CITY LOANS

Evening Post, Volume CXV, Issue 10, 13 January 1933, Page 12

CITY LOANS

TOTAL NEARLY £200,000

AUTHORITY GRANTED

Orders in Council consenting to the raising of, three loans by the "Wellington City Council are issued in this week's gazette. The largest is £100,000, to be known as the Wellington City (part Melrose district) Drainage Loan 1908 Eenewal Ldan, 1933, and its purpose is to redeem an outstanding liability maturing on Ist May next. The term is for 15 years, with the interest not more than 5i per cent., and with a sinking fund payment of 1 per cent, per annum. The purpose of the Milk Supply Loan, 1933, for which authority is also given, and which totals £44,500, is to recoup capital expenditure on the city milk supply undertaking at present advanced on bank overdraft (£20,000), and the redeeming of the outstanding liability of £24,500 in respect of a loan of £28,000 maturing on 31st March next. The term is five years at 5 per cent, with sinking fund payments at the rate of £2 2s per annum. It is laid down that the council shall not pay more than one-half per cent, in brokerage, and that the proceeds of the sale of the milk station premises in Dixon street shall.be applied as follows:— (1) Not more than £18,370 to the repayment of the overdraft of the City Milk Department which may be owing; and (2) the balance.to be applied in the redemption of this loan or of the New Milk Station Loan, 1930, of £30,000, or.to be paid into the sinking fund of either of these loans. Another loan of £46,900 is styled the Overdraft and Sundry Works Loan 1898 Repayment Loan"" 1908 Repayment Loan, 1933. The amount matures on 30th June. The term.of the loan' is for 10 years, with interest at 5 per cent., and with sinking fund payment of 1 per cent, for the first three years, and 2 per cent, for the remaining, 7 years. " '