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Local Government Borrowing Act 2011

Preliminary provisions

3: Purpose

You could also call this:

"This law helps the New Zealand Local Government Funding Agency work properly by changing and adding rules."

Illustration for Local Government Borrowing Act 2011

The purpose of this Act is to help the New Zealand Local Government Funding Agency Limited work properly. This Act does a few things to make this happen. It changes some rules that would normally apply to the Funding Agency, so it can operate more easily.

This Act also applies some rules to the Funding Agency that would not normally apply to it. You will see that it lets local authorities work with the Funding Agency in ways they could not before. It also tells local authorities what they must do in certain situations, which they would not normally have to do.

The Act is meant to make it easier for the Funding Agency to do its job, by changing some rules and adding new ones. It helps local authorities work with the Funding Agency too. This is how the Act helps the New Zealand Local Government Funding Agency Limited work smoothly.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM3620711.

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Government and voting > Local councilsMoney and consumer rights > Banking and loans
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2: Commencement, or

"When the Funding Agency is registered, this law starts the next day."

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4: Interpretation, or

"What special words mean in this law"

3Purpose

  1. The purpose of this Act is to facilitate the operation of the New Zealand Local Government Funding Agency Limited.

  2. To this end, this Act—

  3. exempts the Funding Agency from certain regulatory or taxation criteria that would otherwise apply to it; and
    1. applies certain regulatory or taxation criteria to the Funding Agency that would otherwise not apply to it; and
      1. authorises local authorities to deal with the Funding Agency in a manner in which they would otherwise not be authorised to do so; and
        1. authorises or requires local authorities, in certain situations, to act in a manner in which they would otherwise not be authorised or required to act.