The Borough Loan.

Manawatu Standard, Volume IX, Issue 74, 28 February 1885, Page 2

The Borough Loan.

Synopsis of the Mayor's address to the Burgesses. _ : Proposed Loan $50,000} jas follows :— Formation and inetallin'g existing streets .£10,000 ; sewerage and drainage £8,800; water supply .£20,000; footways £'1000; lighting, extension '.of present system, £200.; repayment of existing Joan : 'ilo,ooo. : ISewferage and : drainage matters of imperative necessity ; but. abundant water supply ,also;mclisnensable. The cost of lighting by gas considered greater than probable return would warrant. Interest on ;.£5Q,000 at 5 per cent, ij2500 ; interest on existing loan i 79 3; total i! 3293. To provide for interest it is proposed to strike Is special rate, .£952 ; additional special rate of lOd for interest on existing loan for say next four years, .£788 ; estimated water supply re venue, .£500; bal- j ance to beprovided outjof general revenue, £1,053. Till water works are complete unexpended balance oi loan will be , left on deposit, at interest. ! Ordinary revenue estimated as follows : — Licenses, rents, &c'.j £560, interest on deposit of £10;000 to cover existing loan, .£500 ; rate Is m '£, £952 ; total £1952 : out of this £1053 to be devoted .to paying part interest on new loan. Anticipating revenue from deposit of unexpended portions of loan, it is proposed to reduce ordinary rate, to . 7d m £, making total rate 2s 5d m £ , beiug increase of lid on present rate of Is 6din £. The burgesses are requested to attend public meeting on Monday evening m Town Hall to consider loan proposals. ' j