CITY COUNCIL LOAN.
DISAGREEMENT WITH BOARD. QUESTION OF THE TERM. (From Our Correspondent.) CHRISTCHURCH, Wednesday. The 12-year term stipulated by the Local Government Loans Board in sanctioning the Christchurch City Council's application to raise a £150,000 roading loan does not meet with the approval of the finance committee of the council. After considering the position the committee decided to apply again to the board asking for an extension of the term of the loan to at least 15 years. If the board refuses to extend the term of the loan, whicih, under the present conditions fixed by the board, would mean an addition to the city's general rate of approximately gd in the £1, the council will be presented with a big problem and it is likely that in such circumstances the loan proposal would be dropped. There is a sharp division of opinion among some councillors on the procedure to be adopted if an extension of the term is declined. Several favour on with the poll of ratepayers on the terms as they are at present, while others maintain that to present such a •proposal to the ratepayers would mean a waste of the money required to conduct the poll.
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https://paperspast.natlib.govt.nz/newspapers/AS19390330.2.216
Bibliographic details
Auckland Star, Volume LXX, Issue 75, 30 March 1939, Page 27
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201CITY COUNCIL LOAN. Auckland Star, Volume LXX, Issue 75, 30 March 1939, Page 27
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