WAIMAIRI WATER WORKS LOAN

Press, Volume XCIII, Issue 28001, 22 June 1956, Page 10

WAIMAIRI WATER WORKS LOAN

RATEPAYERS ASKED TO BUY DEBENTURES

Waimairi County Councillors, who feel that the council is not receiving a fair share of the loan market, last evening asked every ratepayer to buy a £2O debenture in the council’s current water supply loan, and gave a lead by promising to buy one debenture each. During May only £2440 worth of debentures was sold, said the assist-ant-county clerk (Mr G. A. Hay), in his report. But during the same period one local authority in Christchurch received £90.000 for its' loan. and. according to newspaper reports, a total of £168.240 was obtained from the sale of debentures in Christchurch Mr Hay suggested that if each rateoaver took one £2O debenture, more than £4O 000 would be raised and the water supply scheme could proceed satisfactorily. .

“At the present time the council is all too rapidly reaching the unhealthy position where the loan finance received is barely able to maintain a reasonable margin above current loan commitments.” said the chairman (Mr W. E. Cassidy). "It would indeed be a tragic episode in the history of our progressive county to be faced with the regrettable task of curtailing the high pressure water supply scheme due to the lack of the necessary finance,” he said.

The council decided to have a circular advertising the loan printed and delivered to ratepayers.