COOK COUNTY BRIDGES.
NEW FUND TO BE ESTABLISHED
The following figures were submitted to the Cook Countv Council bv the Clerk yesterday to show the estimated cost of the establishment of a bridge fund of £IO,OOO for the rebuilding of all bridges in the County during the next five years. It is proposed that only such amounts as are required from time to time are to be borrowed front the N.Z. State Guaranteed Advances’ Board :
Estimated Cost of Rebuilding
Total Bridge Fund loan,* £IO,OOO. Maximum interest, £SOO. The- Chairman said the scheme appeared to him to be an excellent one, and lie thought the—Council should adopt it. In answer to the Chairman, the Clerk said that the term of the loan would be for 36.1 years, and the interest, which in practice was 41 per cent., would include a sinking fund. A poll would require to be taken in each of the ridings concerned, and if carried the rate would then be struck. If no "money were required to be spent in a riding no money would be collected, and the rate to be collected would, in all cases, be in proportion to the amount expended. Further consideration of the matter was held over till next meeting.
Riding. Bridges. Special Rate. .0 Int. £ 180 Tologa . moo ... i-istJi of id .. Arai . 1800 ... l-30th of Id .. 90 Gisborne . .. 1800 ... l-20th of Id .. 90 Waimata 1800 ... l-24th of Id .. 90 Ratutahi.. 1000 ... l-40th of Id .. 50
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https://paperspast.natlib.govt.nz/newspapers/GIST19110218.2.7
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Gisborne Times, Volume XXIX, Issue 3148, 18 February 1911, Page 2
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243COOK COUNTY BRIDGES. Gisborne Times, Volume XXIX, Issue 3148, 18 February 1911, Page 2
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