WAIMAIRI WATER SUPPLY LOAN

Press, Volume XCV, Issue 28256, 18 April 1957, Page 7

WAIMAIRI WATER SUPPLY LOAN

Funds Insufficient To Meet Contracts Subscriptions to the Waimairi County Council’s water supply loan have not been sufficient to meet the council’s commitments. The county chairman (Mr W. E. Cassidy) told the council last evening that immediate subscriptions amounting to £20,000 were needed to meet payments for contracts in its 'high pressure water supply icheme. “Although for the year ended March 31, 1957. the council had a small credit balance in the water supply loan account, this sum is quite inadequate to meet our commitments, said the chairman.

“The council has let the contract for the Grampian road pumping station, which when completed will cost £12.000. Moreover, plans and specifications are now finalised and tenders are being called for the erection of the Auburn avenue pumping station, which is estimated to cost £12,000 also.

Delivery of Pines “In addition to these commitments. a delivery of pipes and fittings to the value of £19,000 will be arriving at the end of this month or early May,” he said. “In order to meet these payments. immediate subscriptions of £20.000 are required. Subscriptions for this amount will be received for either stock or debentures on a five, eight or 12 year term at ruling local body rates of interest,” said Mr Cassidy. The County Clerk (Mr K. MacLachlan) reported that application had been made to raise the second water supply extension loan but the Local Authorities’ i-<oans Board would not consider the application until the middle of May.