OTAKI BOROUGH COUNCIL.

Otaki Mail, 30 June 1922, Page 3

OTAKI BOROUGH COUNCIL.

SPECIAL MEEOJI-NG

A special,meeting of the Otaki Borough Council wag held eti Wednesday night, His Worship the Mayor (Mr J. P. Brandon) presiding. Also present: Crs. Kilsby, Bills, Cockrell, Taylor and Broadway. A letter was read from tho Stat* Advances Office, acknowledging roc«ipt of Council's letter, and stating it would be as well to defer making application for a further loan until the £SOOO already granted had been uplifted. It was notice* that the Council had passed a fresh resolution making a further rate of id in the £ as security for this £SOOO and to obviate the neeessity of the Council fassing still further resolutions as addi-

tional portions of .the loan are raised | it was suggested that the Council pass one resolution"making a rate of say 2d in the £ as .security for the full amount of the loau, £24,(500. The Council need not collect the full amount of the rate until such time as it was actually required. With this object in view the Department was returning the copies of the resolution and also the debentures recently returned by the Council for further amendment as regards tho insertion of tho amount of the special rate when it had been passed. —Resolu-

tion passed accordingly. I I From Public Trust stating with re-1 ference to the Council's letter making application for a loan of £14,000 for tho purpose of installing a sewerage system within the Borough they were directed to advise that this application would be submitted to the Office Investment Board with a recommendation that.the loan be granted at six per cent, plus one per cent, sinking fund for a term of ten years. In order that the necessary particulars may be available to submit the matter to the Office Investment Board they would be glad if the Council would complete the form of application and rcturnt same. —Decided to make application for the moaey.

From the Bank of New Zealand (Otaki) pointing out that the loan was being raisod on a debenture issue ami such debenture being negotiable instruments the debentures-might get into various hands as time went on so that such a proviso as proposed was out of the question. The rate of interest was naturally governed by the term of the loan. —Heeeived. From Public Trust re antecedent liability and advising that the application for £2509 would be submitted t» the Office Investment Board with recommendation that the loan be granted at six per cent, plus two per cent, sinking fund for a term of 10 years—icided to securo the amount if possible.

In connection with pipes required for the water-works a free discussion took place, after which it was decided that the Mayor and Engineer be appointed to go to Blenheim to ascertain further particulars, failing the Mayor being unable to go Cr. Kilsby to ffll the vacancy.