THE BOROUGH LOAN.

Feilding Star, Volume III, Issue 82, 22 March 1883, Page 2

THE BOROUGH LOAN.

-♦— As the time is now rapidly drawing near when the burgesses will be called upon to decide by their votes for or against whether the proposed £6000 loan shall be raised, we propose giving a resume of the clauses in the Municipal Corporation Act relating to the subject. If at time it is desired to raise money for the purpose of constructing or establishing public works deemed necessary for promoting the convenience and health of the inhabitants of any borough, and for promoting public instruction, it shall be lawful for the corporation of a borough to borrow sums by way of special loan subject to the following conditions : The borough shall publish for four successive weeks, once a week a notice setting forth the work to be undertaken, the sura proposed to be borrowed, and the rates or

or tolls it is proposed to pledge as security for the loan. The Mayor shall call a meeting of the burgesses to consider the proposal, within ten days after the last publication of the notice, to consider the proposal, and after the consideration and discussion, the Mayor may give notice that a poll will be taken thereon. If the number of votes given for the proposal exceeds one - half of the total number of burgesses the resolution in favor of the proposal shall lie deemed ro be carrie 1. md the Council mi ;''->!-e.'l w'i i he iiropos-il ice r ! - Im : '■;. '. fh:'.i ':•■■■ ■' ■ j j . ... : „m... t i.c ;■ j •■• '. : ■.-. ■ 1 O ;:, ; .l - -iii u» - ;.. ' ; I -..•;•.!.■... ■, . ! ] r;; :• ... „ v■• .i , r ■■<■ i* . i.'-i :!k' price ; _';•!•!. i in 1 v *•>!*:. -i i may ajip'int u\y .in:ii S'v.-ii v,-.;ii,a ijv within or out of (h* 1 c"ionv to be agent- for raising and in. 1 naming any loan authorised to be raised in such parts as the Council may direct. For the repay menc of the loan the Council may make, with or without a i sinking fund the whole loan repayable at ) a stated period, or any parts thereof of stated periods. In order to provide funds for the creation of a sinking fund, or for the repayment of debentures coming due by periodical draw ings, the Council may permanently appropriate any part of the Borough funds, except moneys received by way of grants from the General Government. If the sum secured by any debenture or any coupon issued under the Act is not paid upon presentation, the owner may apply to a Judge of the Supreme Court, by pc- j tition in a summary way for relief under this Act and the Judge may appoint a receiver of such part of the Borough fund as is liable under the provisions of the Act for payment of such debenture or coupon. The above contains a digest of all the principal clauses in the Municipal Corporations Act relating to the question of raising a loan on the security of the rates, and the burgesses will be able to form a correct idea of the resposiSilities they propose to undertake when they vote for a loan for the Feilding Borough. We have no doubt but that the proposal will be carried by far more than a bare majority.

*In order to giv i our employes a holiday on Good Friday, the Feilding Star will not be published on Saturday next. Advertisers and subscribers will please accept this intimation. ♦Through pressure of advertising favors we are compelled to hold over from this issue a letter to the editor, an article on the Makino petrifying springs, a number of advertisements, and other matter.