MUNICIPAL FINANCE

Evening Star, Issue 26038, 28 February 1947, Page 9

MUNICIPAL FINANCE

LOAN AUTHORISATIONS

The Finance Committee of the: City Council reports that the city treasurer has submitted a statement of the council’s loan authorisations, showing the amount expended to date and the balance available. The loan expenditure for the current financial year will be approximately as follows:—Public Works 10an,.'1938, £12,000 j electricity loan, 1940, £27,000; Mahinerangi Dam construction loan, 1943, £25,000; housing loan, 1945, £8,000; electricity loan, 1946, £14,000. Authority has therefore been granted to raise '■ the following loan instalments:—Public Works loan, 1938, £IO,OOO for. 15 years at 3 per cent.; electricity loan, 1940 (balance), £27,000 for 15 years at 3 per cent.; Mahinerangi Dam construction loan, 1943, £23,000' for 30 years at 3-', per cent. With respect to the 1945 housing loan, this will be financed in the meantime by the general account, - and a loan for the full amount raised in due course on a table basis. The expenditure from the 1946 electricity loan does not warrant the issue of a "loan instalment, and finance will be arranged interdepartmentally in the meantime. . The city treasurer reports that £71,400 of"the onversion loan sixth repayment loan of £85.000 has been taken up for three years at 3 per cent, by the existing holders, and the balance has also been allotted to existing holders desirous of increasing their holdings. ' ■