CITY FINANCES
REDUCTION OF LOAN INDEBTEDNESS Yesterday marked the first milestone in the scheme of reduction of the loan indebtedness of the Dunedin City Council, a sum of no less than £112,600 being paid off. This repayment formed the first instalment of the conversion loan of £2,214,700 which is being repaid at an average rate of £IOO,OOO a year for the next twenty-three years. No renewal loans will bo raised towards meeting these repayments, as the necessary funds will be provided by the Dunedin City Sinking Fund Commissioners, together with annual contributions by the City Council.
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Evening Star, Issue 21994, 2 April 1935, Page 12
Word Count
96CITY FINANCES Evening Star, Issue 21994, 2 April 1935, Page 12
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