REPAYMENT OF LOANS
ELECTRICITY DEPARTMENT TO COUNCIL. "'Tlio committee has gone into the question of the best method of arranging for the repayment of advances amounting to £21,389, from the Electricity Department, and have ascertained that an equated payment of £1471 per annum, including interest, will pay off the amount in 30 years," reported the By-laws and Finance Committee to the City Council last night. "The committee is of opinion that the best solution is to reduce the amount charged to the department, i.e. £3OOO per annum by the above amount, and recommends that this method of ; repayment be adopted. "The total payments under the above proposal would amount to £44,130, against £44.850 if a sinking fund was set aside and credited each year with interest at 5 per cent." The report was adopted.
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Press, Volume LXVI, Issue 20094, 25 November 1930, Page 11
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134REPAYMENT OF LOANS Press, Volume LXVI, Issue 20094, 25 November 1930, Page 11
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