CITY OF DUNEDIN" LOA.NS CONSOLIDATION.
A special meeting of the City Council isai heldon the 27th" ult., in the Old Provincial Council Chambera-'for tha purpose of considering a draft of theabove Act, the object of which is that, for the; purpose of paying off, and discharging all Existing debts raised uiider previous Acts and Ordinances, or to be;raised under them, the Corporation may borrow and take up afc interest any sum not exceeding L 600,000. In respect of the moneys to be raised as aforesaid, the Corporation may from time to time issue debentures charged upon the revenue. These debentures are to be for not less thau L2O 01 more than LIOOO, and to heir interest at not more than 5 per.cent. They are to be repayable at a time or times named therein not' longer than 30 years from the date of issue; ■ There tvere present—The Mayor (chair), and Messrs Gore, Roberts, Webb, Pish, Birch. Thomson, and Davidson. The various clauses were considered seriatim, and the draft was: agreed to subject to a- few amendments. ...
.. While the matter was in discussion,' the Mayor said that the consolidation of the joins Avould enable the Council to borrow on more favourable circumstances, and.would lead to an annual saving of LIBOO. -
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Bibliographic details
Otago Daily Times, Issue 4870, 26 September 1877, Page 6
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209CITY OF DUNEDIN" LOA.NS CONSOLIDATION. Otago Daily Times, Issue 4870, 26 September 1877, Page 6
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