SEWERAGE LOANS

Grey River Argus, 14 March 1940, Page 12

SEWERAGE LOANS

RESOLUTION OF COUNCIL. - The Deputy-Mayor (Cr. H. Herring) presided at a. special meeting of the Greymouth Borough Council last evening there being also present Crs. J. B. Kent, J. Saunders, C. Neville, F. F. Boustridge, and R. J. Williams. The following resolutions relating to the Sewerage and Sewerage Advance Loans, were carried on the motion of Crs. Boustridge and Saunders: — Balance Sewerage Loan, £27,000. — Authorising the Council to borrow £27,000 fro mthe National Mutual Life Association of Australasia, Limited, for 25 years at 41 per cent, repayable by 50 equal half-yearly instalments of £BBl/19/2 each, the loan to be secured by issue of 50 debentures payable to bearer for £BBlyT9/2 each; striking a special security rate of 1.52417 th of a penny m the £ on the unimproved value of all' rateable property in the Borough of Greymouth (exclusive of ihe rateable property in the Cobden area of the said borough) ; appropriating and pledging the above as security for loan; approvin'; of Draft Debenture and Deed oi Covenant and authorising the Mayor and Town Clerk to execute same on behalf of the Council; authorising the Mayor and Town Clerk to verify copy of resolutions.

Part Sewerage Advances Loan, £9,000. —Authorising the Council to proceed to borrow £2.600 for ten •years, at. 41 oer cent: the loan to be secured by 26 debentures of £lOO each, and relative coupons, such debentures being payable to bearer on the first day of March. 1950; striking a special rate of .286443 of a penny in the £ on the unimproved value of all rateable property in the Borough of Greymout.h (exclusive of rateable property in the Cobden area of the said Borough); appropriating and pledging above rate as security for loan; approving of Draft Debenture and authorising the Mayor and Town Clerk to execute same on behalf of the Council; authorising creation of Sinking Fund and the appointment of Sinking-Fund Commissioner; and 'authorising the Mayor and Town Clerk to verify copy of resolutions.