SINKING FUND TOO HEAVY.
LOCAL BODIES PROTEST. To Loans Board. The heavy sinking fund demanded by the Local Bodies Loans Board for certain roading and bridge loans is causing some concern to many local bodies who feel that too much is often demanded from present ratepayers and not enough left to posterity. Supporting this view the Waitemata County Council wrote to the Matamata County Council seeking its support to a protest on the matter.
The chairman stated that one paragraph in the letter in regard to the life of a road was hardly correct, as it had been found in the past that many roads were worn out long before the loan had been repaid. However, there was a lot in what the letter said, and he felt that a lot more discretion could be used in making the term of many roading and bridge loans longer than was done.
Cr. Dee remarked that with a small loan like the Te Poi bridge loan, which had been granted that day for 10 years, it did not matter much, but with a large sum it became very heavy. The engineer: It all depends on how a body maintains its roads. With proper maintenance a road might last 100 years. On the motion of Messrs. Cox and Allen it was decided to support the protest.
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Putaruru Press, Volume VII, Issue 310, 17 October 1929, Page 1
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223SINKING FUND TOO HEAVY. Putaruru Press, Volume VII, Issue 310, 17 October 1929, Page 1
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