AKITIO COUNTY COUNCIL

Wairarapa Age, Volume XXXI, Issue 10713, 14 January 1913, Page 5

AKITIO COUNTY COUNCIL

SPECIAL MEETING OF COUNCIL. A QUESTION OF LOAN MONEY. Tlie Council met last Saturday and formally passed a resolution increasing tlie special interest rate re the £28,000 loan in tonus of legislation passed last session and the tions thereunder.

The County Chairman pointed out that the' Government under "The State Guaranteed Advances Amendment Act, 1912," had made provision to pay 1 per cent of sinking fund for ten years and for ten thereafter to pay an amount equal to 1} per centum of the amount of the loan. Section 0 of the Act only referred to outlying districts, and as the Akitio County was an outlying district he hoped that the formal resolution of raising £d in the £ would be only equivalent to the rebate expected from tho Government. The Chairman stated that this seemed surprising, in view of the fact of the Council having received a communication wherein it states that the loan is State gu a rain teed, an { l further section 12 of the regulation gazetted 2nd January, 1911, it ig distinctly stated"Every such notice of acceptance shall constitute a contract between the superintendent and the corporation of t l.

local authority to grant and accept the loan in accordance with the terms of the application." The Akitio Council already raised £7OOO, so that the'resolution and the new regulations only affected £21,000 of tho £28,000 loan. Councillors expressed surprise that the Government should alter their an a ran too with the settlers, after having granted the loan under he Gov. eminent- regulations and issuing debentures. et.c.

The following resolution wag pro- I posed by the Chairman (in accordance with notice of motion), seconded by Or Jenkins and carried: "Whereas the Akitio County Council has been authorised by the ratepayers to borrow £28.000 for he purpose of metalling, bridging, formation and protection works and the; Now Zealand Stnt<°cuaranteed Advances Board has filially granted' tihe application for such loan at the rate of 3$ per centum/per annum ; and whereas the New Zealand State-rruaranteed Advance? Office' Superintendent is unable to advance part of puch loan, namely. ,£21,000 at the said rate of interest, but can advance the same at the rate of 3J per centum ■ oer annum., Noav, in pursuit nee and exercise of the powers vested in it in that behalf by the Local Bodies' Loan? Act. 1908. and section 4 of the Local BodW T.'inu s Amendment Act. 1910, the Akit.io County Council hereby 'resolves that for the purpose of providing moneys sufficient to cover the increased payments, jri respect of such par.t ,of. such loan* namely, £21,000. the said Akitio County Council hereby makes and lev-, i if\s a sneeiiil rate, of £d in the £ upon | the rateable vahip of all rateable nro- : p.e.rtv of the'Akitio.,County metalling, bridging, formation, protection works special rating area comprised 1 within thr» boundaries fullv described on page 1901 of The New Zealand Gazette of the Bth .Tune. 1911, and that ■web special rate slml] be an annually recurring rate during the currenov of I such part of such loan' and be payable ' yearly on the Ist day of October in each and every year during the cirrj r'encv of such, oart of such loan. , being a neriod of 36£ years, or until such I parf. of such loan is fully paid off. i The resolution takes effect from da+e of gazetting.

ft was also decided to issue fresh debentnrna for the third instalment, via., £7OOO, on the fresli terms.