Another Loan Instalment Authorised
£IO,OOO INVOLVED
COUNCIL’S ROADING SCHEME APPLICATION FOR FURTHER SUM Advice that the State Advances Corporation was prepared to find another £IO,OOO instalment of the council’s £IOO,OOO loan was received at Monday’s meeting of the Franklin County Council.
The loan moneys which are being spread over a period, will be expended cr. a roading and bridging programme ir. the county. To date, £10,500 has been made available to the council, and the new instalment will therefore raise the amount so far in hand to £20,500. The loan is for a period of 10 years on principal and interest repayment tabled for a2O years term. The balance owing at the end of .10 years is to be paid then, the interest being at the rate of 3£ per cent.
The council resolved to apply to the department for a further £9500 instalment which it was stated was required before March 31. The clerk, Mr Alan P. Day reported that a further £40,000 of the loan money would need to be authorised in the near future, and stated that application had already been made to the Loans Board for this authority.
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Bibliographic details
Franklin Times, Volume XXVIII, Issue 20, 22 February 1939, Page 5
Word Count
192Another Loan Instalment Authorised Franklin Times, Volume XXVIII, Issue 20, 22 February 1939, Page 5
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