LOAN MONEY.
FOR PUTARURU WORKS. Favourable Terms. A statement in regard to the necessary loan money of £7500 was put before the Putaruru Town Board at the last ordinary meeting. The statement showed that the money was to be raised in Auckland and would be available as soon as the debentures could be printed and the necessary resolutions confirmed. The terms of the loan were stated to be as follow : Price £9B per £IOO, interest 55 per cent., term 21 years, brokerage 1 per cent., sinking fund commissioner, Public Trustee.
The money was to be picked up as follows : £2OOO on approval of debentures and trust deed, which would be towards the end of April, and £IOOO per month beginning on or about June 20. It was pointed out that the terms represented a saving in the vicinity of £3OO on similar loans from Government departments. Mr. Neal spoke in appreciative terms of the manner in which the loan had been raised, and the necessary legal resolutions were then passed unanimously.
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Bibliographic details
Putaruru Press, Volume VI, Issue 232, 12 April 1928, Page 4
Word Count
171LOAN MONEY. Putaruru Press, Volume VI, Issue 232, 12 April 1928, Page 4
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