SANCTIONED.

Auckland Star, Volume LXVIII, Issue 46, 24 February 1937, Page 8

SANCTIONED.

FIRE BOARD LOAN. DEFINITION OF TERMS. SITE FOR NEW STATION. Authority to borrow £30,000 for the purchase of properties in Pitt Street on which to build a new fire brigade station opposite the old one, was received this morning by the Auckland Metropolitan Fire Board from the Local Government Loans Board. A surveyor 'and 'an agent to act on the board's behalf at the Assessment Court were 10-day appointed by the board. The term of the loan will be three years, and the loan is to be repaid by annual instalments of principal of not lees than £1000. No amount payable ,as interest on the loan is to be paid ' out of loan moneys. The Losns Board also made a condition that full details of the expenditure of the loan money be furnished when application is made for & loan for the erection of the new fire station. A letter is to be sent by the Fire Board to the Secretary of the Treasury advising that the board proposes to borrow the amount from the Bank of New Zealand, and to issue one debenture for £30,000 to be hypothecated to the bank by way of security. The area to bo bought by the Fire Board totals about one and threequarter acres, with frontages on Pitt Street and Grey's Avenue. Negotiations are now in progress by the board for the purchase of several shops and houses at present on the property.