ADVANCES TO LOCAL BODIES.

Press, Volume XLVIII, Issue 14523, 27 November 1912, Page 7

ADVANCES TO LOCAL BODIES.

1 j . THE AMENDING ACT. t A DARGAVILLE PROTEST. (PRESS ASSOCIATION TELEGRAMS.) DARGAVILLE, November 26. The Borough Council applied for an Instalment of £6000 on account of a £20,000 loan already approved. Tho Advances Office - telegraphed that payment was delayed ia consequence of the Amending Act, 1912, which requires that all moneys paid after the passing of the Act he at tho late at which they wero raised, plus 2s (kl per cent, administration expenses. The Department intimated that tho Act also required a'resolution by the* local authority pledging it to pay iho increased rate. Tlie Council was called on to pass such a resolution, and the Council debentures must bo signed before tho £60_0 was advanced. The money being urgently required, for contracts in progress, the Mayor gave the undertaking asked for, but the Council passed a resolution pro- j testing against tho "unprecedented action" of the Department, and demand- j ing fulfilment of the contract entered into by it with the Department for a loan at the rate of £3 10s per cent, per annum, with sinking fund £1 0s 6d, the loan to be repayable in 30. years, and condemning the alteration of terms on which the loan was agreed to by the ratepayers.