RANGITIKEI COUNTY LOAN PROPOSAL

Wanganui Chronicle, Volume 83, Issue 43, 21 February 1939, Page 6

RANGITIKEI COUNTY LOAN PROPOSAL

Sir,—The Rangitikei County Council, in submitting to the ratepayers of the county its proposal to borrow the sum of £ll,OOO for the purpose of reconstructing in concrete and steel, many of the oid wooden bridges throughout the county, has only done so after due consideration and in the best interests of the ratepayers themselves. All of these bridges are old and are very unsuitable for traffic conditions to-day. As the work to be undertaken will be of a very permanent nature, it would appear right that the cost of building the bridges should be spread over a period of years and not be a direct charge on the ratepayers of to-day. The Local Government Loans Board has given its sanction to the loan being raised for a term of 30 years, and so has endorsed the council's policy of spreading the repayment of the money. The £ll,OOO to be raised does not represent the full cost of the bndg.’s to be rebuilt. Those on main highways will carry the present highway subsidy of £3 for £l, while it can be anticipated that the bridges on county roads, will receive a Government subsidy of not less than £1 for £l. The total approximate cost of the bridges to be rebuilt, and of which the £ll,OOO proposed to be borrowed is the council's share, will be about £25,000. The council does not propose to borrow the whole sum of £ll,OOO al once, but to obtain the money from time to time as the rebuilding proceeds. This will relieve the general rate to the extent of the council's proportion of the cost of the works, less a comparatively small amount yearly for interest and sinking fund charges. The council does not propose to collect the rate which is the security for the loan, but will meet the annual charges out of ordinary revenue. 1 would therefore ask ratepayers to support this loan at the poll to be taken on Wednesday, February 22, as advertised, and give the council power to borrow the amount required. The alternative is to pay for the work out of rates.—l am, etc., K. W. DALRYMPLE, Chairman Rangitikei County. “Waitatapia,” Bulls, February 16, 1939.