LOANS TO LOCAL BODIES.
A NEW REGULATION. ■ ; By Telegraph—Press Association. Dargaville, Tuesday. The Borough Council has applied for an instalment of £(!00O on account of the £20,000 loan approved. The Advances Oilice wires that payment has been delayed in consequence of the amending Act of 1012, which requires all moneys paid after the passing of the Act to be at the rate at which the loan was raised, plus 2s <Sd per cent, administration expenses. The Act also requires a resolution by the local authority pledging it to pay the increased rate. The Council is called on to pass such a resolution and have the debentures sigued before the £6OOO is advanced. The money is being urgently required for contracts in progress. The Mayor gave the undertaking asked for, but the Council passed a resolution protesting against "the unprecedented action of the Department," demanding the fulfilment of the contract entered into, at the rate of' £3 lfls per annum, with a sinking fund >f £1 (is (id (the loan being repayable in 36'/o years.) and condemning the alteration of the terms on which the loan was agreed to by the rate, payers.
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https://paperspast.natlib.govt.nz/newspapers/TDN19121127.2.42
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Taranaki Daily News, Volume LV, Issue 163, 27 November 1912, Page 5
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192LOANS TO LOCAL BODIES. Taranaki Daily News, Volume LV, Issue 163, 27 November 1912, Page 5
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