UNLAWFUL BORROWING
ROSKILL’S DILEMMA The Auckland City Council and the Mount Roskill Road Board recently caome to an agreement under which the city was to have repaired permanently the roads separating the two districts. The Road Board was to have paid half the cost of the work, but as its funds would not permit of the amount being refunded out of one year’s revenue, the council allowed the board five years to wipe off the liability, charging it interest at current bank rates. This innocent-looking transaction was on the point of being concluded when Mr. S. I. Goodall, a legal member of the board, pointed out that it was tantamount to a loan, and an unauthorised one at that. On his advice the Auditor-General was consulted. The reply, received and read to the board last evening, was to the effect that he would be required to treat the transaction as unlawful borrowing. Mr. Goodall was appointed a committee of one to endeavour to come to a satisfactory arrangement with the City Council.
Marriott’s “House Warming” Day next Friday—Special attractions.
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Bibliographic details
Sun (Auckland), Volume II, Issue 391, 27 June 1928, Page 18
Word Count
179UNLAWFUL BORROWING Sun (Auckland), Volume II, Issue 391, 27 June 1928, Page 18
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