KAIAPOI BOROUGH COUNCIL.

Lyttelton Times, Volume LXX, Issue 8623, 26 October 1888, Page 2

KAIAPOI BOROUGH COUNCIL.

THE .£2OOO LOAN. A special meeting of this body was held on Wednesdayattlie Borough otikes for the purpose of passing certain formal resolutions, necessary for completing the loan from the Government Life Insurance Department; present—The Mayor and Councillors Blakeley, Feldwick, Stanton, Doubleday, and Fraser. The Council then passed the following resolutions: —“ (1) That this Council decide to make the whole loan of .£2OOO re-payable in twenty years, with a Sinking Fund of .£65 per annum. (2) That this Council appropriate part of the Borough funds or part of special rate to provide a Sinking Fund at 2265 per annum. (3) “That this Council appoints the Public Trustee Commissioner of such fund, to whom it shall be paid half-yearly/' His Worship then said the next business was to consider a letter which he read from Mr W. H. Spackman, saying he had received notice of appeal against the late decision in the Council’s action against the National Mortgage and Agency Company. On the motion of Councillor Fraser, seconded by Councillor Feldwick, it was resolved —“ That the matter bo left in the hands of the Mayor and the Finance Committee, with power to act.” The remaining business of the meeting consisted of the confirmation of a special resolution, formerly passed, amending the loan rate from 4£d to 5d in the £. The meeting then adjourned.