LOCAL LOANS.
(BY TELKGRAI'H—PRKSS ASSOCIATION). Wellington, Last Night. The Local Bodies Loans Act Amendment Bill, now before Parliament, provides that every special rate made as surety for a loan shall be so calculated as to yield, if necessary, ten per cent, more than the annual charges of the loan. Every special rate must be made over an area contained within continuous boundaries, and all the rateable property within that area is to be liable to the special rate. Further, where, after the special rate is made, any property within that area becomes rateable, such property will become liable to the special rate. This prevision is to apply to ill special rates made on or after October 12th, 1896 ; and, in the cise ot special rates tfiade befote that date, is also to apply to all property which, after the passing of this Act, becomes rateable property within the meaning of tho Rating Act, 1594. Power is given to boroughs of less than 2000 inhabitants to borrow up to £2OOO under the Act for making streets. The sections of the Municipal Corporation Act relating to special loans are repealed ; but this will not effect any loans already raised under those sections.
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Bibliographic details
Waikato Argus, Volume XIII, Issue 1344, 30 August 1902, Page 2
Word Count
200LOCAL LOANS. Waikato Argus, Volume XIII, Issue 1344, 30 August 1902, Page 2
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