PAREMATA BRIDGE

Evening Post, Volume CXVI, Issue 147, 19 December 1933, Page 12

PAREMATA BRIDGE

LOAN SANCTIONED

POLL OVER WHOLE COUNTY

LOANS BOARD'S TERMS

The following letter from the Local Government Loans Board, received by tho Hutt County Council, has been made available for publication:— The County Clerk, Hutt County Council, Wellington— By direction of the Local Government Loans Board and pursuant to section 6 (2) of tho Local Government Loans Board Act, 1926, I hereby notify you that, at a meeting held on November 29, 1933, tho Loans Board sanctioned that the borrowing by the Hutt County Council of the sum of £11,000 in respect of a loan ,to be known as Paremata bridge and road loan, 1933, for the purpose of: (1) Constructing a two-way hardwood traffic bridge over t-he Porirua Harbour near Paremata and erecting a toll-keeper's house and toll-gate in connection therewith; (2) paying 'costs of land survey, engineering, legislation, advertising, fencing, etc., in respect of tho necessary access road from the proposed bridge site to Plimmerton township; (3) meeting preliminary expenses in connection with tho proposed work, subject to the following conditions: (1) that the said loan shall bo subject to authorisation by a poll of the ratepayers over the whole county, and shall be secured by a special rate to be made and levied over the whole county; (2) that the term for which the said loan is borrowed shall not exceed thirty (30) years; (3) that the rate of interest payable in respect of the said loan shall not exceed four pounds five shillings (£4 ss) per cent.; (4J that the local authority shall, before borrowing tho said sum or any part thereof, make provision for the repayment thereof by establishing a sinking fund of not less than one pound fifteen shillings (£1 15s) per cent, per annum, calculated on the amount to be raised; (55 that no portion of interest or sinking fund shall be paid out of loan money; (6) that the rate payable for brokerage, underwriting, and procuration fees in respect of the raising of the said loan or any part thereof shall not, in the aggregate, exceed | per cent, of any amount raised; (7) that payment of interest and repayment of principal in respect of the said loan shall be made in New Zealand; (8) that the loan is not to be raised or the works commenced until plans and specifications have been approved by the Public Works Department; (9) that the loea.l authority shall insert the following clause in the advertisement required under section 10 of the Local Bodies' Loans Act, 1926, and in the voting paper:—"That Local Government Loans Board draws tho attention of the ratepayers to tho fact that in its opinion the raising of this loan will result in increased rating for at least two years to meet interest and sinking fund charges on the loan."—(Signed). H. H. Park, Chairman, Local Government Loans Board. The matter is now in flic hands of a sub-committee of the Hutt County Council, which will report to tho next meeting of tho council.