This Act may be cited as the Whangarei Harbour Board Empowering Act 1963.

In this Act, unless the context otherwise requires, the term “the Board” means the Whangarei Harbour Board.

This Act shall be deemed to be a special Act within the meaning of the Harbours Act 1950 and the Local Authorities Loans Act 1956.

It shall be lawful for the Board from time to time, as it may require, to borrow, subject to the provisions of the Harbours Act 1950 and the Local Authorities Loans Act 1956, the total sum of nine hundred and seventy-four thousand four hundred pounds (in addition to any money heretofore authorised to be borrowed by the Board under or by virtue of any other Act) and the said sum of nine hundred and seventy-four thousand four hundred pounds, together with the sum of one hundred and thirty-nine thousand six hundred pounds, being part of the amount of two hundred and five thousand pounds specified in item (7) of paragraph (a) of the First Schedule to the Whangarei Harbour Board Vesting and Empowering Act 1961 as contingencies relating to the establishment of an oil refinery at Marsden Point, Whangarei, may be applied by the Board in meeting additional expenditure involved in the carrying out of the purposes appearing in the Schedule to this Act.

The Board may make as security for the money authorised to be borrowed by this Act a special rate or special rates not exceeding in all one and three-quarters pence in the pound (unimproved value) in the year on all rateable property in the Whangarei Harbour District.

The Board shall in each year cause an estimate to be prepared, in such manner and according to such principle and method as the Board approves, of the anticipated revenue of the year (exclusive of any rate to be levied under this Act or any previous Act), and the anticipated expenditure of the year (including the annual payment or payments to be made, including interest, in respect of all money borrowed by the Board under the authority of this Act or any previous Act, but exclusive of capital expenditure on any loan account), and shall upon such estimate determine the deficiency of such revenue to meet expenditure.

Any credit or debit balance of the Board’s General Account at the close of each year shall be carried forward to the account of the next succeeding year for the purpose of the estimate of such succeeding year and the determination of the deficiency of the revenue of such succeeding year to meet the expenditure thereof.

The Board may in each year, in accordance with the Harbours Act 1950, levy or direct the levy of such part of the said special rate as is sufficient to provide for the deficiency:

Provided that, if the deficiency exceeds the amount of the annual charges for that year in respect of the money borrowed under this Act, the Board may levy or direct the levy of such part only of the said special rate as is sufficient to provide for those annual charges.

The Board may, for the purposes of the levy or of such direction and levy, adopt some convenient fraction of a penny notwithstanding that the sum produced thereby may exceed the deficiency.