ISSUE OF LOANS
DRAINAGE BOARD DEBENTURES TABLE MORTGAGE BASIS The Dunedin Drainage and Sewerage Board, at its meeting last night, decided to take steps to have a Bill passed by Parliament for the purpose of: Ca) Authorising the issue of the debentures in the board's £30,000 loan (1937) on a table mortgage basis providing for the repayment of interest and principal in equal half-yearly instalments over a period of 15 years. (b) Empowering the board to issue any future loans on a table mortgage basis.
Mr M. Silverstone, chairman of the Finance Committee, said the object of the motion was to giye the board power to issue a loan with repayment on a table mortgage basis. Under the present legislation that power did not exist. The debentures had been issued, and the board must get the proper security. It was proposed to seek alithority to have that power extended to all future loans.
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Bibliographic details
Otago Daily Times, Issue 23223, 22 June 1937, Page 6
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153ISSUE OF LOANS Otago Daily Times, Issue 23223, 22 June 1937, Page 6
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