OPIHI FLOOD DAMAGE LOAN
£lOO DEBENTURES NOW ON SALE (From Our Own Reporter) TIMARU, March 10. The South Canterbury Catchment Board is offering for public sale £lOO debentures in the Opihi flood damage restoration loan. The total amount of the loan is £21,500, of which £13.000 has already been raised. Authority for the sale of debentures was granted by the Local Government Loass Board a year ago. and a rate of interest of 31 per cent, was approved. Later this was increased to 4 per cent., at which figure it still stands. The money represents the local share of the £85.000 works carried out in the Opihi river since in April, 1951. The debentures will mature between 1964 and 1967 inclusive. The authority for the raising of such loans is granted by the Minister of Internal Affairs, under the Local Bodies Finance Act, 1922.
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Bibliographic details
Press, Volume LXXXIX, Issue 26986, 11 March 1953, Page 10
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144OPIHI FLOOD DAMAGE LOAN Press, Volume LXXXIX, Issue 26986, 11 March 1953, Page 10
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