Act Repealed Latest version as at 13 October 1960 (as enacted) | 1960 No 13

Dunedin City Empowering Act 1960

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Contents

Preamble

Short Title

Council may establish Electricity Bulk Purchase Equalisation Reserve Fund

Additional powers of investment

Dunedin City Empowering Act 1960

Local Act		1960 No 13
Date of assent		13 October 1960

	Title
	Preamble
1	Short Title
2	Council may establish Electricity Bulk Purchase Equalisation Reserve Fund
3	Additional powers of investment

An Act to empower the Dunedin City Council to provide an Electricity Bulk Purchase Equalisation Reserve Fund and to invest such Fund in the debentures or stock of the Council or in the Council’s undertaking

WHEREAS it is desirable that the Dunedin City Council (hereinafter called the Council) be empowered to provide an Electricity Bulk Purchase Equalisation Reserve Fund to meet any deficiency which may from time to time arise between the amount budgeted for the purchase by the Council of bulk electricity from the New Zealand Electricity Department and the actual cost of the electricity so purchased; and to invest such Reserve Fund in manner hereinafter provided:

Be it therefore enacted by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows:

1 Short Title

This Act may be cited as the Dunedin City Empowering Act 1960.

2 Council may establish Electricity Bulk Purchase Equalisation Reserve Fund

(1)

The Council may in any year make a charge against the revenue of the electricity undertaking of the Council for the purpose of providing an Electricity Bulk Purchase Equalisation Reserve Fund.

(2)

The amount so charged shall be transferred by the Council to a separate account, and may be invested by the Council in manner provided by subsection (6) of section 140 of the Municipal Corporations Act 1954 (as amended by subsection (2) of section 2 of the Municipal Corporations Amendment Act 1957) or invested or held in manner provided by section 3 of this Act.

(3)

The money in the said Reserve Fund shall be applied from time to time as the Council shall think fit for the purpose of meeting any deficiency which may from time to time arise between the amount budgeted for the purchase by the Council of bulk electricity from the New Zealand Electricity Department and the actual cost of the electricity so purchased.

3 Additional powers of investment

Any part of the said Reserve Fund may be invested by the Council in any debentures or stock issued by the Council, or may be held in the Council’s electricity undertaking:

Provided that not more than half of the money for the time being in the said Reserve Fund shall be so invested in debentures or stock issued by the Council.

Dunedin City Empowering Act 1960