HomeMy WebLinkAbout1962-12-26 33-Q ORDER33-Q
Introduced by Councilor Bailey, Dec. 26, 1962
CITY OF BANGOR
(TITLE) Mdierl........Tempprary..Tgx Loan 1963... .. _. __..
By Use City Council of Um City ofaangor:
ORDERED,
THAT for the purpose of procuring a temporary loan or loans in anticipa-
tion of the receipts free taxes for the fiscal year 1963, the City Treasurer
be and hereby is authorized and directed to barrow, pursuant to Section 10 of
article 6 of the City Charter, at are time or from time to ties, under the
direction and with the approval of the Chairman of the City Council and the
Finance Committee, a sum or suns not exceeding at any one time outstanding,
Two Million Five Hundred Thousand Dollars ($2,500,000), said nen being less
then eighty per cent (80%) of revenue received from taxes during the preceding
fiscal year, and to execute and deliver note or nates of the City of Bangor
therefor, signed in his official capacity as City Treasurer and by the Chairman
of the City Council;
THAT all of said notes or any renewal or replacement thereof shall be
payable on or before December 31, 1963, said notes shall be issued innon-
Interest bearing form and discounted at a rate approved by said Finance
Committee;
THAT, subject to the limitations imposed by this order, any such notes may
at or after their maturity be paid or replaced by the issuance of new notes
and be 1t further
ORDERED, THAT the note or notes issued pursuant to the preceding order
shall bear the authenticating certificate of The Merrill Trust Company of
Bangor, Maine and that Ropes and Gray, of Boston, Massachusetts, shall be
requested to render an opinion or opinions approving the validity of said
nate or notes.
33-0
RECEIVED
1363 DEC 11 AAI 10: 39 O R D E R
CITY CLEWS OFFICE Title,
STY OF RANOOR, MAINE - -
.TPEPorary.Tax Loan -. 1963....
IN CITY CCDNCIL.....................................
Dec. 26, 1962
PASSED /Introdueddd�.aandd (filed by
L Q.ERK'YiS.L )[+*5"... men