TRAM LOANS
SPREAD OVER 20 YEARS FURTHER DETAILS RECEIVED With the exception of one relatively small amount—£2s,ooo for buildings—the Auckland tramway loans, if carried, will not be for a term longer than 20 years. This is the decision of the Local Bodies Loans Board, and was conveyed in a letter received by the Transport Board this morning. The Loans Board also fixed the sinking fund rate 3* per cent. Previously, the highest sinking fund rate was 2£ per cent., and anything more has been objected to; but this has applied mainly to loans for nonproductive works such as roads, and the Transport Board is not raising any objection to 3 h per cent., which in effect creates a substantial reserve fund. The alternatives to be put to the ratepayers will be £280,000 for the work estimated to take two years, or for £526,600 for all the tramway extensions and requirements during the next four years. The poll will be taken about the second week in May.
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https://paperspast.natlib.govt.nz/newspapers/SUNAK19290406.2.59.14
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Sun (Auckland), Volume III, Issue 631, 6 April 1929, Page 9
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166TRAM LOANS Sun (Auckland), Volume III, Issue 631, 6 April 1929, Page 9
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