SPECIAL MEETING.

Auckland Star, Volume XVIII, Issue 273, 19 November 1887, Page 8

SPECIAL MEETING.

A special meeting of the Onehunga Borough Council was held last night for the purpose of deciding the ways and means of carrying out the Waterworks contract. Present: The Mayor (Dr. W. G. Scott), Councillors Hills, Sheldrick, Tapp, Wilson, Goldsbury, Keehan, Jackson and Hills. The notice relative to the floating of the loan was read as received from Messrs Brookfield and Sons. The remarks therein as expressed by the solicitors went to show that the securities offered by the Council were rather meagre, and suggested that the publicans' licences should be added to the general rate and profits derivable from the borough reserves, and that the period for borrowing should be specified say for five years. The period, however, they would leave to the decision of the Council. Questions were here raised and discussed as to the amount of sinking fund desirable (if any) previous to floating debentures.—The Mayor considered that the time should be a matter of consideration for the moneylenders to decide subject to the approval of the Council. — It was here explained by Cr. Jackson that the burgesses understood that the period was to bo for 21 years. The Mayor here moved, and Councillor Sheidrick seconded, that the period be specified as not to extend over more ohan 21 yearu.—Carried. Further moved by the Mayor that the notice should read, that in addition to the general races and profits from the reserves, that the fees derivable from publicans' licences be added to the security offered. Proposed by Cr. Hill and seconded by Cr. Wilson, "That the amount be increased to £6,000." The Mayor considered that as the burgesses had only sanctioned the borrowing of £5,000 it would not be advisable to ask them io confirm an increased lo&n. The motion

was then put and lost on division. It wae further moved that notice as given by the solicitors be published in the Manakau Gazette for 4 consecutive weeks. Moved by the Mayor, and seconded by Cr. Goldsbury, that the Finance Committee take such steps as may be advisable to obtain information and report to the Council, as to how the money can be obtained to carry out the works. —Carried. The Council then adjourned till Monday the 28th inst.