LOAN FOR DRAINAGE.

New Zealand Herald, Volume LXV, Issue 19960, 31 May 1928, Page 10

LOAN FOR DRAINAGE.

£25,000 TO BE BORROWED. EXTENSION OF THE SYSTEM. A special order -was passed by the Auckland and Suburban Drainage Board last evening to permit tho borrowing of £25,000 for drainage works. These include the erection of a pumping-siation at Point Chevalier, the completion of payments in connection with the branch sewer to drain additional areas in the One Tree Hill road district, and the extension of branch sewer No. 8 along Meola Creek from the Mount Albert Grammar School to the Mount Eden borough boundary. Hie last-mentioned extension is designed to serve portions of tho Mount Albert, Mcunt Eden and Mount Roskill districts. The conditions under which the loan was sanctioned by the Local Government Loans Board limit the period of the loan to 21 years, and the rate of interest to £5 12s 6d per cent, par annum, with a sinking fund of £1 per cent, per annum. Objection was taken by the chairman, Mr. A. J. Entrican, to the limitation of 21 years, and on his suggestion it was decided to ask for an extension to 35 years. Replying to a question about the wearing properties of the drains put down by the board, the engineer and secretary, Sir. H. H. Watkins, stated the aswers laid down 14 years ago still showed no signs of deterioration. He estimated the work now being done would outlast 42 year*.