DEYONTORT RATES AND LOAN.

New Zealand Herald, Volume XLIII, Issue 13305, 11 October 1906, Page 3

DEYONTORT RATES AND LOAN.

■ , ».-' '-'. — » ,-;.-, j '-OVERDRAFT'' LOAN ABANDONED. 4 At, last night's meeting of the Devonpbrt Borough Council the/ Deputy-Mayor (Mr. Handley) moved, "That to meet the liability ; imposed upon the Council by the judgment of the Supreme' Court in the case of Mrs. Elizabeth- Rogers v. the Devonport Borough Council, a general rate of |d in the £ upon the ; improved ; values be payable on November 1." ' •■ '/ ' "' ."■ ' The motion,; which had been discussed at a previous meeting,-was carried. ' The Finance Committee suggested - that the Council should rescind a former resolution providing for three loans, and substitute the following': —" That £7000 be borrowed for providing and constructing larger water mains, and completing the drainage at Cheltenham Beach and Vauxhall Road, and to pay the first year's interest and sinking fund, the loan to be repayable in 30 years, the .rate of interest not to , exceed 4| per cent, per annum that a special rate of \d in the £ be struck to meet interest, and to pay sinking fund, £200, annually; also that no loan be asked for to extinguish the bank overdraft, but that in the next year's precept'an additional rate of in the £ be struck on the general rate, and • that the amount received be solely for the reduction of the overdraft." ! - The- recommendation in reference.to the I borrowing of £7000 was moved by Mr. I Osborne, and seconded by Mr. McLean, and I carried. ;■*'.' ."'■-• T k'h ';; -" [ When the overdraft loan- proposal was Eut to the meeting, the Deputy-Mayor said e did not-object- to the extinguishing of I the overdraft, hut pointed out that it was ;• a, mistake to make the rates any bigger than I they 'already were. -.:'; S , :>-., ; j -•>'-. * ;;•• n ; Members of the Finance Committee, ! in- | eluding Messrs. Timewell and McLean,- said i that the committee had gone thoroughly * into the matter, and were of the opinion | that the suggestion made by the committee . was the most effective and economical. ;. ;■ Mr. Timewell moved the adoption 'of the 1 suggestion, which was seconded bv Mr. Mc- ; Lean. The motion was carried, all pre I 'sent, with the exception of Messrs. Handley, ; Logan, and- Ford, voting for it, • -V«