COST OF WATER WORKS
£lO,OOO LOAN RAISED DELAY SAVES YEAR’S INTEREST Reporting on his actions relative to the £lO,OOO loan for water works, the Alayor (Air. G. A. Maddison) told the Hastings Borough Council last evening that the moneys had been raised as the works were just about completed, and were within the amount authorised. ' He explained that the loan was authorised by the ratepayers on November 30th, 1927. He had refrained, during the past twelve months, from raising the loan, for the reason that he anticipated a drop in the interest rate. There was also the reason that the Council had been able to finance the expenditure from the district fund account, and thereby saved at least one year’s interest. After negotiations, the Mayor had been successful in obtaining the loan by the following means: —£1,100 was obtained privately at 5J per cent, for the full period of 36f years. The balance, £9OOO, had been secured from the Australian Alutual Provident Society, under conditions which approximated nearly as possible 5f per cent, for a period 33J years. The latter loan will be repaid by instalments of principal and interest. “I consider the terms very favourable for the Council” commented the Mayor in asking for confirmation of his actions. This was done.
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Bibliographic details
Hawke's Bay Tribune, Volume XIX, Issue 63, 1 March 1929, Page 8
Word Count
212COST OF WATER WORKS Hawke's Bay Tribune, Volume XIX, Issue 63, 1 March 1929, Page 8
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