Council committee to consider early repayment offer from Waikato Rugby Union

Hamilton City Council’s Finance and Monitoring Committee will consider whether to accept an offer of early payment of $341,025 in outstanding debt from Waikato Rugby Union (WRU) at its meeting on Tuesday, 23 October.

If the Committee agrees to accept the offer of early repayment, it will be conditional upon Council waiving the rights to impose an early repayment penalty.

Council management is recommending that Council approves the early repayment and waives the associated costs, which are the equivalent of approximately three-months of interest payments, with General Manager Events and Economic Development Sean Murray saying: “It would be a positive move to enable the Waikato Rugby Union to clear this debt with Council, which would in turn go towards reducing Council debt.”

Debt owed to Council by the WRU was converted to a term loan commencing 1 January 2012 and due to expire on 1 January 2014. Since that time all scheduled repayment instalments have been met.