You can borrow money in a currency other than New Zealand dollars. This means a water organisation can get a loan in another country's money. They can do this in New Zealand or in another country.
You are allowed to do this even if it seems to go against what is said in section 113 of the LGA 2002. This rule still applies to water organisations that want to borrow money in a foreign currency. They can make arrangements to do this, even if it is not in New Zealand dollars.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS1004408.
A water organisation may borrow or enter into incidental arrangements within or outside New Zealand in currency other than New Zealand currency.
Subsection (1) applies despite section 113 of the LGA 2002.
