CITY COUNCIL.

New Zealand Times, Volume XXXIV, Issue 5654, 14 May 1879, Page 3

CITY COUNCIL.

A special meeting of the City Council was held yesterday afternoon for the purpose principally of passing the annual accounts. Present —Councillors Allen (Acting-Mayor), Moss, Logan, Magiunity, Fisher, Hunter, Thompson and Young. , Mr. Graham, the Town Clerk, read over the statement of accounts in connection with the various branches of the City Council for the year ending March 31, 1879. [These have already beeu published.] They were passed unanimously. THE £IOO,OOO LOAN.

The Clerk informed the Council that the Finance Committee had interviewed Mr. Tolhurst, Manager of the Bank of New Zealand, Wellington, in connection with borrowing £IOO,OOO, and in reference to which the following resolutions had been drawn up for the approval of the Council : The City Council having had under their consideration the proposed loan of £IOO,OOO sanctioned by the Council and the ratepayers in terms of the provisions of the Municipal Act, 1876, it is resolved—l. That the whole amount of the loan be at once raised by the sale of debentures bearing interest at the rate of 6 per cent, per annum. 2. That the directors in London of the Bank of New Zealand, or any two of them, be appointed agents of the Corporation for raising the said loan 3. That the agents be authorised to sign and issue the debentures, with coupons for the interest secured thereby. 4. That the debentures he for sums of not less than £SO aud uot more than £IOOO. 5. That the principal and interest secured by the debentures be payable at such places as the agents may appoint. 6. That the debentures be repayable by four drawings at periods of 35, 40, 45 aud 50 years from the date of interest thereof. 7. That a sinking fund be provided for payment of the amount raised by the debentures. 8. That the providing for the annual interest and the sinking fund, a special rate of 7d. in the £ be made as soon as the loan then raised on the debentures hypothecated, and such special rate shall be deemed to he a portion of the borough fund, permanently appropriated for the purpose. 9. That not less than £7OO shall in each year be set apart out of the proceeds of the said rate, for the purpose of the sinking fund, 10. That pending the sale of the debentures, the agents have power to hypothecate the same in terms of section 155 of the said Act. 11. That all necessary documents for carrying out this resolution be at once prepared and deposited in the Bank of New Zealand.

Councillor Fisher hoped that the Finance Committee would be as economical as possible. Councillor Thompson replied that every precaution and care had been bestowed on the question, and be believed the Finance Committee bad done what they had. deemed most expedient for the interests of the ratepayers and city. Councillor Moss moved, and Councillor Young seconded, that the resolutions be carried. Carried unanimously. AUDITORS. The salary of the auditors was fixed at the same turn as last year, viz., twenty-five guineas. The Council then adjourned.