LOANS TO LOCAL BODIES

Taranaki Daily News, Volume LV, Issue 94, 6 September 1912, Page 5

LOANS TO LOCAL BODIES

AN IMPORTANT INNOVATION. By Telegraph. —Press AsseciatioH. Wellington, Last Night. In his report to Parliament, the Public Trustee sets out an important innovation in the Public Trust Office, which will be of considerable interest to local bodies desiring to borrow money from the Public Trust Office. In order to save local bodies expense, whenever a local body applies to the Public Trust Office for a loan under the Local Bodies Loans Act the solicitor to the Public Trust Office will direct and supervise all proceedings, and draft all resolutions, debentures, coupons, sinking fund deeds, and other documents required, and will instruct as to the earning out of the loan, and, finally, certify when all the proceedings are completed. The fee for this will be 2s Cd per .-CIOO on the amount of the loan, and the local body will thus lie in a position to know fro in the outset what the cost of raising it will be. The only other expense in addition to this will be, the cost of advertising and the cost of printing.