Feilding Borough Loans Conversion

Manawatu Times, Volume LIV, Issue 7278, 4 October 1933, Page 3

Feilding Borough Loans Conversion

SCHEME IN PREPARATION. While in Wellington yesterday, the Mayor of Feilding, Mr. C. E. Taylor, together with Cr. E. Fair and the Town Clerk, Mr. N. C. Harding, interviewed the secretary of the Local Government Loans Board and the Secretary to the Treasury, who is also chairman of the Leans Board, on the matter of tho conversion of tho Borough Council’s debenture loans which total approximately £IOO,OOO. After a very full discussion the Treasury agreed to prepare a conversion scheme suitable to Feilding and submit it for tho consideration of tho council. It is understood that the scheme will provide for the liquidation of the whole of the debenture debt within 25 years. The scheme will also provide for tho repayment of a certain portion of the debt each year by way of redemption and debentures. Further, it will provide that tho borough’s annual charge will not, in tho first year, be greater than the existing animal charge, but will reduce each year thereafter by increasing amounts as the debt is redeemed. A feature of (lie proposed arrangement will bo the utilisation of the sinking funds at present standing to the credit, of these loans of which approximate £20,000 and from which the council at present derives no benefit. The Mayor said that ho was very pleased with the assistance offered by the Treasury and would await tho proposed scheme with the keenest interest.