POWER BOARD LOAN.

Waipawa Mail, Volume XLV, Issue 157, 1 October 1923, Page 3

POWER BOARD LOAN.

WEDNESDAY’S POLL. INFORMATION ON THE BALLOT PAPER. The Central Power Board’s loan poll in connection with the proposal to borrow the sum of £150,000 for the purpose of reticulating the district, etc., will be held on Wednesday next, and in order to make ratepayers conversant with the scope and powers of the Board, yve print below the subject matter contained in the ballot paper to be used at the poll: Proposal to borroyv One Hundred and Fifty Thousand Pounds (£150,000) by way of Special Loan under 1 ‘ The Local Bodies’ Loans Act, 1913,” and amendments thereto, upon yvhich a Poll will be taken on the Third day of October, 1923. (a) The particular purpose or purposes for which the loan is required are:— (1) To establish, acquire and carry out the following yvorks and undertakings : —To erect generating works, construction of transmission and distributing lines, sub-stations, purchasing ami erection of all necessary equipment, motors, works, plant, machinery, roads, -bridges, and approaches together with tramways or other means of access and transit necessary for the construction or maintenance of the electric works, apparatus, motor vehicles, and conveyances, lands, easements and buildings, office furnishings, fittings, and requisites, and to provide for the cost of survey and other preliminary yvorks and expenses of administration and to generally exercise its rights and powers as may he deemed expedient by the Board under the authority of “The Electric Poyver Boards Act, 1918,” and its amendments. 2. To provide money to instal electrical and other equipment for consumers as provided for under Section 88 of “The Electric Poyver Boards Act, 1918,” and amendments thereto, and to provide money to purchase electrical and other equipment to sell, to consumers as provided for under Section 90 of “The Electric Poyver Boards Act, 1918,” and amendments thereto. (b) The sums proposed to he borrowed for each such purposes are: — 1. To establish and acquire and carry out all the yvorks and undertakings as enumerated in Clause (a) 1 hereof... .£125,000. 2. For the purpose of providing money to instal electrical and other equipment for consumers and to purchase electrical and other equipment set forth in Clause (a) 2 hereof.... £25,000. (c) The proposed security is a special rate of twenty-five sixtyfourths of a penny in the £ (25/64d) on the whole of the rateable property in the Counties of Patangata, AVaipayva and Waipukurau, the Boroughs of Waipukurau and AVaipawa and the Toyvn District of Otane, based on the unimproved value. The rate aforesaid is sufficient to meet interest on the said loan and sinking fund payments, and ten per centum (10 p.e.) more than such payments. (d) It is proposed to raise the loan at a rate not exceeding five andji-half per cent, per annum for a term not exceeding thirty-six and a-half years (36J) and to provide a sinking fund of not more than one per cent. (1 p.c.) per annum for the repayment of the loan.

(e) It is proposed to pay out of the loan moneys the cost of raising the loan, the preliminary expenses of all kinds and the interest and sinking fund for the loan for the first year or with the consent of the Minister for any longer period not exceeding the period of construction of the said works or a period of three years yvhichever is the less, as the same are provided for hv Section 18 of “The Electric Power Boards Amendment Act, 1922, ’ ’ and its amendments. 1. 1 Vote for the above Proposal. 2. 1 A’ote against the above Proposal.

N.B. —The voter must erase the line marked “2” if he wishes to vote For the proposal; or the line marked “1” if he yvishes to vote Against it. The voter shall erase one or other of the said lines, and his vote shall he deemed to he given according to the one of the said lines yvhich he leaves unerased,