LOCAL BODIES' OVERDRAFTS.
PAYMENT OF INTEREST.
A statement as to the Government's proposals respecting tho payment by local bodies of interest on overdrafts is made in a letter received by the Mount Albert Borough Council, from the Hon. C. J. Parr, M.P. for Eden. The letter is in reply to a suggestion that the law should be amended to afford relief to local bodies, which may have credit balances in certain accounts while others are in debit.
Mr. Parr states that he has been advised by the Prime Minister that it is proposed to introduce legislation this session to afford local authorities some relief as regards interest overdrafts on the district fund; while other accounts have credit balances. Mr. Massey adds that it is not considered advisable, however, to merge the district fund with any loan accounts, but it is probable that arrangements may be made, permitting the temporary transfer of any surplus cash balances in the loan accounts as advances to the district fund accounts, for such purposes and on such terms as may be authorised by the Governor-in-Council.
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Bibliographic details
New Zealand Herald, Volume LVII, Issue 17596, 8 October 1920, Page 4
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180LOCAL BODIES' OVERDRAFTS. New Zealand Herald, Volume LVII, Issue 17596, 8 October 1920, Page 4
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