ONEHUNGA LOANS.

Auckland Star, Volume LX, Issue 226, 24 September 1929, Page 20

ONEHUNGA LOANS.

DRAINING NEW AREA

TOTAL OF £40,000 SANCTIONED.

The Local Government Loans Board has sanctioned the raising of £30,400 by the Onehunga Borough Council for draining the new area recently taken over from the One Tree Hill district, and a further sum of £4000 for making advances to ratepayers to enable them to join up to the main sewers. The term for the major loan is fixed at 33 years at five and a-half per cent, with a sinking fund of one and a-quarter per cent. The term for the advances loan is ten

years at five and a-half per cent and a sinking fund of eight per cent. No portion of interest or sinking fund is to be paid out of loan money, and the loan is sanctioned on the. understanding that cast iron mains are to be used in reticulating the area with a water supply.

In reply to the council's inquiries regarding the conditions and terms for loans totalling £115,000, the secretary to the Local Government Loans Board pointed out that no fixed terms had been decided on by the Loans Board in respect of the various classes of work's

included in the loan proposals placed before it. Each case was treated on its merits. As a guide to the council, he mentioned that the term for concrete roads was fixed at 20 years; kerbing and channelling 25 years; footpaths (concrete slabs) 15 to 20 years; and bitumen, 10 to 12 years. In regard to loans for other borough improvements no fixed term could be indicated until brief specifications had been supplied.