This Act may be cited as the Whangarei Harbour Board Empowering Act 1925.

This Act shall be deemed to be a special Act within the meaning of the Harbours Act 1923, which is accordingly incorporated herewith, and shall be read and construed along with the Whangarei Harbour Act 1907.

The Whangarei Harbour Board (hereinafter called the Board) shall have power and authority from time to time to borrow, subject to the provisions of the Harbours Act 1923, and this Act, in addition to any sum or sums it is by any other Act in force authorized to borrow, any sum or sums of money not exceeding in the whole £100,000, to be applied in or about the construction and carrying-out of the works mentioned in section 3 of the Whangarei Harbour Board Empowering Act 1914, and also the costs and expenses of and incidental to this Act or incurred in connection with the raising of any money so borrowed, and the first year's interest and sinking fund on any amount so from time to time raised or borrowed for the construction of the works aforesaid.

The Board shall not borrow any money under the authority of this Act except with the consent of the electors of the Whangarei Harbour District as defined in the Whangarei Harbour Act 1907, and to be ascertained in manner prescribed by the Local Bodies' Loans Act 1913.

No money shall be borrowed under the authority of this Act which shall produce to the lender a higher rate of interest than 6 per centum per annum.

For the purpose of providing the annual charges upon moneys to be borrowed under the authority of this Act the Board shall have the power to make and levy a special rate upon all rateable property in the harbour district as defined in the Whangarei Harbour Act 1907, in manner provided by law and in accordance with the provisions of the Rating Act 1908, and its amendments.

The special rate to be levied under the authority of this Act shall not exceed sixth-tenths of a cent in the dollar upon the unimproved value of all rateable property in the said harbour district.

The provisions of the Whangarei Harbour Act 1907, the Whangarei Harbour Board Empowering Act 1914, and the Whangarei Harbour Board Vesting and Empowering Act 1919, except where hereby negatived or inconsistent with the terms of this Act, are hereby incorporated in this Act and shall be deemed to form part hereof.

For the purpose of providing a sinking fund for the liquidation of the loan authorized by this Act the Board shall pay to the Commissioners appointed under section 115 of the Harbours Act 1923, in every year a sum equal to 1 per centum on the moneys borrowed or so much thereof as is for the time being outstanding.