Borough Loan.
ANNUAL SAVING OF £512,
At the meeting of the Council last night the Mayor’s motion of which notice had been given, came on for discussion : “ That pending the raising of a loan for Borough improvements the Council raise a loan sufficient to pay off the deficiency between the sinking fund in hand and the LIO,OOO loan falling due to the Harbor Board on 12th April next, cither by arranging with the Harbor Board (the present lenders), or by getting the money from other quarters” The Mayor said the position was as follows: Present charges on loan —interest at 6 per cent LG00; sinking fund of 2 per cent L2OO, total LBOO. Proposed charges on new loan—lnterest on L 5750 at 5 per cent., payable out of general fund L 287 10s Od, leaving an annual gain to the borough of L 512 10s. The special loan duo to the Harbor Board is LIO,OOO, of which the amount in the hands of the Commissioners is L 4250, and the amount now required to he borrowed is L 5750. —- The Mayor said that the Board was willing to allow the loan to go on at 5 per cent (which they paid for it). After some discussion, the motion was adopted, being seconded by Or Harding, and then the matter was referred to the Finance Committee, Councillors favoring the acceptance of the Board’s terms.
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Bibliographic details
Gisborne Times, Volume V, Issue 31, 6 February 1901, Page 3
Word Count
233Borough Loan. Gisborne Times, Volume V, Issue 31, 6 February 1901, Page 3
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