Present: The Mayor (Mr. B.R. Gardener), Crs. Douglas, Hall, Hankins, Hudson, Levy, Mackenzie, Prouse, Ryder & Williams.
Object of meeting
The meeting which was duly summoned & constituted was called to receive the Land Purchase Committees Report, to consider a motion of Cr. Mackenzie’s to borrow ₤16,000 for a High Pressure Water Supply & to consider the water supply scheme generally.
The report of the Land Purchase Committee was read and on the motion of Cr. Levy seconded by Cr. Prouse it was adopted.
Cr. Mackenzie’s motion was withdrawn in view of further considering the whole scheme.
A letter was read from the Engineer Mr. W.H. Climie in which he gave further particulars & estimates for reticulating streets up to 12¼ miles, the amount estimated for the whole scheme with contingencies added being ₤22,275.
Proposal to borrow decided upon
After a long discussion the following resolution was on the motion of Cr. Levy seconded by Cr. Hall carried unanimously:- viz, ‘That this Council hereby resolves that immediate steps be taken
(1) To raise a loan of ₤22,000 for the purpose of providing a high pressure water supply for the Borough, the loan to be for a period of 30 years bearing interest at the rate of 4½ % per annum.
(2) That the cost of raising the Loan & the first years interest be paid out of loan, and
(3) To strike an annually recurring rate of 1.5/7d (one penny and five sevenths of a penny) in the ₤ on the capital value of all the rateable properties in the Borough of Levin as security for and to provide interest & other charges (including a sinking fund of 1½ %) in the said loan.’
There was no further business.
Confirmed Basil Gardener
17th Feb 1908 Mayor.