Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 


LGFA’S great start good news for ratepayers, says LGNZ

MEDIA RELEASE

LGFA’S great start good news for ratepayers, says LGNZ

16 FEBRUARY 2012

Local Government New Zealand (LGNZ) says the success of yesterday’s Local Government Funding Agency’s (LGFA) bonds issue is good news for many ratepayers.

“The 18 councils that own 80 percent of the Agency will be able to borrow money at cheaper rates, which means there will be less pressure on council rates,” said LGNZ President, Lawrence Yule.

The LGFA bonds issued yesterday had an overbid rate of 4.4 – $1.32 billion was bid on $300 million worth of bonds.

“This huge financial buy in to the future of local government is a vote of confidence in our sector, “Mr Yule said.

“Also, the positive response from investors highlights how local government plays a pivotal role in supporting the Government’s economic growth agenda.”

The LGFA, which came into being on 1 December, is also 20 per cent owned by the Government and the cheaper financing is possible because, among other reasons, offshore borrowing for use by councils has been allowed for the first time.


ENDS


Notes to editors

1. The LGFA’s primary purpose is to provide more efficient funding costs and diversified funding sources (including foreign currency) for New Zealand local authorities

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Flyover Over: NZTA Not Appealing Flyover Decision

The NZ Transport Agency has decided not to appeal the High Court’s Basin Bridge decision, and says the High Court’s findings provide valuable clarity to help guide the development of future infrastructure projects throughout the country. More>>

ALSO:

Developing Crown Land: Government, Auckland Iwi Reach Agreement

The government has reached agreement with Ngati Whatua and other Auckland iwi over developing 500 hectares of excess land in Auckland for private housing which had been under High Court challenge. More>>

ALSO:

Gordon Campbell: On Maurice Williamson

Maurice Williamson seems to have been granted an annual licence to embarrass the National Party, and its that time of year again. Also as per usual, Williamson’s recent exercise in sexism and homophobia has passed by with barely a murmur from his leader. More>>

ALSO:

Green Climate Plan: Shaw Launches 40% Emission Cut Target

Green Party co-leader James Shaw has announced an emissions target initiative for 40% reduction by 2030. He said agriculture has to long been used as a reason for inaction, a roadblock to action... He proposed a tax of 8 cents per kilo of milk. More>>

ALSO:


Images & Video: Four Alternative Flags For Referendum

Flag Consideration Panel chair, Professor John Burrows, said the Panel’s decision had been guided first and foremost by the results of its engagement programme across a range of communities where thousands of Kiwis shared what was special about New Zealand, as well as the Panel’s own selection criteria. More>>

ALSO:

Transport Report: LGNZ Calls For Proactive Approach To Mobilise Regions

LGNZ has today released Mobilising the Regions, its major transport study, which highlights the economic and social impact of strategic transport decisions nationally and in the regions, and the direct link between regional development, national prosperity, social well-being and cohesiveness. More>>

ALSO:

Transport: New Rules Bring Double-Deckers To Our Cities

New rules that allow buses, including double-deckers, to carry more people will ramp up the public transport offering in our cities, Transport Minister Simon Bridges and Associate Transport Minister Craig Foss say. More>>

ALSO:

Cycling:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news