WHEREAS by an Act of the General Assembly of New Zealand intitutled “The Otago Harbour Board Loans Consolidation Act, 1884” (hereinafter referred to as “the said Act”), the Otago Harbour Board was authorised to borrow and take up at interest any sum or sums of money not exceeding in the whole the sum of six hundred and ninety-nine thousand pounds, to be applied as therein mentioned: namely, a competent part thereof was to be applied in paying off and discharging all or any moneys raised under the authority of “The Otago Harbour Board Ordinance, 1874,” “The Otago Harbour Board Empowering Act, 1880,” and “The Otago Harbour Board Further Empowering Act, 1882,” and the balance, or any sum not exceeding one hundred and fifty thousand pounds, might be applied in the general improvement of the Otago Harbour:

And whereas the said Board has, in exercise of the powers conferred on it by the said Act, from time to time borrowed various sums of money, amounting in all to the sum of three hundred and ninety-three thousand eight hundred pounds, and, in order to secure the repayment thereof, has from time to time issued debentures in the form provided by “The Harbours Act, 1878,” and such debentures are still outstanding:

And whereas the said moneys so borrowed as aforesaid have been applied in manner following, that is to say: —

And whereas the said Board, having exercised the power of borrowing conferred by the said Act to the extent of three hundred and ninety-three thousand eight hundred pounds only, has still power to borrow further moneys to the extent of three hundred and five thousand two hundred pounds before reaching the limit of six hundred and ninety-nine thousand pounds fixed by the said Act: And whereas, in order to pay off and discharge the balances now remaining unpaid of the moneys borrowed under the authority of “The Otago Harbour Board Ordinance, 1874,” “The Otago Harbour Board Empowering Act, 1880,” and “The Otago Harbour Board Further Empowering Act, 1882,” it will not be necessary to borrow more than the sum of two hundred and ninety-three thousand six hundred pounds out of the said sum of three hundred and five thousand two hundred pounds which the said Board has power to borrow under the said Act: And whereas it is expedient that the said Board should be empowered to borrow the balance of the said sum of three hundred and five thousand two hundred pounds—namely, the sum of eleven thousand six hundred pounds—for the purpose of being applied in the general improvement of the Otago Harbour: