FIRST LOAN PROPOSAL

Grey River Argus, 22 September 1932, Page 10

FIRST LOAN PROPOSAL

At a meeting of the Board on December 18th, 1923, (when there were present Messrs 11. F. Doogan (chairman), G. E. Perkins, A. Robinson, H. G. Carter, D. Baybutt, D. Tennent, J. Taylor, and F. E. Cooke), a motion, moved by the chairman and seconded by Mr Robinson, was carried as follows: — “That a poll of ratepayers of the district be taken upon the proposal to raise a loan of £BO,OOO for the development of electric power within the district; such loan to be repayable in 25 years and secured by a special rate of 1 l-40d in the £ on the rateable value (on the basis of capital value) of all rateable property within the district, to cover the interest at 5} per cent per annum, on a sinking fund of 2 per cent per annum, thereon; the preliminary expenses in connection with the scheme for which the loan is required, the cost of raising the loan, and the interest and the sinking fund for the first year to be paid out of the loan.” It was decided that the poll be taken on January 23, 1924.