Hospital Board To Seek Approval Of Big Loan

Press, Volume CVIII, Issue 31663, 26 April 1968, Page 17

Hospital Board To Seek Approval Of Big Loan

Early application will be made by the North Canterbury Hospital Board to the Local Authorities Loans Board for approval to raise a major loan for the rebuilding of Christchurch Hospital.

An amount of $5,600,000 will be re-, quired for this loan, and it was decided at the board’s monthly meeting that approval be sought to raise $2.2m of this amount over the next two years. The board also decided to apply for sanction for a loan of $400,000, to be placed on the market as from July 1 in issues of $lOO,OOO and $300,000. This is to meet the

cost of current building and improvement works.

It was reported that two firms, one in Christchurch and one in Timaru, together with two larger Wellington firms, had indicated interest in underwriting. It was decided the $300,000 issue be underwritten by a Christchurch firm.

Mr H. O. Hills reported that $613,530 of a current $700,000 loan had been raised, leaving only $86,470 to be subscribed. One large organisation recently subscribed $40,000 and several private citizens had recently subscribed $lO,OOO.