BOROUGH LOAN PROPOSALS.

Poverty Bay Herald, Volume LI, Issue 16806, 12 August 1925, Page 3

BOROUGH LOAN PROPOSALS.

COHN OIL ADOPTS SCHEDULE

THE COMPLETE LIST.

The question of placing before the ratepayers of Gisborne the various loan proposals which -have come in for so much discussion during the past few months, and which have been finally approved by the Council, came up for consideration at last evening’s meeting of the Borough Council, when it was decided to place the following loans before The ratepayers. The various rates which the separate loans will entail were given in a separate report and these nrq included below, Road works: A loan of £37,500 for permanent road! construction. To be made available at the rate of £15,000 per annum for two years. £7500 for plant. Rate 19-64 din the £. Electric light unit: Additional unit at power house, £20,000. Rato 5-32 din the £. Tepid b at h : E° r construction of bath, £15,000. Rate l-8d in the £. Motor bus service: For Kaiti and Victoria township, £4OOO. Rato l-32d in the H. Reserves: Loan for improvements, £4OOO. Rate l-32d in the £. ( Partial compensation: To Langlands sureties for losses sustained 1 in sewerage contract during the war, £3446. .Rato l-32d in the £■ Each of the loans will be for a term not exceeding thirty years from the dato of raising the loan, and a sinking fund of at least i per cent, will bo provided in the case of each loan. The cost of raising the loans, and the interest and sinking fundi for the first year will be paid out of the respective loans. When the question of the loans came up for consideration at the Council meeting last evening, the deputy-Mayor, Mr T. Todd, said! that the Mayor felt that it would he invalid for the Council to alter the loan proposals in any respect except as to the form in which the proposals were to bq put before the public. The exception to this was the tepid bath proposal, about which Or. Bullard had given notice of motion. The engineer said that no permanent road had ever been constructed, and ho thought it would' ho better if the loan were taken for the “reconstruction ' of roads, ' Cr Blair said that thero was nothing in the point raised. Thq question of the deletion of tho word ‘Tepid’’ from the hath proposals, of which Cr, Bullard had given notice of motion, was then discussed. Or. Bullard said! that lie had met the tepid baths committee since the last meeting, and they were perfectly willing that the word should bo deleted. They did not consider thftt it shQUWI essential point of the scheme.. Cr. Blair seconded the motion. Cr. Billiard said that if the hath could not he constructed 1 for £15,000 it would not he taken in hand. The deputy-Mayor said that those who were against the . proposal could voice their views to the ratepayers prior to the taking of tho poll. The motion that the word tiled he deleted, was earned unanimously.