Pursuant to section 160(3) of the Crown Entities Act
2004, I, Jane Meares, Treasury Solicitor, hereby give
notice that on 7 October 2008, The Honourable Dr Michael Cullen, Minister of Finance, and The Honourable Chris Carter, Minister of Education, gave approval under section 160(1)(b) of the Crown Entities Act 2004, in relation
to section 162 of that Act, for Wellington Girls’ College
Board of Trustees to enter into debt servicing obligations (for interest and principal repayments, including finance leases for information and communications technology) of up to $400,000.00 per year until 31 December 2013, subject to the following conditions:
(a) The total cost of repaying all outstanding debt (principal and interest) in any year during the term of this approval does not exceed either:
(i) 27% of the board’s annual operations grant for that year, inclusive of the 10% restriction specified in Regulation 12(1) of the Crown Entities (Financial Powers) Regulations 2005; or
(ii) 20% of the board’s annual income from
both operations grant and net other income (excluding international students) as detailed in the revenue projections submitted to Ministers by the board;
(b) this approval replaces and revokes any existing borrowing and debt servicing approvals issued by the Ministry of Education.
Dated at Wellington this 22nd day of October 2008.
JANE MEARES, Treasury Solicitor.