MILTON AFFAIRS

Evening Star, Issue 20049, 14 December 1928, Page 13

MILTON AFFAIRS

PROPOSED WATER LOAN [Fnoii Ocr. Own Correspondent.] At the hist meeting of tbo Milton Borough Council, held on Wednesday night, letters were received from tbo Local Government Loans Board intimating tho sanction by the board of a loan of £11,200 for installing a permanent high pressure water supply tor tho borough of Milton, on condition that the interest paid bo, not more than 5J- per cent., and sinking fund not more than 1 per cent., and that no portion of interest or sinking fund be paid out of loan money. The term of tho loan is not to exceed thirty-six and a-half years. Tho sinking fund of 1 per cent, was agreed upon by tho board on the assumption that cast-iron pipes would bo used. If such was not the case the sinking fund must bo increased to £2 2s per cent., and the term of loan reduced to twenty-five years. Tho board declined to sanction the borrowing of £BOO, the balance of the application, as it was in excess ol the estimated cost of the work. A further letter was received slating that the board would sanction a loan lor a shorter term than thirty-six and a-hall years if tire council so desired. The chairman read a Ictlei I rum Mr Roberts, engineer, stating that the extra costs for cast-iron pipes would be £1.563 over his previous estimate ol £11,220. Tho clerk reported that on receipt of the letter from the engineer he had wiitton the Loan Board asking if it would allow a sinking fund of 1 per cent, in the event of tho council deciding to borrow the increased amount involved in using cas-iron pipes. The question of placing tho matter before the ratepayers was deferred until the earlv part of 1929. The Borough Council also decided to finalise tho scheme at the January meeting.