Liz Gunn reports on the LGFA – Attention all NZ Rate Payers

The LOCAL GOVERNMENT FUNDING AGENCY (LGFA) was set up under the Local Government Act 2011. No New Zealand local government agency or organization, city or regional council can borrow unless it borrows funds through the LOCAL GOVERNMENT FUNDING AGENCY (LGFA), a Limited Liability Company – and to do so, each borrower council must sign an [unscrupulous] GUARANTEE & INDEMNITY DOCUMENT putting all Ratepayers’ properties with their rates revenues up for security against the debt.

If any Local Government debt in the future becomes unsustainable, or if a council defaults on its debt, then the overseas bankers can extract what is owed, by way of extortionist rates rises from ALL ratepayers, and if they can’t pay, the bankers can sell or confiscate the ratepayers’ properties, homes, farms and anything else to recover the debt (which incidentally is growing enormously by the day and is completely out of control).