GREY LYNN IMPROVEMENTS

New Zealand Herald, Volume XLIII, Issue 13279, 11 September 1906, Page 6

GREY LYNN IMPROVEMENTS

£15,000 TO BE BURROWED.

At a special meeting of the 'Lynn Borough Council, held last night, (Mr. A. Donald Deputy-Mayor, presiding), " ie question of raising-a loan for borough improvement, was again .before the Council. The chairman" moved the confirmation of a resolution agreed upon at a recent meeting in committee fixing the amount at £15,000, and allocating the sum. m the following proportions, the individual aLoca-> turns being left in abeyance : -£2000 lor completion of roads, formation, metalling, etc. ; £1000 for alterations and lowering of gas and water mains, sewage pipes, and payment of compensation claims; £500 for water extension ; £5000 for roads formation, metalling, kerbing. and channeling ; £4750 for completion of present drainage system. Out of the remaining £1000 it is proposed to pay the cost of raising the loan, first half-year's interest, and incidental expenses, and to borrow the £15,000 upon the security of a special rate of fiveeighths of a penny in the £ on the unimproved value of all ratable property m the borough. The loan is to be paid within 21 years from the date it is borrowed. : >r~. .King asked if any sinking fund had been -provided for. The town clerk thought provision for a sinking fund would hardly be necessary in the circumstances. The five-eighths of a penny would pay the interest and leave about 1 per cent, sinking fund. The revenue derived from increased valuations ■would provide for anything .further that was required in the shape of a sinking fund. \ The resolution was then unanimously "confirmed, and the proposals will be submitted to the ratepayers in due course.