BOROUGH LOANS

Manawatu Standard, Volume XLV, Issue 217, 18 August 1925, Page 11

BOROUGH LOANS

STATEMENT OF ACCOUNTS. Tlie following report was presented at the meeting of the Borough Council last night by tho town clerk (Air J. R. Hardie) concerning the present position of current loan accounts: Sewerage loan of £23,000: Portion amounting to £20,950 has already been raised, of which a sum of £20,930 10s lOd has been expended, leaving ail amount of £2050 yet to he raised. 1 suggest that authority he given for the raising of the latter amount on t.ho best terms possible, the money being required in connection with work already in hand. Stormwater drainage loan of £10,000: A sum of £BISO has already been raised, leaving a balance of £IBSO yet to raise. I also suggest that authority be now given authorising the raising of tho latter sum. Roading loans totalling £80,000: With reference to these loans, I have to say that portions have been raised from'time to time, totalling £03.000, leaving £17,000 unraised. Since April Ist, 1925. an amount of £3019 has been expended in carrying out the road works already scheduled. This sum has been advanced by general account, and will he credited to that account when a further portion of the above-mentioned loans has been raised. The Alayor informs me that the Public Trustee is prepared to lend the council tho sum of £IO,OOO sufficient to meet commitments for the current year. T, therefore, ask that the council authorise m© to proceed with the raising of this sum. Cemetery loan of £6500: The total amount of this loan has been raised with the Public Trustee, of which a sum of £2154 10s lid has been expended up to 31st July last, such sum including the purchase of tho land on James’ line. Hokowhitu sewerage loan ot £12,000: The total amount of this loan, with the exception of £2OOO, has already been lifted, and the account shows a credit as on Ist August, 1925, of £2408 6s Bd. Debentures to the value of £2OOO have yet to be handed to tho Union Bank. When the present existing credit has been expended, the balance of the loan will be lifted. With regard to the raising of the 10 per cent, in respect of this loan, tho local manager of the Union Bank informs me that he anticipates no difficulty in finding the additional sum for the council. Current year’s rates: I nave* pleasure in stating that, although the rate demands were only sent out during the first week in July, the sum of £10,280 6s od was actually collected up to Saturday, August 15th. The report was adopted and the suggestions advanced approved by the council.