WHEREAS the Otago Harbour Board (hereinafter called the Harbour Board) has carried out certain reclamation work on a portion of its endowment adjacent to Andersons Bay Road and Portobello Road in the City of Dunedin: And whereas the Harbour Board and the Dunedin District Drainage and Sewerage Board (hereinafter called the Drainage Board) have entered into an agreement in regard to the disposal of storm water from the said reclamation and from other areas included in the district of the Drainage Board: And whereas the said agreement provides for the construction by the Drainage Board of a pumping station and conduit channel for the disposal of such storm water subject to the payment by the Harbour Board to the Drainage Board of an agreed proportion of the cost of such pumping station and conduit channel: And whereas the Harbour Board desires to raise a loan of £150,000 to enable it to make such payment to the Drainage Board: