CITY DRAINAGE LOAN

New Zealand Herald, Volume LXIX, Issue 21295, 23 September 1932, Page 11

CITY DRAINAGE LOAN

THE ISSUE OF BONDS RETENTION OF WORKMEN THE SCHEME AT TAMAKI Satisfactory sales of bonds in the recent, £50,000 issue of the City Council's £115,000 drainage loan, authorised in 1930, were reported to the council last evening when a formal resolution to raise the second issue of £65,000 was adopted. The loan is to provide drainage in certain portions of Auckland City, including undrained areas at Avondale. The term is 33 years and the loan bears interest at 5£ per cent, with a sinking fund of 1J per cent. The Mayor, Mr. G. W. Hutchison, stated that by resolution of the council, drainage work had been put in hand in anticipation of raising the first issue of £50,000. He was pleased to be able to report that so far sales of this issue had more than covered the estimated expenditure of £28,000 for the current year, and the general account had been reimbursed. Bonds to the value of £II,OOO had been sold this week. There was now no fear that the 60 men who were engaged on the drainage works would have to be dispensed with in the current financial year. . With regard to the Tamaki drainage loan of £50,000, it was proposed to wait before taking action. If money was forthcoming, it was hoped to submit proposals for beginning with some of the work. This would provide employment at ordinary rates for men who were now on relief work.