For the purpose of securing the payment of the moneys borrowed under the authority of this Act the Board may from time to time pledge or otherwise give security over all or any moneys in the Harbour Fund, excepting moneys appropriated to any special purpose.

(1) Prior to the actual raising of a loan authorized by this Act or any other Act now or hereafter passed it shall be lawful for the Board to cancel any debentures created in connection with such loan notwithstanding any dealing therewith, including any mortgage or hypothecation thereof, and may create fresh debentures in substitution therefor, with, upon, or subject to the same or any other terms or conditions:

Provided always that nothing in this section contained shall affect or prejudice the rights of the holders for the time being of such first-mentioned debentures.

(2) All prior acts of the Board which would have been valid if this section had been in force shall be deemed to be valid.

Nothing in this Act shall be deemed to limit the powers of the Board under any Act now in force.

The Board shall establish a sinking fund of one dollar per centum per annum in respect of the moneys borrowed under the authority of this Act.

The words “one dollar” were substituted, as from 10 July 1967, for the words “one pound” pursuant to section 7(2) Decimal Currency Act 1964 (1964 No 27).

Whereas the Board has loans falling due in the years nineteen hundred and twenty-eight and nineteen hundred and thirty-four, amounting in the total to one million eight hundred and sixty-seven thousand six hundred dollars: It is hereby provided that the Board when renewing any of such loans shall provide and establish a sinking fund of not less than one dollar per annum on each two hundred dollars of the amounts to be borrowed for the repayment of the said original loans.

The words “one million eight hundred and sixty-seven thousand six hundred dollars” and “one dollar per annum on each two hundred dollars” were substituted, as from 10 July 1967, for the words “nine hundred and thirty-three thousand eight hundred pounds” and “ten shillings per annum on each one hundred pounds” pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

This Act shall be deemed to be a special Act within the meaning of The Harbours Act.

Schedule

		$
Acquisition of dredging plant...................................................................		254,300
Reinstatement of North Spit Mole...................................................................		266,000
Railway connection with Victoria Wharf...................................................................		14,000
The purchase and erection of two cranes for Victoria Wharf, in the Harbour of Otago, and redecking and strengthening the said wharf in connection therewith, and for the purposes of railway construction...................................................................		45,292
The erection of a bridge for and in connection with the schoo-site to be vested in the Education Board of the district of Otago pursuant to section seventy-one of the Local Legislation Act 1928...................................................................		2,400
Shed appliances for handling goods...................................................................		0
Renewal of Birch Street Wharf...................................................................		70,000
Finishing Leith Canal...................................................................		7,416
Extension of Victoria Wharf...................................................................		25,740
New shed, Rattray Street Wharf, and cargo-handling appliances...................................................................		16,538
	Total...................................................................	$701,686

All references to dollars were substituted, as from 10 July 1967, for references to pounds pursuant to section 7(1) Decimal Currency Act 1964 (1964 No 27).

Otago Harbour Board Empowering Act 1926