Loan for Hawera.
A loan of £5,000 is resolved on by the Hawera Borough Council. It is proposed to raise the money by debentures repayable in ten years. The Finance Committee recommended that £3,500 be applied to construction of roads, £750 to commencing a system of sewerage, and £750 for “ assisting to procure a water supply.” In discussing the adoption of this report by the Council,an amendment in favor of £3,000 was moved by Councillor King. Not seconded. Report adopted by 9 to 1. The committee had also recommended - the striking of a special rate of one shilling in the pound, to provide additional security. It was stated that the present income is £963, but Councillor Thomson thinks the revenue will increase to £2,000 within fire years. Interest and sinking fund would absorb £650 a year. The Finance Committee were empowered to take the necessary steps for raising the loan, with the sanction of ratepayers.
A project is mooted for deep boring, on the artesian well principle.
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Bibliographic details
Patea Mail, 9 March 1882, Page 3
Word Count
167Loan for Hawera. Patea Mail, 9 March 1882, Page 3
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