WELLINGTON CITY COUNCIL. PROPOSED SPECIAL LOAN. In the matter of the Tramways Act, 1894, and of the Municipal Corporations Act, 1900.

Free Lance, Volume I, Issue 40, 6 April 1901, Page 13

WELLINGTON CITY COUNCIL. PROPOSED SPECIAL LOAN. In the matter of the Tramways Act, 1894, and of the Municipal Corporations Act, 1900.

fTIHE Council of the City of Wellington I hereby gives public notice that such Council proposes to borrow by way of special loan within the meaning of the above-named Acts, the sum of Two Hundred and Twentyfive Thousand Pounds (£225,000) for the purpose of constructing an Electric Tramway in the City of Wellington, with an extension of such Tramway to Island Bay in the Borough of Melrose. And notice is hereby further given that the said Council proposes to secure the repayment of the said loan, and the payment of the interest thereon, by a mortgage of the said tramway and the undertaking thereof, and the revenues, rents, tolls, issues and profits of such tramway and $i such undertaking. And proposes also to make, pledge, and permanently appropriate as further security for the said loan and the interest thereon, a special rate of twopence (2d) in the pound on the rateable value (on the basis of the annual value) of all rateable property within the City of Wellington. And the Council further proposes that the whole amount of the said loan shall be made repayable at the expiration of a term of twenty years, computed from the date of the publication in the New Zealand Gazette of the statutory notice to the effect that all proceedings required by law to be taken in or towards obtaining the sanction of the electors to the present proposals have been duly taken, and that the resolution in favour of the said proposals has been duly carried. Dated this 16th day of March, 1901. J. E. PAGE, Town Clerk. Eeferring to the above advertisement, I hereby call a meeting of the Electors to consider the proposal of the Wellington City Council to boirow the sum of Two Hundred and Twenty-five Thousand Pounds for the purpose of constiucting an Electric Tramway in the City of Wellington, with an extension of same to Island Bay, in the Borough of Melrose, ■ such meeting to be held at the Skating Eink, Ingestre-street, on TUESDAY, the 9th day of April, at half-past 7 o'clock in the evening. Note. — At the same meeting the electors will be asked to consider two other proposals of the City Council, viz., to borrow the sum of Fifty-two Thousand Pounds for paving certain of the streets in the City with wooden blocks, and to borrow the sum of Fifty Thousand Pounds for the erection of a Town Hall and Municipal Offices. JOHN G. W. AITKEN, Mayor of Wellington. Dated this 29th day of March, 1901.