EXTENDING DRAINAGE WORKS

Auckland Star, Volume LIX, Issue 51, 1 March 1928, Page 5

EXTENDING DRAINAGE WORKS

I/O AN OF £25,000.

DRAINAGE BOARD S DECISION.

A special meeting of tlie Auckland and Suburban Drainage Board held last nighi. for the purpose of passing a special order and resolutions, en iblina the board to borrow a further sum o? £25,000, to be designated Loan No. S, for expenditure in No. 1 account, Trust Fund.

Tlie chairman (the Mayor,- Mr. George Bilildon) said that preliminary application had already been made to the Local Government Loins Board for tlie -lecossary sanction to ruise the loan, the cliairm-in of the I oaus I'-oaxd having advised that the application -would receive due consideration upon completion of certain formalities by the Drainage Board. The engineer-secre-tary hai conferred with the Auckland manager of the Bank of New Zealand in connection with the issue of the loan, and ascertained that the bank was prepared to advance, by way of overdraft, moneys not exceeding in ths wnole the sum of £20,000, upon the security of the hypothecation of all the debentures in the loan. This would be advantageous to the board for the time being, as the expenditure in the account would comprise instalments over a period of at least 18 months. The Finance and Legal Committee recommended the board to forthwith proceed with all the necessary formalities for the authorise* tion of the loan.

This recommendation was adopted. The greater portion of the money wilt be spent on extending sewage works, the proposal being to extend pipes through portions of the Mount Eden, Mount Albert and Mount Roskill Boroughs.