£50,000 LOAN

Evening Star, Issue 21131, 17 June 1932, Page 9

£50,000 LOAN

ELECTRICITY DEPARTMENT PROPOSAL CAPITAL EXPENDITURE FOR NEXT THREE YEARS That authority be granted to make application to the Loans Board fop sanction to the raising of a loan of £50,000 to cover the E.P. and L. department’s capital expenditure during the next two or three years, is a recommendation to be discussed at the next meeting of the City Council. The amount of the loan is allocated for the following items:— Extension at Halfway Bush for linking up with Waitaki, including on-load tap changing transformer, switchgear* switching tower, metering equipment,,, etc., £10,000; Completing C transmission—that is, new No. 3 line from' Munro road, Maungatua, to Silverstream crossing, North Taieri, and connecting up the two end poritions already erected, £6,000; meters, say* £3,500; reticulation, £30.500; total* £50,000. It was anticipated that the unexpended balance of the Mahinerangf - dam loan could have been utilised for the foregoing expenditure, but intimation has been received from the Loans Board that such a diversion of the Mahinerangi dam loan balance! could not legally be sanctioned..