LOAN AUTHORISED
DEVELOPING RESERVE DECISION AT NEWMARKET. SUM OF £5500 TO BE RAISED A resolution authorising the raising of a special loan of £5500 to complete the development of the Sarawia Street Reserve as a recreation ground was confirmed by the Newmarket Borough Council at a special meeting yesterday. No opposition was raised nor were any petitions presented by ratepayers, so that a poll will be unnecessary. The. work is for the relief of unemployment. The security for the loan will be a special rate sufficient to cover interest and sinking fund charges as required by the Local Bodies Loans Act. The currency of the loan is for a period not exceeding 30 years and the interest is at a rate not exceeding 3J per cent per annum. There will be a sinking fund of not less than 2 per cent per annum and it is not intended to pay any portion of either interest or sinking fund out of the loan.
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Bibliographic details
New Zealand Herald, Volume LXXIV, Issue 22789, 24 July 1937, Page 14
Word Count
162LOAN AUTHORISED New Zealand Herald, Volume LXXIV, Issue 22789, 24 July 1937, Page 14
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