LOAN SANCTIONED

King Country Chronicle, Volume XXXI, Issue 4514, 3 July 1937, Page 5

LOAN SANCTIONED

TAUMARUNUI RACECOURSE PURCHASE. POLL TO BE TAKEN. A special meeting of the Taumarunui Borough Council was held on Thursday night to. receive a letter from the Government Local Bodies Loans Board, regarding the proposal to purchase the Taumarunui racecourse property for the borough. The Government Local Bodies Loans Board wrote on June 17 that they had that day considered the Council's application for sanction to raise a loan of £2300 for the purchase of the Taumarunui racecourse property. The Board agreed to sanction the loan proposal for submission to a poll of the ratepayers, subject to the conditions set out. The conditions of the sanction were that the loan be called "The Racecourse Purchase Loan, 1937," and that the term of the loan be 25 years. On the motion of the Mayor it was decided to receive the letter and send the Board a draft of the voting paper. On the motion of the Mayor, seconded by Cr. Campbell, it was resolved that the Council, having obtained the assent of the Government Loans to Local Bodies' Board should now decide to take a poll of the ratepayers on .Wednesday, July 28, 1937, for the sanction to raise a loan of £2300 and the town clerk be authorised to prepare a ratepayers' roll. Cr. Bagley registered his vote against the motion on the ground that the purchase of the racecourse would be an unwarranted expenditure. Cr. Steadman refrained from voting as he was a guarantor of the 1 Taumarunui Racing Club.