### ODT Online Tue, 30 Nov 2010
$250m rise in DCC borrowing capacity
By Stu Oldham and David Loughrey
The Dunedin City Council looks set to increase its capacity to borrow by $250 million to provide security for gross debt that should hit $712 million by 2013. Its finance, strategy and development committee yesterday agreed by just one vote to get the council to increase Dunedin City Holdings’ (DCHL) uncalled capital to $850 million.
Crs Brown, Bill Acklin, John Bezett, Neil Collins, Paul Hudson, Andrew Noone and Richard Thomson voted to recommend the council increase DCHL’s capital by $250 million. Crs Wilson, Vandervis, Jinty MacTavish, Chris Staynes, Teresa Stevenson and Mayor Dave Cull voted against the recommendation.
Post by Elizabeth Kerr