WAIMAK LOAN GOES TO POLL OCTOBER 31.

Star (Christchurch), Issue 18575, 25 September 1928, Page 6

WAIMAK LOAN GOES TO POLL OCTOBER 31.

THREE-FIFTHS MAJORITY MUST SANCTION TRUST’S £IOO,OOO PROPOSAL. Arrangements are being made for the poll on the proposal of the Waimakariri River Trust to raise a loan of £IOO,OOO for the improvement of the flood control of the Waimakariri from Courtenay to the sea, to be held on Wednesday, October 31. Only ratepayers registered in their own right are eligible to vote, and a certain measure of plural voting is provided for. Ratepayers with property of a capital value of £IOOO may register one vote, those with property valued at more than £IOOO and up to £2OOO, two votes, and those with property valued at over £2OOO, three votes. The main roll closed on Saturday last with between 26,000 and 27,000 names, and with the plural voting provisions over 35,000 votes can be recorded by these ratepayers. As in county council loan polls, a three-fifths majority of the valid votes cast will be required to carry the proposal. The term of the proposed loan has been fixed at 36 & years, and the rate of interest at 5£ per cent, with 1 per cent for sinking fund. The loan area comprises the city of Christchurch, the boroughs of Riccarton, New Brighton and Kaiapoi, the county of Waimairi and parts of the counties of Heathcote, Halswell, Springs, Paparua, Malvern, Eyre, Oxford and Rangiora. Cashmere Hills and the borough of Sumner, which are not menaced by the possibility of- the Waimakariri overflowing its banks, are not included in the trust’s area. Differential rates to provide the interest and sinking fund required for the lo&n will be levied. On all property in the area in class A the proposed rate in one-twentieth of a penny in the pound on the capital value, which is estimated to produce £5430 Is 7d. The rate for class B will be 1-22 of a penny, estimated to produce £1558 7s 3d. The rate for class C will be 1-24 of a penny, estimated to produce £197 17s 2d, a total of £7186 6s. The amount required to cover interest is £5500, and £IOOO is required to cover the sinking fund, a total of £7150. The total rateable value north of the Waimakariri is £939,637; and south of the Waimakariri, £34,419,891, a grand total of £35,359,528. The present rates levied by the trust are exactly double those which it is proposed to levy in respect of the loan. It is claimed that if the loan proposal is carried there will be no need for the present rates to be increased.