NEW RATE FOR CITY
LEVIED AS SECURITY FOR CONVERSION SCHEME It will be necessary for the Christchurch City Council to levy a special rate as security for its conversion loan interest, sinking fund and sundry charges. This was reported by the by-laws, finance and departmental committee at a meeting of the council last evening". The rate will amount to a fraction more than l',d in the pound on the unimproved value of all rateable property within the city. The council last evening adopted a resolution to levy the rate. It is said to be unlikely that the whole of the rate will ever be collected, as part of the indebtedness is that of the Municipal Electricity Department, Abbatoir and Workers' Dwellings loans, for which no rate has ever been levied. The conversion scheme does not take effect until March 31, 1935.
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Bibliographic details
Press, Volume LXX, Issue 21314, 6 November 1934, Page 10
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141NEW RATE FOR CITY Press, Volume LXX, Issue 21314, 6 November 1934, Page 10
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