporated under the said Act shall have power from time to time to borrow or take up, at such interest and for such period as the Board may think fit, all such sums of money, not exceeding three thousand pounds, as shall be required for the purpose of paying all liabilities incurred and owing by the Board upon any account whatsoever up to the date of this Act, and of providing funds for the preliminary expenses that may be hereafter incurred in preparing for and furthering a water-supply for the Waimakariri-Ashley Water-supply District (hereinafter referred to as “the said district”).

For the purpose of paying the interest on and providing a fund for the repayment of all moneys borrowed under the provisions of this Act, the Board may, if it think fit, impose and levy a special rate on all lands in the district except such lands as may be exempted by virtue of the provisions of section thirty-one of the said Act; and all revenue derived from any source shall, after payment of necessary expenses of administration, be applied as far as necessary to the payment of the interest on any loan raised under this Act.

Any special rate struck or imposed by the Board under the authority of the said Act or of this Act may be levied in manner as may be directed by special order, which may from time to time be altered or revoked by the Board, either: (1) on a uniform scale, or (2) on a graduated scale according to the classification of lands in the district, as mentioned or provided for in the said Act. No alteration or revocation of any such special order shall be made in such manner as to prejudicially affect the security of any person from whom any moneys shall be borrowed.

Every such rate shall be deemed to be a rate made under “The Rating Act, 1882,” and may be levied, sued for, and recovered under the said last-mentioned Act.

Such special rate shall be an annually recurring rate, and shall be payable at such intervals as such special order directs, and shall be levied year by year without further proceeding by the Board, until the borrowed moneys in respect of which such special rate was made shall be paid off.

A certificate under the seal of the Board that a special rate has been duly struck or imposed, or that a special order has been duly made, shall be conclusive evidence for all purposes that all the provisions of the said Act, and of “The Counties Act, 1886,” have been complied with preliminary to the striking or imposing of such special rate, or the making of such special order; and shall also be conclusive evidence that such special rate was duly struck and imposed to the amount specified in such certificate, or that such special order was duly made in the terms set forth in such certificate, as the case may be.

Subject respectively to the special provisions of this Act and in supplement thereof, but not in supersession of any special provisions herein contained, all the powers, provisions, and enactments in the said Act and “The Counties Act, 1886,” with reference to the raising of loans, the making and levying special rates, the classification of lands, the form and issuing of debentures, and the repayment of loans, are incorporated herein, and shall be applicable to and for the purposes of this Act.

It shall be lawful for any trustee, unless expressly forbidden by the instrument, if any, expressly creating the trust, to invest any trust funds in his hands in any of the bonds, debentures, or other securities of the said Board, issued under the authority of this Act or the provisions and authority of the said Act.