DUNEMN'S DRAINAGE.

Evening Star, Issue 9775, 3 August 1895, Page 2

DUNEMN'S DRAINAGE.

THE SCHEME IN *?i iAjT. s ■'*.■terWs nature has been Wdptnd by the Local Bills Committee of 'thr House of Representatives In the Dunedin Loans Conversion bill Section sof the, Abt provides tlia .« cne sinking fuud accrued shall be set free pari pasw with corrvjersion of the loan under the provisions of this Aot. Section 10 of the Act, as. originally drafted, in directing how the released sink- J ing fund is to bo applied, provide t that it shall bo paid to a separate account to reduce or extinguish the bank overdraft of the Corporation owing oh the general account; to create a fund to Be applied to or towards the completion df ah efficient system of drainage for the City of Dunedin and the expenses incident thereto; and to apply any sttrpltis after providing for the aforesaid objects to the general .purposes of the Corporation. The' Local Bills Committee propose to substitute for this:-"That' the principle of the Act of" last year should be adhered to, and with regard to any balance of sinking fund, after satisfying the purpose permitted by the Act of 1894, it ...should Jbe .apVljpd either, in the reaetnptibn of existing loans or retained as a sinking fund for conversion loans." Should this become law the effect will be that tho Corporation will simply have to borrow if they wish to carry out the proposed drainage scheme. This, 6f course, would mean a large increase in the rates. We understand that His ■Worship- left for Wellington this morning in connection with this and other matters vitally affeoting Corporation interests.