ONEHUNGA BOROUGH

New Zealand Herald, Volume LXXI, Issue 21968, 27 November 1934, Page 5

ONEHUNGA BOROUGH

CONVERSION OF LOANS Owing to difficulty having been, experienced lay the Oneliunga Borough Council in raising money at call for the ijurpose of completing Mr. S. Vella's scheme for sealing several borough streets, operations were temporarily suspended. The Mayor, Mr. E. Morton, announced at a meeting of tho council last night that satisfactory financial arrangements had been made and the works would be proceeded with. For the purpose of providing the instalments of principal and interest and other charges on the new securities authorised to be issued, in connection with the council's loan conversion proposals, it was decided to levy a special rate of lid in the pound. For the purpose of providing the interest, sinking fund and other charges on the new securities in conversion of existing securities, or for the purpose of providing for cash premium payments, a special rate of 4d in the pound was struck.

_ Messrs. L. B. Schnauer, R. Moody and T. S. Bassett were appointed sinking fund commissioners in connection with all loans to be converted. Ifc was decided to raise a loan of £9300 for the purpose of paying the premiums involved in the loan conversion scheme, the rate of interest to be less than 4i per cent, and that the sum of £675 standing to the credit of the drainage advances loan be paid to the sinking fund commissioners. It was pointed out that the new rates would automatically cancel the previous rates levied in connection with the old loans,,