DRAINAGE BOARD

Otago Daily Times, Issue 22504, 23 February 1935, Page 2

DRAINAGE BOARD

COMMITTEE REPORTS The Works Committee of the Drainage Board will report to the meeting of the board on Wednesday night that authority has been granted the drainage engineer to proceed with the construction of two No. 1 mud tanks, one at the north-western corner of Forbury road and Onslow street and the other on the north-eastern corner of Forbury road and Albert street, and to connect same by means of a 9in pipe to the 12in storm water sewer in Albert The tanks are required to replace existing old type tanks, with defective Oin connections, which have given a good deal of trouble with blockages.. The estimated cost of the work is £6O and will be a charge against the item for mud tanks in the new £IOO,OOO loan schedule. POST OFFICE SAVINGS BANK ACCOUNT. The Finance Committee will recommend that a formal resolution authorising the opening of a Post Office Savings Bank account for the deposit of surplus funds be adopted. UNEXERCISED LOAN SANCTIONS. Advice has been received from the Treasury that the board’s application for the issue of fresh authority for the purpose of raising the unexercised loan sanctions totalling £160,000, comprising a balance of £50,000 for the drainage extension loan, 1030, of £IOO,OOO, and the whole of the drainage extension loan, 1933, of £IOO,OOO, has been approved. The two unoxercised portions of £50,000 and £IOO.OOO respectively will be combined into one new loan of £150,000, with a term of 29 years and bearing interest at £3 5s per cent. The sinking fund will be £2 per cent., which is sufficient entirely to redeem the loan within the new term.