CITY SINKING FUNDS.
CASE FOR SUPREME COURT. For a considerable time past there have been arguments as to whether the Wellington City Council's Sinking Fund Commissioners would be justified in investing the city's funds which they administer in City Council debentures. Those opposed to the suggestion say it would be against the spirit of sinking fund security to invest the council's sinking funds in its own debentures, but against this it is urged that no better security than Wellington City . Council debentures could be obtained for them — and that to invest them in this form of security would do away with the risks that are run under the present practice of lending them to approved private borrowers. Some doubt has been expressed, however, as to whether the council has a legal right, to invest its own funds in its own securities, and it is the intention of the municipal authorities to issue an originating summons, in order that the point may be settled by the Supreme Court.
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https://paperspast.natlib.govt.nz/newspapers/EP19091019.2.101
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Evening Post, Volume LXXVIII, Issue 95, 19 October 1909, Page 8
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167CITY SINKING FUNDS. Evening Post, Volume LXXVIII, Issue 95, 19 October 1909, Page 8
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