TAKAPUNA DRAINAGE.
A MODIFIED SCHEME.
LOAN OF £90,000 PROPOSED.
PROVISION FOR SPECIAL AREAS.
A .drainage scheme for special areas, costing £90,000. is to be submitted to the ratepayers of Takapuna for their approval, this step being decided on by the Takapuna Borough Council at a special meeting last evening. The council had intended putting before the ratepayers a complete drainage scheme to cost £337,000 ; the idea being that if ratepayers had sanctioned a loan for this amount the council would call lip certain portions of the amount each year. The council, however, received legal advice that if a loan of £337.000 was sanctioned it would have to pay interest on the whole not on the amounts as they were drawn. As this would have involved a very large sinking fund, it was decided to drop the scheme and carry on with the modified one.
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Bibliographic details
New Zealand Herald, Volume LVII, Issue 17660, 22 December 1920, Page 6
Word Count
144TAKAPUNA DRAINAGE. New Zealand Herald, Volume LVII, Issue 17660, 22 December 1920, Page 6
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