CITY IMPROVEMENTS

New Zealand Times, Volume XLIX, Issue 11225, 2 June 1922, Page 4

CITY IMPROVEMENTS

A LOCAL LOAN. TENDERS INVITED FOB £125,000. The Wellington City Council is calling for tenders for the purchase of 1250 debentures of E 133 each, the total amount being £125,000, at 6 per cent, interest, having a currency of ten years, and a sinking fund of 1 per cent. The council will not consider any tender at below par —£100. This issue is an instalment of special loans authorised for street works, baths, and general improvements, amounting to a total loan authority of £219,450. The £125,000 to be raised by these new debentures is to be allocated as follows: —Street works, £75,000; baths, £15,000; general improvements, £35,000; total, £125,000. The loans are secured by special rates on unimproved value of all ratable property in the city of Wellington, exclusive of the area of the former Mira, mar borough. Interest will bo paid half-yearly, June Ist and December Ist; but investors will receive interest from date of investment, and it will be payable at the Wellington City Council’s offices and at any branch of the Union Bank in New Zealand. The income tax on these debentures is 2s 6d in the £l. Tenderers are requested to state the highest amount they are prepared to offer for these debentures of £IOO each, and the total amount of their proposed investment. In reference to this issue, the Mayor (Mr R. A. Wright, M.P.) stated to a “Times” reporter yesterday that preference of allotment will be given to those investors whose subscriptions are above par; but if individuals offered amounts of over £IOO, in, say, lots of £lOl or £lO2, their tenders would be above par, and preference would accordingly be given to their applications.