SINKING FUNDS
(Press Assn.-
COUNTY COUNCJLS ASK FOR POSTPONEMENT OF PAYMENTS
-By Telegraph — Copyrlght)
Wellington, Monday. "There can be no doubt regarding the purposes for which sinking funds may legally be used. Lenders aie entitled to regard such funds as pait of their securities, and the postponement of annual contributions can reasonably be considered. It would be a breach of faith with lenders unless their concurrence was obtained. sajd the Prime Minister. Rt. Hon. G. W, Forbes, ip A'eplying to the executiye of .the New Zeal.and .•Conpties Association when asked for a postponement of County Council sinking fnp.d ^ payments for two years, owing to npjancial stringeney among councils and the non-paymept .of rates, . _ ** » ' The Prime Minister. said it was usual, in cases of local body loans, to include in the loan proposal votipg papers made on sinking f und to ;be set aside for repayment, and lendeys taking up local body sepnr^ties, would be to some extent influenced by the provision made.
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https://paperspast.natlib.govt.nz/newspapers/RMPOST19320927.2.31
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Rotorua Morning Post, Volume 2, Issue 338, 27 September 1932, Page 5
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162SINKING FUNDS Rotorua Morning Post, Volume 2, Issue 338, 27 September 1932, Page 5
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