The full plan for consolidating the finances of Tel Aviv was presented by Acting Mayor Rokah of Tel Aviv to the Town Council last night.
The Palestine government is writing off the municipality’s indebtedness of £75,000, the Palestine Executive £60,000 and the Hadassah £1,000.
The Anglo-Palestine Company is likewise cancelling £8,000 owing it in interest for a loan.
The Council will also receive a loan from the government of £40,000, to be repaid within seven years at 6½ per cent interest and a loan from the Anglo-Palestine Company of £50,000 at 6 per cent, repayable in ten years. Urgent debts of the Town Council are being discharged with these sums.
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