£82,000 LOAN
DRAINAGE BOARD TO BORROW FOR REDEMPTION PURPOSES The Auckland and Suburban Drainage Board has decided to borrow £82,000. This decision was made at a special meeting of the board held in. the council chamber. Town Hall, last evening. The sum is being raised in order to redeem portion of a loan of £IOO,OOO which was borrowed in London in 1909 at four per cent. Inquiries were made in London last month as to the advisability of going on the market, and information received stated that the time was inopportune as the probable net terms there would be equivalent to at least six per cent. The sanction of the Local Government Loans Board has been obtained subject to a maximum interest rate of 52 per cent. The decision to borrow will be submitted for confirmation to a special meeting to be held on March 27. The Valuation Department advised that the aggregate rateable capital value of the constituent areas of the drainage district was £60,121,663, of which the city’s share was £45,322,073.
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Bibliographic details
Sun (Auckland), Volume III, Issue 908, 27 February 1930, Page 16
Word Count
173£82,000 LOAN Sun (Auckland), Volume III, Issue 908, 27 February 1930, Page 16
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