LOAN OF £14,800

Poverty Bay Herald, Volume LXIII, Issue 19123, 18 September 1936, Page 11

LOAN OF £14,800

COOK COUNTY PROJECT CONCLUDING LOAN WORK A loan of £14,800 at per cent over a period of 15 years is being raised' by the Cook Countv Council in order lo complete (ho programme under the £153,000 loan for which sanction was received some years ago. The amount now required represents the 10 per cent additional on the works portion of the big loan. When the chairman, Cr. Charles Matthews, and the county clerk, Mr. F. T. Robinson, interviewed the Local Government Loans Board while in Wellington recently, it was pointed out that although the term of the original loan was 30 years, the board had very fully considered the question and had decided that in view of the fact of the very low rale of interest that was provided for the additional loan, a term greater than 15 years would make it very difficult to obtain the money. It- was also stated that the policy of the board was to allow a term of years on a loan that would provide for the loan lo be fully paid off during the life of the work for which it was raised.

The opinion was gained that it would he a very difficult matter to persuade the hoard to vary the sanction as. granted, and in view of Iho position of the money market, the chairman recommended to the council that no further action he taken in this matter.

The council endorsed the chairman’s view, and instructed the county clerk to proceed with the raising of the loan for the 15 year period previously suggested.