BOROUGH WORKS.

Taranaki Herald, Volume LIII, Issue 12867, 24 May 1905, Page 3

BOROUGH WORKS.

SUGGESTED LOAN PROPOSAL.

The Committee sot lip to report on tho Gill-street extension rivOiinimended to the Council an -Monday night that Mr W. L. Newman lye offered ,ihu 311 mof £3250 for his ipro;perty tin Brougham-street (sixty live feet wide) required for the com-pleiioin of Gill.--street ex-tension, the ofl'er to bo subiect to certain conditions, viz., that a »pe.rial loan for the w orfk is arpiprov(d In the ratepayers, that the Hail wav Depart m put agree to dedicate, that portion of their property required in connection with the opening- o£ [he street, that the Council is able n> comply with all formalities, aiiid tlhat Mr Nowma'n [ilurohase debentures of the loan to the value of £1)500. Mnjbjwt, t <ko, to the foregoing cdiKlitions. the Committee recommended further that the u!i'er of tho Liar I ! your Roartf to sell Ki.S perches of tho Kawau Paih reservo for Cl5O bo accepted ; thai stt>(ps boi ta'ktMi to raise a lomi of 1 .C5000 to; enable the w oilk to be aari irld omt. The Committee ru'onuiu'ulclrd tafci'ng ivver Curno-stroet extension as a p|U'blic street, jirovidiitgyi the Hlarbo/ur IVuu'd pay the Cou'neil £-75, with u-hteii the Council 11 mdertalkes to pint ihe street into proper repair, a'ntl al- ><> t htit- the Board gives' an •ivnUertciJvi 11 <4 that when tli'e leases , vpirt 1 they will dedicate the liiai'row -trip required to make Ourrio-stroel the full fifift from G ill-street to the i-ailwt'V yard. The rejtort was adopted. The I^uiance t'onimit tee lecomltuon'divl borrow in«v by way of s'ptieial loan the -.•in «>f 1:12,000, CSOOO to be fclevx>'teKt to (Jill-Street e\lensi(yn, a'Hd X7OOO Ito I'omplete the adfliticms and oxtenj ions to the. waterworks and lighting v it li electricity (£IOOO for water worths .md L'oOOl) for elect rieal in^ta licit ion). ii was -''uokjvst'd the Joan ibe for tho iierio-l eiidiirg (»;i tho Ist Oetoft)er, Ji)"J2. and to bear inte.rost 'nut q.Voeoduio 5 per cent, per annum : that the -eru!\ty bo a hpfwiial rate of 3d hi Uhe L". the (iist year's interest aiofd tho r-o^t oi raising the loan to be paid out of 'the proceed-; of the loan. Ah\ overilraft not expending C^ooo, at a rato not f\ce(di.ng (i per cent, was also recommended. f'r. Rmw'no sard h' 1 wi^uld a-giree to the loan if a .sinking fund was. Joiovitlrwl for. The "Ua\ or o-i*ivo-cd ])r«*viding a linking furwd. 'He remarked that, not 0111\ was the money nfai'lvet in a better ]>osition but he did not Vrelieive in giving Suture generation-; a feaiihfr bud to lie on. Th«u- .'3houl.fi 'Wear Mcmiis of the responsibility. Cr. Ewing wanted a statenif-ait of tho Borough accc'ui'ts before he cofcild g-'«ve an iiit<illig(>iiyt vote on the ryport. He s,i!<^*>st(H.l that the reiport be allornd lo read that as the £21,000 loan had j>r<jvnd ins-n.dicient for the water M-linnii' and lightiny the C7OOO ]yo raised to nuct lial/il'ithis already ine.tirrcd In completing the woiik. The sjuggosiioii was adcjfited. The -Mayor. rd])l\ in^ to eroticism, •tatrd th<> MOili eoidd be cojrfpletad Ijy overdraft, but the Fina'i»cH ('onimitt"e was of o-pin'ion that a loan would be preferable.

Cr. Wil.^on was strongly in fa!v«>,ur of establishing the principle of a sinking funid, and moved that the ratepayers be approached with a ,projposal to rai-e the money at a rato not "A'ceuding 3 per cent with a half iper wni. sinking fuiiid. The motion was carried.

The report with the siiyk'iivg Piund jioj )<_>£■ a 1 was adopted.