LOANS APPROVED

Hauraki Plains Gazette, Volume 60, Issue 4347, 25 October 1950, Page 12

LOANS APPROVED

MACHINERY AND PLANT

RATEPAYERS TO VOTE

£30,000 FOR COROMANDEL

The Local Government Loans Board has approved of the Coromandel County Council’s application for consent to take a poll of ratepayers on certain loan proposals and information to that effect was placed before the October meeting of the council.

It was proposed by the chairman, Mr E. Deeble, seconded by Cr F. H. Purdom,

“That the necessary steps be taken to take a poll of ratepayers on the proposals on November I’B next, the proposals being a machinery and plant loan of £26,000 (Id in the £1) for a term of 10 years at £3/5/- per

cent per annum; a county buildings loan of £4700 for 20 years (.09 of Id or nine one hundredths of a Id) at £3/5/- per cent per annum.” The chairman pointed out that if the loan was carried it was not the intention to spend it all at once. The council would apply for what it could spend at any time and only paid interest on what it borrowed. Then when that was spent it would draw some more. The council was not tied down to spend any particular amount on any one item. “In view of information only re* Reived by me |oday regarding all machinery for metal it was more vital than ever, and it is in the interest of the whole county that this loan be carried,” he concluded. The resolution was carried.