CITY LOANS
AUTHORITY TO RAISE
/ DEVELOPMENT WORKS
Notice is given in the current issue of the Gazette of the authority granted the City Council to raise . loan moneys. In each case the rate of interest is fixed at 3£ per cent., but the sinking fund rate varies.
To meet commitments in regard to street widening £25,000 is to be borrowed; the sinking fund is to be 1J per cent. Ten per cent, additional (£6000) is to be borrowed in respect of the new library loan of £60,000, the sinking fund rate being again li per cent.
In 1935 a stormwater drainage and street works loan of £100,000 was authorised by public poll. The amount was allocated as follows: Kent Terrace and Adelaide Road culvert, £50,000; stormwater drainage at Hataitai and Kilbirnie, £13,000; and various street works, .£37,000. Ten per cent, additional (£3700) upon the last section is to' be raised. In .view of the different class of work, requiring the more rapid extinction of the loan indebtedness, the sinking fund rate is higher, 8£ per cent.
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https://paperspast.natlib.govt.nz/newspapers/EP19370910.2.90
Bibliographic details
Evening Post, Volume CXXIV, Issue 62, 10 September 1937, Page 10
Word Count
176CITY LOANS Evening Post, Volume CXXIV, Issue 62, 10 September 1937, Page 10
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