MUNICIPAL LOAN.

Poverty Bay Herald, Volume XXXIX, Issue 12816, 16 July 1912, Page 7

MUNICIPAL LOAN.

STATEMENT BY THE MAYOR

"There appears to be some misconception on the part of ratepayers respecting the poll that is to be # taken on the 31st inst.," remarked, the Mayor, Mr W. Pettie, m the course of a statement to a Herald representative to-day regarding the coming poll. The road loan that is now being asked for, his Worship explained, is not a new loan, but the poll is being taken 6imply to legalise the. loan authorised by the ratepayers m December last. "It was then stated to be a loan for tho purpose of T paying for' the quarry tram liiH?, and thus enable the amount spent for that purpose to be re-paid to, the oi;igjnal i . l ro4dr. loan/ «&iud,.the: < >Mayoi\ "The A.M. P. -.Society had consented to lend the money, together with the other amounts .required for various purposes as set out, but their solicitors raised a technical lob jection to the purpose for which this special amount was, being raised, and insisted, before giving their certificate, that there should be a fresh poll -taken, paid: that, the .issue should be $i straight-out poll ;for ai uoad'loan for that amount, viz., £15,750. The Society have also agreed to hold this money for us,- pending the result, .and /if the proposal is carried, the money wi^l be available, and held at our disposal to take as required. ,

"It is not anticipated that any of this money will be required for fully 12 months, and as the first year's interest will be paid out of the loan, it will be fully two years before the ratepayers will be called on for payment of interest By this time it is confidently expected that good results wiU be showing, but even then the wTlole pf ? thp ■ money will not have been spent, «s it is expected that it will take at least three years to spend the balance v of the- original road vote m hand, together with the : present loan.

"The intention is to spend the money as economically as possible consistent with permanent work, to see that it goes as far as possible and m accordance with r the . original . schedule], and ajsp . m conjunction with footpath formation and storm-water drainage, both so absolutely necessary to make the whole work a success I

, "I trust ratepayers will therefore; recognise the importance of voting m favor of this loan for road-making purposes, more especially as the money is already assured on very favorable terms." ; With regard to the loan for the extension of the electric light and power service, . the Mayor added that he was preparing a further statement on .- this matter, setting forth the reasons respecting the necessity for again approaching the ratepayers m this connection. , The position would be placed before the public m the course of a few days.