Some local authorities’ loans illegal?
PA Wellington Some local authorities are in danger of raising loans illegally, according to the Auditor-General, Mr Brian Tyler. While the minimum figure that required Loans Board approval had been progressively increased, local authorities must still give public notice of their intention to raise loans, said Mr Tyler. “Some are apparently not aware of this requirement.”
The only exception was the raising of a new loan to refinance an existing loan, he said. Public notice allows ratepayers to decide whether to demand a poll for a proposed loan. If public notice is not given, councillors are each liable for a fine of up to $2OO.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19870723.2.33.2
Bibliographic details
Press, 23 July 1987, Page 4
Word Count
110Some local authorities’ loans illegal? Press, 23 July 1987, Page 4
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.