HORAHIA DRAINAGE LOAN.

Hauraki Plains Gazette, Volume XXXVIII, Issue 5123, 9 May 1927, Page 3

HORAHIA DRAINAGE LOAN.

SINKING FUND PAYMENTS.

tactics employed by board.

In a circular issued by some of the -members of the late Horahia Drainage Board just prior to the recent Hauraki United Drainage Board election there was a paragraph which stated that, during its short term o office the Horahia. Board “had been able to make provision by way or sinking fund to pay off one-third o the loan money borrowed.” This paragraph has caused quite a stir and th “Gazette” has been accused of nit holding the information. It is there fore with the idea of clearing ou - selves that we now publish the f« facts of the case. in the report of the March meet mg . the board it is stated that stand a recommendation of the board i committee was made rt was no brought before the board in opt meeting for confirmation. Likewise, in our report of a speua meeting of the board held on Maith •>5 it is stated : “The board then suspended standing orders and and reached a decision, on matters, but the motions were not disclosed in open meeting. Oui re porter protested at the time that the recommendation made m co should be adopted in open meet n B so that it could be published foi th information of ratepayers, but thithe board declined to do. Our report er thereupon stated that he would get the information, when, the minuteconfirmed in open meetnig at the conclusion of bUßl.neSsever, the board even declined to cm firm its minhtes, although it was not ”Sl„ s any further meetings Wore f r r>in <y out of office. The minutes were read in- open meeting at the first meetipg o the Hauraki United Drainage Board d a resolution was earned them. Thus the matter became able for publication for the At the.same meeting inward and out ward correspondence bearing on the subject was also read This follows, dated March 25, and add res s_ ed to the Public Trustee, Auckland • “By resolution of the above board y„U commissioner foi the sp raised to' tMs hoard. T w name » the loan is ‘The Drainage Loan (1926) of £l5 500.’ The board has sold debentures to the value of £6OOO, and the first annual instalment of £lOO to the sinking fund is due to be paid to you on July 1 next; but th’s board ceases to exist on March 31 next, and it was decided to pay to you seven annual instalments at one time, and I enclose cheque for £7OO 17s 6d. I future the. annual instalment will become due on July lof each year I should be glad if you would bank tins cheque immediately on receipt of same, as I wish it cleared at Thames prior to March 31. This board will be united with the Hauraki Board after March 31, and the. loan administered by a board called the Hauraki United Drainage Board, which has yet to be elected. The amount this board anticipates raising by way of loan is £lO,OOO, although authority has been obtained to raise £15,500. In a reply dated April 4 the Public Trustee, Auckland, asked for certain further information, and asked why the sinking fund instalments -had been paid so far in advance. The clerk was instructed to supply the information, and by the courtesy of Mr W. E. G. Willy the representative of this paper was allowed to peruse the replyThe following paragraph appears:— “The reason instalments are paid so far in advance is that the Horahia Board considered this money was the property of the ratepayers in its area, and at the dissolution of the board it deemed it expedient to secure this amount being used for the benefit of those who had to find same.