OAMARU MUNICIPAL ENTERPRISE.

Otago Daily Times, Issue 19199, 16 June 1924, Page 8

OAMARU MUNICIPAL ENTERPRISE.

A BIG BORROWING SCHEME. IFBOH Oub Own r'-inp.TProvDirNT ) OAMARU, June 13. For some time past the Oa-maru Borough Council has bad under consideration the question of raising a loan for the carrying out of several works deemed highly desirable and necessary. The matter has been under review bv sectional committees and a committee of tho whole council. The business came to a head at last nigiit s meeting, when a definite proposal to ixirrow a total sum of £127,816 was adopted - and will be submitted to a poll of tho ratepayers. In all cases except one provision is made for tho cost of floatation and tho payment of the first year’s interest and sinking fund, and this accounts for the somewhat strange appearance of the figures. The schedule purposes of the loan and amounts pj'O as follows: —Waterworks (extensions), £18,500; drainage, according to ?ch f> me prepared by Mr Williams, £96,728; gasworks (extension, etc.), £21,828; road plant, £7260. To these is added, a special loan of £2OOO for the northern suburb recently included in the borough, with a special rate over the area.