DRAINAGE MATTERS.

Waikato Times, Volume 118, Issue 19758, 13 December 1935, Page 9

DRAINAGE MATTERS.

THE TAUPIRI BOARD. £IO,OOO LOAN ARRANGEAIENTS. Final arrangements in connection with the £IO,OOO loan for tlie Taupiri drainage scheme were made at a 1 meeting of Hie Taupiri Drainage Board to-day# when Ihe chairman, Air L. R. W. Reid presided. Advice had been received that the Treasury liud agreed and an Order-ln-Counoil had been signed increasing Hie rale of interest to 4 per cent. Tlie clerk, Air R. P. Hazard, reported that he had visited Auckland and interviewed Hie solicitors of tlie Auckland Savings Bank, and satisfied them with regard to procedure and the forms of debentures. Tlie board’s solicitors had approved of the debentures, which were now being printed. The debentures would be signed on December 20, and would bo handed in hi exchange for £IO,OOO. Advice was received from the Treasury that tlie extension of the term to 30 years hud been approved, and all convertible loans would be converted. Tills would save ihe board £634 per year in loan charges. The board passed tlie necessary special order authorising conversion, and arranged for a special meeting before Ihe end of the year to confirm this. The approval of the Loans Board and the signing of the Order-ln-Counci) was all that was now required. 7’lie Department of Internal Affairs advised Hint a proclamation had been signed abolishing the Woodlands Drainage District from to-day. It was left to Ihe olerk to arrange with the Woodlands Drainage District the completion of the final accounts and returns and the handing over of their records.