LOANS TO LOCAL BODIES.
(By Telegraph—Parliamentary Reporter.)
WELLINGTON, this day
The Government. Loans to Local Bodies Act Amendment, introduced by message from His Excellency, provides that in every case where provision is made for submitting a proposal for a loan for public works to the votes of the ratepayers of a district, or any subdivision thereof, such proposal 'shall be deemed to be carried if the number of valid votes recorded in favour of the proposal exceeds the number of valid votes recorded against the same, each ratepayer having- one vote and no more. Section 11 of the principal Act is modified by providing with respect to the debentures mentioned therein that in view of 5 per centum for a period of 25 years the following shall, at the option of the local authority, apply:—(l) 4A per cent, for a term of 30 years; (2) 4 per cent for a term of 35 years; and 3i per cent, for 44 years. Th e rate of •CI 10/ per cent, per annum as tlie basis for calculating the amount to be paid for sinking fund is reduced to £1 per cent, for 35 year debentures, and 10/ per cent, for 44 years.
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Bibliographic details
Auckland Star, Volume XXX, Issue 217, 13 September 1899, Page 3
Word Count
201LOANS TO LOCAL BODIES. Auckland Star, Volume XXX, Issue 217, 13 September 1899, Page 3
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