LOAN OF £35,000
POWER RETICULATION OBJECTION TO CONDITION The gazetted provisions regarding the raising of the Waitemata Electric-Power Board's second instalment of £35,000, of the £IOO,OOO reticulation extension loan, were notified by the Treasury to the board yesterday. The terms set out were that the period should not exceed 26 years, the interest should not exceed 5 per cent annually, the sinking fund should not be less than 2 per cent, the brokerage should not exceed £ per cent, no interest or sinking fund should be paid out of loan money, and the guarantees, as described under the Electrical Supply Regulations, 1927, should first be given in favour of the board for payments amounting in each of not less than 10 consecutive years to at least per cent of the estimated capital cost.
The board considered that, to ask consumers to give a 10-year guarantee of 17£ per cent, would be restrictive and arbitrary. It was pointed out that a fiveyear period was fair and equitable, and the board's policy had always been framed on that period. The board resolved that the condition in this respect should be left to the manager, Mr. A. Main, to consult with the Local Government Loans Board.
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Bibliographic details
New Zealand Herald, Volume LXX, Issue 21398, 24 January 1933, Page 10
Word Count
202LOAN OF £35,000 New Zealand Herald, Volume LXX, Issue 21398, 24 January 1933, Page 10
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