LOAN REPAYMENT
BOROUGH'S £175,000 LONDON COMMITMENT BOARD’S SANCTION £151,800 AT 4 PER CENT The Local Government Loans Board has advised the Gisborne Borough Council, which met last night, that it has sanctioned the council’s application to borrow £151,800, which, with the sinking fund in hand, will repay the council’s share of the £175.000 loan maturing in London on October 15. „ , , The rate of interest was fixed at not more than 4 per cent, and the board pointed out that under the present market conditions local, bodies generally were obtaining their requirements at a maximum rate of 4 per cent, and it was not expected that any difficulty would be experienced in obtaining money at that rate. The loan was to be Known as the Sewerage and Other Miscellaneous Works Renewal Loan, 1940. The council’s share of the loan is £158,295, for £16,705 was taken over by the Poverty Bay Electric-Power Board. The 25 per cent -exchange on the council’s share on transmission to London will be more than met by £47,254 which the council will have in its sinking fund at maturity date, leaving £151,800 to be found by the council in the renewal loan.
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Bibliographic details
Gisborne Herald, Volume LXVII, Issue 20259, 29 May 1940, Page 9
Word Count
195LOAN REPAYMENT Gisborne Herald, Volume LXVII, Issue 20259, 29 May 1940, Page 9
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