• Preamble

  WHEREAS the Napier Harbour Board is a duly constituted Board under and by virtue of The Napier Harbour Board Act 1875: And whereas by The Napier Harbour Board Empowering and Loan Act 1884, the Napier Harbour Board was authorised to raise money for the purpose of constructing and carrying out certain harbour-works mentioned in section six thereof, and for that purpose to issue debentures for any sum not exceeding in the aggregate the sum of six hundred thousand dollars, and the Napier Harbour Board was thereby empowered to make and levy a rate upon the rateable property in the Napier Harbour Rating District by such Act constituted, the proceeds whereof should be applied towards payment of the annual charges to accrue in respect of the loan thereby raised, and to provide for a sinking fund as therein mentioned: And whereas the said Board, in pursuance of the power so vested in it, raised the sum of six hundred thousand dollars and issued debentures for the same: And whereas by The Napier Harbour Board Empowering Act 1885, the said Board was empowered to pay off the sum of one hundred and fifty thousand dollars borrowed by the said Board on the security of debentures made and given under and in pursuance of the powers contained in The Napier Harbour Board Act 1875, out of the said sum of six hundred thousand dollars borrowed under the provisions of The Napier Harbour Board Empowering and Loan Act 1884: And whereas the sum of one hundred and fifty thousand dollars has been paid by the said Board out of the said sum of six hundred thousand dollars raised by the said Board under the provisions of The Napier Harbour Board Empowering and Loan Act 1884: And whereas by The Napier Harbour Board Loan Act 1892 the Napier Harbour Board was authorised to borrow in addition to the sum authorised by any previous Act, subject to the provisions of The Harbours Act 1878, and to the provisions of the now reciting Act, any sum of money not exceeding four hundred thousand dollars at any rate of interest not exceeding six dollars per centum per annum, to be applied in and about the construction and carrying-out of the works mentioned in section five of the now reciting Act, and for that purpose to issue debentures for any sums of money not exceeding in the aggregate the sum of four hundred thousand dollars at any rate of interest not exceeding six dollars per centum per annum, and the said Board was thereby empowered to make and levy a rate upon the rateable property in the said Napier Harbour Rating District, the proceeds whereof should be applied towards payment of the annual charges to accrue in respect of the loan thereby raised, and to provide for a sinking fund as therein mentioned: And whereas the said Board, in pursuance of the powers so vested in it, has raised the said sum of four hundred thousand dollars and issued debentures for the same: And whereas the total indebtedness of the Board in respect of the loans raised under The Napier Harbour Board Empowering and Loan Act 1884, and The Napier Harbour Board Loan Act 1892, is one million dollars, without taking into account the sinking funds against such loans, amounting to over one hundred and forty thousand dollars: And whereas the growing trade and commerce of the Provincial District of Hawke's Bay requires further and better harbour and wharfage accommodation than exists at the present time, and to that end that harbour-improvement works already authorised should be completed: And whereas the said Board is desirous of providing such further and better harbour and wharfage accommodation, and of giving proper access to and from the works already constructed under The Napier Harbour Board Empowering and Loan Act 1884, and The Napier Harbour Board Loan Act 1892, or hereafter to be constructed, and of completing and constructing other works for the improvement of the Port of Napier, and in order to raise money for such purposes is desirous of borrowing four hundred thousand dollars:

  The words “six hundred thousand dollars”, “one hundred and fifty thousand dollars”, “four hundred thousand dollars”, “six dollars”, “one million dollars” and “one hundred and forty thousand dollars” were substituted, as from 10 July 1967, for the words “three hundred thousand pounds”, “seventy-five thousand pounds”, “two hundred thousand pounds”, “six pounds”, “five hundred thousand pounds” and “seventy thousand pounds” pursuant to section 7(1) and (2) Decimal Currency Act 1964 (1964 No 27).

BE IT THEREFORE ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:—