JOHNSONVILLE'S £2500 LOAN

Dominion, Volume 8, Issue 2436, 15 April 1915, Page 7

JOHNSONVILLE'S £2500 LOAN

RATEPAYERS TO DECIDE. A meeting of Johnsonville ratepayers was held in the Town Board's office' last' evening, to consider the proposed loaii of £2500. Mr. Jerusalem was voted to the chair. The chairman pointed out that the money borrowed for the water drainage and gas works was short by £1700. Owing to the disturbed financial conditions then prevailing, the board thought it unwise to borrow this money at the time, especially seeing that the board had money from, the house connection loan lying idle, and in order to save tho interest this money was utilised to complete, the works. It is now necessary to repay this amount as well as a private loan of £200. It is also proposed to spend £350 on road improvements, and £250 goes in reduction of the present overdraft. As the £1700 goes in reduction of a previous loan, it mil only bo necessary to provide for the interest on £800, and it is intended to provide for this out of tho general account. This 1 will obviate the calling up of any extra rate. Mr. Jerusalem mnde it qui to clear to the meeting that it was absolutely necessary to carry tho loan, as othonviso the board would be compelled to strike a special rate in order to raise the £1700 which must be repaid to tho house connection loan. It is stated that the £2500 can bo obtained on very favourable terms. A. poll of ratepayers will bo taken oil April 2S.