TRUST DECIDES TO GO AHEAD WITH £l00,000 LOAN.

Star (Christchurch), Issue 18585, 10 October 1928, Page 4

TRUST DECIDES TO GO AHEAD WITH £loo,ooo LOAN.

UNANIMOUS DECISION ON RIVER CONTROL MADE.

After a lengthy discussion in committee at its meeting yesterday afternoon. the Waimakariri River Trust unanimously decided to recommend its scheme for the flood control* of the river' to the favourable consideration pf the ratepayers in the trust's loan area.

On resuming in open meeting Mr JA. Flesher, who presided in the absence of the chairman (Mr J. Wood’, reported that proposals made by the Publicity Sub-Committee in connection with the loan scheme had been adopted. These provided for a series of at least five meetings to be held in the city. Pa pa nut, -Fendalton, Belfast arid Kaiappi. Various local bodies in the areas affected would also be circularised and the proposals of the trust placed before them and local* organisations would also be- communicated with. -

The trust had also definitely agreed not to go on with any of .the work below the railway bridge, - excepting the purchase of land Vieeessary;. for carrying out that part of the. scheme which provided for the straightening of the river towards the sea. and the necessary’ planting and fencing. The estimated cost of the work below Wrights’ property’ was £25,000, and the amount of the loan proposed to be raised was £IOO,OOO. The trust did not yet know what it would receive from the Government but the liability of the ratepayers would be limited to £IOO,OOO. “The trust has no hesitation,’’ Mr Flesher added, “in recommending such a scheme to the favourable consideration of the ratepayers. The rate necessary’ to meet the interest and unking fund charges on the proposed loan will not be more than onetwentieth of a penny’ in the pound on -he capital value, which is equivalent to half the rate at present levied. The trust has reached a unanimous decision and all the members are prepared to append their signatures to the circular that is being prepared. It is estimated that the first part of the work will take the greater part of three years to •omplete.” Mr F. W. Freeman suggested that meetings should be held in Spreydon and Opawa. Mr Flesher said that the Publicity Committee could arrange for meetings wherever they were desired. He added that the reduced rate lc\’ied this year would be sufficient to cover everyihing including the charges in connection with the loan.