$200,000 Wetlands Loan Push
Newcastle Herald
Monday June 12, 2000
NEWCASTLE City Council has been advised to lend $200,000 to the embattled Wetlands Centre, at Shortland.
The recommendation will be discussed at tomorrow night's full council meeting.
The interest-free loan would be advanced to the Wetlands Centre for up to six months to help it out of its financial problems.
Council staff have recommended to councillors that the loan be secured by a court order so it could be recovered whatever happens.
It is suggested that such an order would mean the money could be returned from the sale of the property if necessary.
A report to the council tomorrow night says the Wetlands Centre should be supported because of its important role in training and education of wetlands management.
The council would forgo interest returns of about $6500 at current investment rates if councillors accepted the loan proposal.
It has provided $328,000 in aid since 1984.
© 2000 Newcastle Herald
Share This