Page 6 Advertisements Column 1

Gisborne Times, Volume LXVIII, Issue 10728, 27 October 1928, Page 6

the £15.009 set aside for this purpose out of the original loau would not be required, it would be for the finance committee to recommend what portion of. the “financial assistance” funds could be transferred to construction purposes., . The Audit Department was prepared to sanction such. a transfer, but it could not be done until legislation was introduced in the House next year. He reiterated that in regard to the sinking v fund provision* the Loans Board was in the position of being able ,to dictate - to local bodies, and, therefore, the Power Board would have to comply with their requirements. The Chairman added that he did not. anticipate .any difficulty in raising .the loan. There was more .than one source, through which the Board could raise the funds and this would require careful consideration. The A.M.P. Society, was prepared to provide the .funds on a table mortgage, and the bank had also offered to find the money on a good basis, the rate' of interest in each case being 5J per cent. The Board had no chance of raising the loan at 5\ per cent, without paying procuration fees. • The Board "could not make any definite arrangements until’ the Loans Board reached their decision. - • • The” .letter- from- - .the.-Loans„ Board \vas received. :; .

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