WATER MAINS LOAN
DELAY CAUSES LOSS OF INTEREST ONEHUNGA’S PROBLEM Apparently the Local Authorities’ Loans Act is not - working very smoothly, if the experience of the Mount Roskill Road Board may be taken as a sample. Some months ago the board desired to raise a loan of £3,100 for water mains. The Government Loans Board in Wellington sanctioned it, and the Ministers of Internal Affairs and Finance gave their approval. With such backing the Mount Roskill Road Board arranged with a financial concern for the money, But up to the present they are legally debarred from lifting the amount, all because the Governor-General has not yet gazetted the authority by Order-in-Couhcil. The question now arises, who is to pay the interest which has accrued in the interim? The board decided the delicate point last evening by requesting tile Minister of Finance to reimburse the lender for loss of interest during the time lost in gazetting the authority.
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19271116.2.56
Bibliographic details
Sun (Auckland), Volume I, Issue 203, 16 November 1927, Page 6
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157WATER MAINS LOAN Sun (Auckland), Volume I, Issue 203, 16 November 1927, Page 6
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