GARDEN PLACE

Waikato Times, Volume 121, Issue 20270, 12 August 1937, Page 7

GARDEN PLACE

APPLICATION TO BOARD. DRAFT OF VOTING PAPER. Acknowledgement of the applFcation of the Hamilton Borough Council for the sanction of the Local Government Loans Board to the raising of tho modified Garden Place Hill removal loan was received at the meeting of the borough council last evening, from the secretary to the board, Mr C. J. Atkin. “ The various documents submitted by your council with the application seem to be in order," he wrote, “but as regards the draft voting paper, it will not .be possible to finalise this until the board has dealt with the matter, as it Is possible that the sanotion of the board, if given, may differ in some respects from the conditions at present set out in the draft. “As the Empowering Aot of 1935 expires on October 26 next, every ondeavour will be made to have the matter investigated by the board at the earliest opportunity and the decision of the board will be Communicated to you by telephone." Text of Draft. The draft voting paper, after detailing the purposes of the proposed loan, runs as follows: “ The proposed security for the payment of interest and sinking fund is revenues to be derived from the properties to be acquired or improved by the corporation and a special rate of 3d in the pound on the unimproved value of all rateable property In the Garden Place special rating area." The proposed term of the loan Is not exceeding 35 years and It is intended to make provision for a sinking fund at the rate of not less than £1 13s per cent per annum. It is not proposed, however, to establish a sinking fund for the first two years. It is intended to pay the cost of raising the loan out of the loan Itself, but no part of the Interest or sinking fund will be paid out of the loan.