CITY COUNCIL.

Otago Witness, Issue 1241, 11 September 1875, Page 17

CITY COUNCIL.

A special meeting of the City Council was held yesterday afternoon, to take into con* sideration the " prospective financial requirements" of the city. There were present His Worship the Mayor (in the chair), and all the Councillors except Mr Woodland. The Council went into Cemmittee on the following report from the Finance Committee :—: —

Your Committee begs to report having very carefully considered the prospective financial requirements of the Corporations, and recommends—

1. That a municipal G per cent, loantothe'extent of £100,000 be negotiated on the London Stock Exchange as soon as "practicable, the money to be borrowed under the authority and provisions of section 98 and succeeding clauses of the "Municipal Corporations Ordinance, 18G5," and " The Borrowing Powers Extension Ordinance, 1874."

2ndly. That, acting under advice, the General Government be applied to to « introduce a Bill into the General Assembly of Jfew Zealand to assimilate the form of Municipal bonds authorised to be isaued tinder the aforesaid Ordinances, with the Dunedin Corporation Water Works debentures already authorised under Acts of Assembly. 3rdly. That in the Bill thus to be introduced into Parliament, provision-bemadeto increase the Council's borrowing powers for Municipal purposes from L 200.000 to L 400,000. After two hours' the report was agreed to.