LOCAL BODIES LOANS.
_ 4 , AN. AMENDING BILL. The Local Bodies Loans Amendment .ißill, which was introduced by ,J Governor's 'Message on Wednesday afternoon, is a very short measure. The first operative clause empowers local bodies to invest their own sinking funds on loans not obtained from the Government, and it provides also that the Public Trustee must invest sinking funds of which he is commissioner in the common fund of tho Public Trust Office, and not, as hitherto, only in securities issued by the Government of New Zealand. A local authority, when issuing any debentures which it is authorised to issue, is to be permitted to' sell them at. a, price that will produce to the purchaser: a rate of interest not exceeding five per cent v per annum'. A local authority, it is provided, may make and levy a special rate to provide for the payment of interest and principal of any special loan without a special order. Section 5, the last in the Bill, is a long clause dealing with special rating areas, and the transfer'of liability in certain circumstances, when the area is merged in an area other than that of tho local authority making the rate.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/DOM19121018.2.33
Bibliographic details
Ngā taipitopito pukapuka
Dominion, Volume 6, Issue 1574, 18 October 1912, Page 5
Word count
Tapeke kupu
200LOCAL BODIES LOANS. Dominion, Volume 6, Issue 1574, 18 October 1912, Page 5
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in