LOAN OF £100,000 FOR POWER IMPROVEMENT

Gisborne Herald, Volume LXXVII, Issue 23218, 1 April 1950, Page 4

LOAN OF £IOO,OOO FOR POWER IMPROVEMENT

A noiice of motion to apply for a loan of £IOO,OOO to provide additional moneys for the purpose of extending and improving the reticulation in districts in the Cook County, the Pahutahi town district, the Waikohu County, the Te Karaka town district, and the Gisborne Borough, and for purchasing equipment was adopted at the meeting of the P.B. Electric-Power Board yesterday.

The notice of motion, tabled by the chairman, Mr. F. R. Ball, was in pursuance of the powers vested in the board by Section 15 of the Finance Act and by the Electric-Power Boards’ Act and amendments.

The board resolved by way of special order as follows:

“That for the purpose of obtaining additional moneys for the purpose of extending, adding to, and improving the reticulation in the constituent districts of the Cook County (including the Patutahi town district), the Waikohu County (including the Te Karaka town district), and the Gisborne Borough, and for _ purchasing equpiment, plant, tools, instruments, motor vehicles, land and construction of buildings, the P.B. Electric-Power Board hereby authorises the raising of a loan of £IOO,OOO at an interest rate of £3 5s per centum per annum for a period of 25 years, the said loan or any part thereof to be repaid by equal half-yearly instalments of principal extending over the term of the loan.”