THE COUNCIL AND THE WATERWORKS LOAN.

Oamaru Mail, Volume IV, Issue 940, 22 April 1879, Page 2

THE COUNCIL AND THE WATERWORKS LOAN.

The following information has apparently been supplied to our morning contemporary by some person intimately connected with the Municipal; Council. We received no intimation of the Council's intention to hold the meetings mentioned, and even though our reporter was present at the Council Chambers yesterday, while his Worship the Mayor and two Councillors were in the room, no intimation was given to him that such decisive action had been taken by the Council, or that it was contemplated to hold another meeting for the purpose of adopting still further steps to reduce expenditure until the new loan was floated :

A special meeting of the Town, Council was held on Friday last, to take into further consideration ih© matter of the floating of the additional loan of L 40,000 required for Waterworks purposes. There were present: The Mayor, Councillors G-ibbs, Procter, Humphrey, Headland, Mainland, Spence, and Familton. Some discussion then ensued rer ference to the powers possessed! by the Council in regard to. the. different, contracts on the Waterworks, and it was resolved, on the. motion of Councillor Headland—That the Engineer Toe directed to lay- before the Council, at an adjourned meeting on Monday evening, a statement showing the powers of the Council, as regards stopping the several contracts at present in hand, and also to be inattendance, so as to furnish all information possible;— Carried. The Council then rose.

At the adjourned meeting yesterday, at which the Mayor and the Councillors named above attended, it was resolved that the Municipal Sinking Fund Commissioners be written to, requesting them to pay into the Corporation's account the sum of interest accrued upon certain mortgages since date of deposit of said mortgages with the bank.

A report was read from the Engineer, reporting, as requested, as to the position of the contracts, and it was resolved that the Engineer be directed to arrange with the several contractors to work with re-, duced strength, and to make special arrangements as to rates of payment. After discussion upon the subject of theloan, it was resolved—That the form of debenture and coupon, a& prepared "by the Solicitor, and now laid on the- table, be adopted; and be sent to Messrs. Fergusstoft and Mitchell to be lithographed. Messrs. ■Fergusson and Mitchell to be requested j to get'them ready within a week, if possible. The subject of the Mayor's late visit to Wellington was then, brought up, and the following resolutions were arrived at:— (1.) That the Government be telegraphed to, asking whether they are willing to assist this Corporation by instructing the to, endeavor to negotiate the Oamaru Waterworks Loan in London.: (2.) That failing the Government being willing to instruct the Agent-General to the above effect, they be asked whether they mil intimate to .him; that they have no objection to his aqting.on the Council'® behalf, if applied to by the Council. (3*)

l»d, jri tt, b? »pp°o? n S to S«SP*tf necessary information. * Ihe Mayor was requested to call » special meeting immediately on reccint n t tSS"* reply '™ d «»ooLa