LOAN PROPOSAL.

Manawatu Herald, Volume XLIV, Issue 2485, 26 September 1922, Page 3

LOAN PROPOSAL.

TO-MORROW’S POLL. To-morrow a poll will be held on the proposal of the Borough Council to raise a special loan of £2,500 for the purpose of assisting property owners in the reticulated area to connect their premises with the public sewers, many of which are now laid. In bringing the importance of. this loan before readers, it is unnecessary to point out the advantages that will follow the installation of sanitary drainage throughout the borough. The amount to be borrowed is not a large one, and property owners not immediately served with the sewerage system will feel no concern that they are liable to be rated for something in return for which they will receive no benefit. The term of the loan is seven years, and the interest on the principal will be paid by the beneficiaries themselves, the interest being added to the repayment instalments. The money repaid to the Council by way of instalments will be available for letling out to other property owners, and as the instalments are collectable as a rate, the security offered is good. It is not anticipated that any difficulty will he experienced in raising the loan, as the rate of interest offered is six per cent., the last loan of £l,lOO to extinguish the Antecedent Liability being taken up within eight hours from the time it was open for subscription. The polling booth will be in the Town Htill supper-room, and the polling hours are from 9 a.m. until 7 p.m.