Manukau City Council is seeking to raise $100 million in a bond offer but proceeds will go to all of the other councils in the Auckland region when the Supercity comes in to effect in November 2010.

This will be the second bond offer Manukau City Council has issued so far in 2009, following $90 million raised in the same way in July.

The investment statement Manukau City Council prepared with BNZ Capital outlines that other councils will benefit from the capital raising.

Mark Ford, who has run utility businesses for the Auckland region since the early 1990s, has been shoulder-tapped as the chairman to drive the super city council through its transitional phase.

Sources tell NBR his appointment as head of the transition agency will be confirmed with the next week as two bills to implement government policy for the governance of the Auckland region are due in Parliament.