CAMBRIDGE TOWN BOARD. THE LOAN PROPOSALS.

Waikato Times, Volume XXII, Issue 1807, 5 February 1884, Page 2

CAMBRIDGE TOWN BOARD. THE LOAN PROPOSALS.

A. special meeting of t'u? board was hold on Friday evening to ti .msact certain business necessary in ord'H to the raising of the £700 loan. There were piesent : Cr. Johnson, Kiehardson and Hewitt. Crs. Jolinson, in the absence of the chairman, was voted to the chair. The following resolut'on.s were then proposed, seconded and earned : — "That to le-pay the boaid's liabilities lexisting at the time part ten of Municipal Corporation's Act, lS7b", came into force) the boat d now, in terms of section 148 of the .said act, by special order, niise a special loan of £700.''— " That the board accept the offer of the commissioner^ of the Public Debts Sinking Fund, in tcuns of their letter of 18th January, 1884, to lend the money on the following terms :— (1) The loan to be secured on the revenues of the town board and on a, special rate of 4d in the £. The collection will be remitted, under the 113 th section of the Municipal Corporations Act, 1870, if the interest and puncipal is paid, when due, out of the general fund. (2) The loan to be re-paid in ten yearly instalments of £70 each ; interest to be payable at the rate of (5 per cent, pel annum, payable half yearly, in debentures of £70 each, falling due on the Ist Feb. in each year, commencing with 1885 and ending 1594 ; with the requisite coupons attached for inteiest due, on 21st Aug. and Ist of February, to be handed to the Coinmissionei's. — " That for the purpose of providing the interest and sinking fund on the said loan of £700, a special order be made, in the teims of sec. 112, Municipal Coiporations Act, 187(3, to make and levy a special rate of 4d in the £, on all the rateable property in the town of Cambridge District. Sucn rate shall be an annually recuiring rate, payable on Ist Jan., at the Town Board office, during the cuirency of the loan."— "That public notice, in teuns of sec. 30, Town Districts Act. 1881, be given of these i evolutions, and that n meeting of the board be held on the 3rd Maich to confirm them." The board then adiourned.