TAUMARUNUI FINANCES.

Taihape Daily Times, 14 June 1919, Page 5

TAUMARUNUI FINANCES.

SINKING FUND FORGOTTEN AN EXTRAORDINARY POSITION TAUMARUNUI, June 12 About five or six years ago the Tau—marunui Borough Council, obtained the sanction of the ratepayers to raise loans totalling £7950 fof“ gasworks, purchase of land, stone-crusher, recreation grounds, and municipal building pur-pos”e’s. Being unable to raise money at the time, the debentures were mortgaged to the Bank of New Zealand, which lent £7003 on the security of special"’rates. In some extraordinary manner, no sinking fund was provided by the Councl. . The matter was mentioned by the Mayor (Mr. G_ F. Steadman). when the council held a special meeting last night to deal with the estimates for the ensuingyeai-.. He said that the a__molint‘illvol\te(l was ..-£830: He had asked Mr. A. S, Laird, agent for the Public Trustee, if the money required to lift the debentures from the ban? could be raised through that office. The people had had the use of the nioliey. no sinking fund had been provided, and his opinion was. that the £B3O would have to be raised by striking a rate. Mn .«-.\. J. Reid said the oversight was a serious matter. He could not understand how it had escaped notice. The old council had a bomibshell in having to pay a very large engineer’s aeount. and new the new council had to start with a bigger bombshell. Those matters would have a crippling effect on the finances of the borough The Rev. J. E. \Vard, said“that the sooner the loan was placed under a Sll‘lkin_9: fund the better. M2‘. D_ R. Brown: Is it intended ‘to lower the general rate‘? _ The lVlayor: ‘VO Canft do it, Ml‘. G. Y. Canton: Vvith the liabilities left o‘.'(‘l' by the late council it means that we have to provide an additional ;£180»0? The Mayor: Yes. ‘ It was explained that the failure to provide the sinking fund would mean an e.\'tra. rate Ci"l’,~d. The to"t.al rate will therefore be 6:';’d as against 5-7-8 d for last. year. ‘ ‘

’Necossmry steps to strike the rates \\'el'e’raken. -. M

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