PROPOSED LOAN FOR MAUKU RIDING

Pukekohe & Waiuku Times, Volume 8, Issue 489, 11 July 1919, Page 2

PROPOSED LOAN FOR MAUKU RIDING

Meeting of Ratepayers

MODIFIED SCHEME ADOPTED

A meeting of ratepayers interested in the proposal to raise a loan of £3OOO for the purpose of metalling the tramway road from Puni to the Glnnbrook station was held in the County Council office on Tuesday afternoon, Mr J. S. Montgomerie, member of the Mauku Riding presiding. The Councy clerk, Mr Alan Day, explained that arrangements had been made for borrowing the money under the Loans to Local Bodies' Act upon a security of a special rate of one penny and an eighth in the pound upon a special rating area defined by Mr Montgomerie and the member of the Pukekohe West Riding, Mr Woods. The currency of the loan would be years, with interest at 5] per cent and a sinking fund of one per cent. Af.er a long discussion, during which the boundaries of tho proposed rating area were the subject of some adverse criticism, it was decided that the main scheme should be abandoned and no poll be taken on the proposal to borrow. The Council was requested to use the money derived froitf the sale of one half of the width of the Tramway road and any Government grant available to metal from the main road to Glen - brook station, and also what is known at Gillon's hill. If this money was not sufficient it would bs supplemented out of the rates, and if necessary a special rate could, be struck over the properties benefitted.