LOAN OF £40,700

Waikato Times, Volume 130, Issue 21688, 26 March 1942, Page 4

LOAN OF £40,700

GARDEN PLACE WORK FAYING BANK OBLIGATION ADVANTAGEOUS TERMS The cost of the levelling of Garden , Place and the attendant work was | again before the Hamilton Borough , Council last night when resolutions ; authorising the borrowing of £40,j 700 from the Temperance and General Mutual Life Assurance Society to pay off the overdraft at the bank were approved. The sum is the overdraft on the cost of the scheme of £77,500. The loan is at 3J per cent and extends over 35 years, secured by a rate of ljd in the £ over the Garden Place special rating area. The town clerk, Mr W. L. Waddel, pointed out that in addition to tne 4 per cent being paid the bank there was a sinking fund. Therefore the loan terms were most advantageous. There would be a considerable reduction in the price to be paid for the loan and even if no more sales of Garden Place sections were held he did not expect that the rate over the special area would need to be struck before 1947. The Mayor, Mr H. D. Caro, presided at the meeting and also present were Messrs V/. M. Cam, J. Treloar, H. M. Hammond, C. Lallerty, F. Findlay, T. G. Reynolds, W. W. Dillicar, T. Parker and W. R. Shauock.