LOCAL BODY LOANS

Taranaki Daily News, 19 November 1934, Page 3

LOCAL BODY LOANS

AMOUNT OF £478,600 SANCTIONED.

DEBT CONVERSION APPLICATIONS.

Twenty-six applications for sanction to raise loans totalling £564,245 were dealt with at a meeting of the Local Government Loans Board at Wellington. Loans amounting to £478,600 were sanctioned, including £22,300 for. renewals and. £456,300 for new works. The balance (£85,645) of the amount submitted to the meeting was partly referred back to the local bodies concerned for further consideration and partly declined. Approval to expend capital moneys amounting to £6333, received by way of repayments of loan expenditure, was given pursuant to the provisions of sec-. tion 20 of the Finance Act, 1934; and the diversion of unexpended loan balances totalling £Bl2 15s 5d was authorised in terms of section 47 of the Finance Act, 1929.

Included in the total of £85,645 not sanctioned was the sum of £4OO which, though not sanctioned to be raised by special loan on the open market, was authorised to be advanced from, the general fund of the local authorities concerned, under section 45 of the Finance Act, 1932 (No. 2). The progress of local body debt conversion was also continued when applications pursuant to the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, and amendments from seventeen local authorities were dealt with. Existing securities totalling £954,011 were affected, and after utilisa. tion of sinking funds and adding premiums where appropriate, sanction to conversion into new securities to the total of £916,898 was given.