HOKITIKA HARBOUR BOARD.

Nelson Evening Mail, Volume XLVI, Issue XLVI, 26 January 1911, Page 5

HOKITIKA HARBOUR BOARD.

THE LOAN PROPOSAL.(TJiTiTsn Press Association.} HOKITIKA, Wednesday. A special meeting- of the Hokit-ika Harbour Board was held, to-night to consider tlie'loan proposal in connection with the improvement of the 1 harbour. It was resolved that a fresh poll (the previous one had been carried}-of the ratepayers in th;e Hokitika, Harbour district be t-akea'in'connection with the loan of JLi2S,CCO, arid that when -necessary application be made under the New Zealand State Guaranteed Advances Loan Act ,1909, for the required amount. This providing the loan is sanctioned by the Government, will enable, the Board to procure the amount of the loan at per and > sinking fund ~whereas, as the'money had beer, raised prior to recent legislation which empowers local bodies to borrow from the Government, the Board woulri not have secured the money for less than 6 per eent in the way of. interest and re-duction'-'of-the'principal. The-rating required: as security for the loan will be substantially reduced as a result of the Board's' decision,' in view of which, it w.as- resolved to return the tenders and deposits recently received in connection with the contract. •■''