A Special Meeting of the Levin Borough Council was held in the Council Chambers on Tuesday evening the 25th Feb. 1908 at 8 o’clock.
Present – The Mayor, Crs. Hudson, Douglas, Levy, Mackenzie, Ryder & Williams.
Object of meeting
The meeting was called to consider the advisability of rescinding a resolution passed by the Council at a meeting held on the 7th Feb. 1908, with a view to passing other resolutions bearing upon the waterworks question.
The Mayor explained that the Secretary to the Treasury expected that if money were obtained from the Treasury the steps to raise the Loan must be taken altogether separately. In borrowing from the Government a saving of about ₤100 a year in interest etc could be effected.
The following resolutions were then carried unanimously:
Mover the Mayor – Seconder Cr. Mackenzie “That due notice having been given, this Council do hereby rescind the resolution passed at the Special Meeting of the Council held on the 7th Feb. 1908, proposing to borrow ₤22,000 for 30 years at 4½% for a High pressure water supply, the said resolution being set forth on pages 197 & 198 of this Minute Book.”
Proposal to borrow ₤18,000 for Waterworks
Mover – the Mayor – seconder Cr. Mackenzie “That this Council proposes to raise a loan of ₤18,000 at 4½ per cent for a period of 30 years, for the purpose of establishing Waterworks for the Borough, the first year’s interest and the charges in connection with raising the loan to be paid out of loan. It is further proposed that to provide interest and other charges on the loan (including a sinking fund of 1½ per cent) to strike an annual recurring rate of one penny and seven-twentieths of a penny (1 7/20d) in the ₤1 upon the capital value of all the rateable property in the Borough of Levin.”
Proposal to borrow from the Government ₤4000.
Mover – The Mayor – Seconder Cr. Mackenzie “That the Council hereby resolves:
(1) That steps be taken to raise a loan from the Government of ₤4,000 for a period of 41years at 3½ per cent.
(2) That the expense of raising the loan and the first year’s interest to be paid out of loan.
(3) That as security for the loan and to provide interest and other charges thereon, to strike an annual recurring rate of two-elevenths of a penny (2/11d) in the ₤1 on the Capital value of all the rateable properties in the Borough of Levin.”
There was no further business.
Basil Gardener} Mayor.
March 2nd 1908.