Security over general revenue
199 Security over general revenue
(1) If a council or local government subsidiary defaults on an obligation secured on the general revenue of the council or local government subsidiary, the Supreme Court may, on application by the holder of the security or a trustee for holders of the security:
make one or both of the following orders:
(i) an order requiring the council or local government subsidiary to appropriate a specified portion of its revenue to the satisfaction of its obligations;
(ii) an order requiring the council to raise a specified amount by way of rates and directing that the amount raised be applied towards satisfaction of the council's or local government subsidiary's obligations; and
give incidental or ancillary directions.
(2) The rights conferred by subsection (1) are in addition to other rights (if any) conferred by the security.
This Act’s bill:Explanatory statementSecond reading speech
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