CO129-539-8 Military contributions- basis of assessment 25-4-1932 - 27-2-1934 — Page 84

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9.8

It is proposed that this large

loan

for development purposes should be issued

locally in instalments, as the money is

required. The term of the loan will

probably be 25 years from the date of each

issue, and repayment will probably be by

means of drawings after the 5th year

for the balance of the 20 years by equal

annual payments.

Extra taxation will

be necessary to provide funds for the

interest on, and repayment of, this

large loan.

It will be found partly by

increased payments for water, when water

ex

metes are generally installed, and partly

probably by an increase in the assessed taxes.

10. It will be noted that the loan

proposals include the redemption of the

Public Works 6 per cent Loan of1927, as it

is hoped to replace it by a loan at a lower

rate of interest.

If that is done,

Ordinance