£334,500 LOAN
AUTHORITY GIVEN TO > DRAINAGE BOARD ESTIMATED SAVING TO RATEPAYERS The Christchurch Drainage Board has been granted authority to raise the £234,500 redemption loan for which the board, at its meeting in September, decided to apply to the Local Government Loans Board. The Order-in-Council granting the application, published in the Gazette, provides that the term of the loan shall be not more than Hi years, and the rate of interest not more than £3 10s per cent. The loan is to be repaid by annual instalments between 1942 and 1953, and is to be known as the "Conversion Loan Repayment Loan, 1941.” A saving to the ratepayers of about £20,255 over the period was expected when the loan was discussed at the September meeting of the board. This was estimated by the chairman of the finance committee (Mr E. H. S. Hamilton) on the assumption that the rate of 3i per cent, would be adopted by the Loans Board. Proposals for a loan were discussed earlier in the year on the basis of an interest rate of £3 12s 6d, but Mr Hamilton estimated that a reduction to the rate now provided for would save the ratepayers an additional sum of more than £2OOO.
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Bibliographic details
Press, Volume LXXVII, Issue 23494, 24 November 1941, Page 6
Word Count
205
£334,500 LOAN
Press, Volume LXXVII, Issue 23494, 24 November 1941, Page 6
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