ADDITIONAL LOAN
Raising Money for Works in City. The Christchurch City Council should suffer no legal disabilities in any application that is made for the raising of a loan representing an amount 10 per cent additional to its £220,000 loan raised in 1928, according to a statement made this morning bv the Mayor (Mr D. G. Sullivan, M.P.). He said that the £220,000 loan, which was raised for city roads and bridges, was exhausted, but the law permitted the raising of an additional loan representing 10 per cent of the original amount. He had interviewed Treasury officials, who had informed him that they could not complete the matter, and that any application would have to go through the usual course of being considered by the Local Government Loans Board. The additional loan of £22,000 is being raised by the City Council for the reconstruction of Riccarton Avenue, completion of the unfinished portion of Ferry Road, and the paving of other small sections of road w'hich could not be carried out tinder the original loan.
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https://paperspast.natlib.govt.nz/newspapers/TS19331202.2.117
Bibliographic details
Star (Christchurch), Volume LXIV, Issue 934, 2 December 1933, Page 13
Word Count
174ADDITIONAL LOAN Star (Christchurch), Volume LXIV, Issue 934, 2 December 1933, Page 13
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