BOROUGH COUNCIL.

Taranaki Daily News, Volume XXXXII, Issue 57, 23 March 1900, Page 3

BOROUGH COUNCIL.

PAYMENT OF SPECIAL LOAN. A special meeting of the Borough Council was held on Wednesday at I 10.30 a.m. Present: His Worship the Mayor (Mr. E. Dockrill), Ors. Brooking, Stohr, Avery, Clow, and Cattky. On the motion of Cr. Brooking, the following order was passed : " That a Special Loan be raised by the New Plymouth Borough Council to pay off the Special Loan of £29,000 (at £6 per centum per annum) heretofore raised and to fall due oil the 30th day of Jure, 1900; and that twenty-nine Debentures of the sum of One Thousand Pounds (£1000) each be signed by the Mayor and countersigned by the Treasurer, and be issued under the Corporate Seal of the Borough of New Plymouth, each such debenture securing repayment at New Plymouth of the principal sum of One '.thousand Pounds (£1000) on the 31st day of December, 1900, and bearing interest until paid at the rate of £6 per centum per annum, payable half ;yeerly; and that the payment of the principal moneys of such debentures, and of the interest ooupons thereon, be secured by a special rate on all rateable property within the Borough of New Plymouth; and that the sum of £29,000 be, on the 30th day of June, 1900, borrowed from the Bank of New Zealand for six months at £5 per centum per annum, on the security of the delivery to the Bank of New Zealand of the said debentures, to be re-delivered to the Council on the fclst day of December, 1900, on payment of £29,000 and interest thereon from the 30th day of June, 1900, at £5 per centum per annum." The special meeting to confirm the foregoing order was appointed to be held on Friday, April 20th, at 10 a.m,