Huntly Town Board.

Huntly Press and District Gazette, Volume 3, Issue 6, 12 June 1914, Page 3

Huntly Town Board.

SPECIAL MEETING. A special meeting of the Huntly Town Board was held on Thursday evening when there were present Messrs. L. B. Harris jitnF., R. Greenweil, G. T, Horwood, Jas. Elliot and the clerk, Mr F. Harris. In the absence of Mr J. P. Bailey, Mr L, B. Harris was elected to the chair. Mr Harris stated that at the last meeting of the Board it had been decided to submit the question of a loan of £6OOO for an electric light installation to the ratepayers at a poll to be taken cn a date which would bo fixed. The money could -be borrowed from the Public Trustee at an annual interest of per cent plus one per cent sinking fund during a period of thirty six years. Though no official confirmation had been received as yet, it could be taken for granted that all the money needjd could be obtained from the Bank of New Zealand in the form of an overdraft at s}-2 per cent, per annum, the Bank holding as security against sue ■ overdraft the debenture the Board would be obliged to issue. Every debentures which sold would reduce the overdraft correspondingly, and the 'interest as well, so that in dealing with the Bank the cost of the .Joan to the ratepayers would be P materially reduced. The question to' be settled was whether the Board would accept the offer of the Public Trustee or effect an arrangement with the Bank of New Zealand. Mr Greenweil moved that an arrangement be come to with the Bank on the terms outlined. Ho was of opinion that this would be the more economical course to pursue, and that the saving effected would be considerable. Mr Horwood, who seconded, held similar opinions. PThe motion on being put to l meeting was unanimously Tied. ' As some misunderstanding existed in the minds of the ratepayers on the matter the Board decided to issue a leaflet explaining the scheme, and to send one to every ratepayer. The clerk was instructed to make the arrangements necessary for a poll o. the ratepayers, the vote to be taken on or about July 11 th. next.