ROADING LOAN
TERMS OUTLINED TO CITY COUNCIL
Terms and conditions of the £500,000 roadjng loan sanctioned by the Local Government Loans Board for the City Council were received by the council last evening. The board agreed to recommend the issue of an Order-in-Council for £lOO,OOO only in the first instance, holding that that amount should meet the council’s capital requirements for the next 12 months. The loan, carrying interest at a maximum rate of 4 per cent., is to be redeemed over 10 years. The council agreed to ask the City Engineer (Mr E. Somers) to expedite the securing of plant for the .carrying out of the reading programme.
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Bibliographic details
Press, Volume XCI, Issue 27679, 8 June 1955, Page 9
Word Count
109ROADING LOAN Press, Volume XCI, Issue 27679, 8 June 1955, Page 9
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