HOW DURABLE ?
TAR-SEALED ROADS
LOANS BOARD CRITICISED
The following report of the Finance Committee on the proposed £65,000 loan was before the Lower Hutt Borough Council last evening:— I '' The committee has to report that the%Loans Board has given its sanction to the taking of the poll in connection with the proposed loan. The board has approved of the raising of £30,000 for a period of seven years, and the balance of £35,000 for a period of thirty years, and was not prepared to equate the terms for the ■ whole of the. loan owing to the wide disparity in the estimated 'life' of the scaling work, as compared with the remainder of the work included in the schedule. The board also requires the establishment of a sinking fund of not less thaii £12 5s - per cent, per annum in connection witjh the- £30,000 portion of the loan. This, with the payment of interest at the, rate of 5$ per cent., would mean that this portion of the loan would be costing the ratepayers 18 per cent, per annum during its life. The committee " does not, at this stage, feel " that it can recommend the council to proceed with the loan poll, and has arranged for the Mayor to confer with the Public Works Department, and, if necessary, the Loans Board, in an endeavour to arrive at terms more suitable to the council." Councillors agreed with the Mayor that the refusal of the Loans Board to give the tar-sealed streets a life of more than seven years was most unsatisfactory. Similar streets in the borough laid down four years ago were in a better condition to-day than when first laid down. Councillor Grierson pointed out that it was the policy of the council to maintain the streets out of revenue by coating them every second year, and' this should be taken into consideration. The opinion was expressed by councillors that the life of these streets was at least fifteen years, and it would be useless to go to the ratepayers unless the Loans Board would make the period of the loan at the very least twelve years.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/EP19300430.2.118
Bibliographic details
Evening Post, Volume CIX, Issue 100, 30 April 1930, Page 13
Word Count
356HOW DURABLE ? Evening Post, Volume CIX, Issue 100, 30 April 1930, Page 13
Using This Item
Stuff Ltd is the copyright owner for the Evening Post. 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