PUBLIC LIBRARY
CONDITIONS OF LOAN
The Government Loans Board advised the Palmerston North Borough Council last evening that the library loan of £II,OOO had been agreed to subject to the following conditions: (1) That the term for which the loan is borrowed shall not exceed 20 years; (2) that the rate of interest payable in > respect of the said loan shall not exceed £5/10/per centum per annum; (3) that the council shall, before borrowing the said sum or any part thereof, make provision for the repayment thereof by establishing a sinking fund of not Jess than £3 per cent, per annum calculated on tho amount raised; (4) that no portion of interest or sinking fund shall be paid out of loan money. On the motion of Councillor W. I;. Pitzhcrbort it was decided to take a poll of tho ratepayers on tho luan proposal.
The Alayor intimated that he would call a meeting of ratepayers to place the whole of the facts before them prior to tho poll.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/MT19280522.2.7
Bibliographic details
Manawatu Times, Volume LIII, Issue 6616, 22 May 1928, Page 3
Word Count
168PUBLIC LIBRARY Manawatu Times, Volume LIII, Issue 6616, 22 May 1928, Page 3
Using This Item
Stuff Ltd is the copyright owner for the Manawatu Times. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.