THE CITY LOAN
0 • formalities to be gone THROUGH. Referring to the raising of the £1,700,WW municipal loan, the Mayor (»ir. J P. Luke) stated on Saturday that step* would at once be taken to notify the Government of the result of tlie recent poll, and its formal consent to thj raising of tho money would in. due course. It was intended o a~K the Government for permission to raise the full amount of the loan, even tl ougU it was only intended to raise the money from time to time as it was .*qy i«l. The first amount to be wised -wruM be the sum required for water stipp.V extension and the erection, and equipment of the new power house at Evans Jipy. Questioned as to the possibility, of difficulty being experienced, w « ™ large sum of money required, the Mayor explained that the City I ouwil. all other local bodies, was r«itricted to a payment of 5* par cent..interest, but, in liis opinion, the unanestioned 6ecurl .-- Xredt a city Me We a claim on investors, and e had liin.e doubt that the money be forthioming. When romindedof the Government's proposal to taxincomes d* rived from interest on debentures, the Mayor admitted that such a tax might hamper the financo of the council.
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Dominion, Volume 13, Issue 306, 20 September 1920, Page 4
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213THE CITY LOAN Dominion, Volume 13, Issue 306, 20 September 1920, Page 4
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