CITY COUNCIL LOAN.
INTEREST NOT TO EXCEED 5J PER CENT. The City Council decided last night to raise a loan of £12,000 to enable the council to meet its portion of the cost of erection of Orakei (Purcwa Stream) bridge. 'Che term is to be 30 years from the date of issue, and interest is not' to exceed 5 A per cent, with sinking fund at the rate of 1A per cent. The council is to proceed by way of special order to make and levy a special rate as security on the loan. The original terms of the issue, that the interest be 5J per cent, were objected to by Mr. T. Bloodworth, who pointed out that if the Government did what was expected of it, and rcduced its rates of interest, the action of the City Council in offering 51 per cent would be sharply questioned.
Mr. Bloodworth's protest wa« supported by the Mayor, and the rate of interest was fixed as "not exceeding 5J per cent." -/
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Auckland Star, Volume LXII, Issue 155, 3 July 1931, Page 3
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169CITY COUNCIL LOAN. Auckland Star, Volume LXII, Issue 155, 3 July 1931, Page 3
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