Greymouth Evening Star. AND BRUNNERTON ADVOCATE. SATURDAY, OCTOBER 19, 1901. LOCAL BODIES’ LOAN BILL

Greymouth Evening Star, Volume XXXI, 19 October 1901, Page 2

Greymouth Evening Star. AND BRUNNERTON ADVOCATE. SATURDAY, OCTOBER 19, 1901. LOCAL BODIES’ LOAN BILL

Brought down by Governor’s message is a measure of over one hundred clauses. It empowers a local authority to raise a special loan for any public work. It also proposes that such special loan may be raised • for the benefit of some defined part of a district, and that a local authority may unite with one or more other local authorities (including Borough Councils) in raising a joint special loan for any authorised purpose, which is declared by resolution of each of the local authorities concerned to be of benefit to the respective districts. Befere a special loan is raised the consent of the ratepayers of the district must be obtained, and such vote is to be carried by three-fifths of the total number of valid votes recorded. Special loans may be raised without a poll in certain cases, such as for repaying an overdraft, paying off or consolidating a special loan and so on. The loans must be raised by the issue of debentures at not more than 5 per cent, and for a term of not more than fifty years. Provision is to be made for repayment at a sta period, and sinking funds are to» be' vested in Commissions. Part 2 of the Act deals with Government loans to local bodies and impowers the Government to lend money to any local authority for certain public works. It also provides that out of the moneys authorised to be borrowed for the purpose of making loans to local authorities, the Colonial Treasurer may apply £5,000 for opening up of land for settlement, but this is not to apply to land acquired under the Land for Settlements Act, 1900.