Storm-Water Loan Approved

Northern Advocate, 13 June 1939, Page 7

Storm-Water Loan Approved

Advice that the Local Government Loans Board has sanctioned the Whangar ei Borough Council’s stormwater drainage loan of £33,630 has been received by the council.

It is understood that the scheme formulated by the borough engineer, Mr I. A, Cromie, was subjected to exhaustive investigation by the Public Works Department and, as a result, was recommended for approval. The scheme has now to be submitted to the ratepayers, and it is thought that a poll on the question will be taken on either July 19 or July 26. In this connection a special meeting of the council is to be held next Friday ‘at 10 a.m.

The council proposes to expend the loan money for installing stormwater j drainage, carrying out modifications to the sanitary sewerage system and flood protection works; the construction of new bridges 'and approaches; and the acquisition of the necessary land, and meeting costs of surveys end fencing. The term of the loan will be for 20 years at i} per cent. With the scheme approved by the Loans Board, the council is now in a position to place something substantial before the ratepayers, and the question of calling a public meeting is to be discussed at the special council meeting. At the public meeting, the full details of the loan proposals would be explained. Special Rate. The proposed security for the loan is to be provided by a special rate of 9-10 din the £ on the unimproved value of all rateable property in the borough. Prevision is made for a sinking fund of not less than 3A per cent. The proposal is to pay out of the loan such costs, chai’ges and expenses as the council may determine which have been actually incurred in connection with such loan, but not the interest and sinking fund charges for the first'year.