HomeMy WebLinkAbout1960-12-28 40-N ORDER6W
Introtluced by Councilor Barry, Wc. 21, 1960
a ' 'A CITY OF BANGOR
(TITLE.) (PrigTt-Temporary its ,sten — 146, _... ..
By the City Cmbu of the My of Brow.
ORDERED,
THAT for the purpose of procuring a tesporary loan or loans in
anticipation of the receipts from taxes for the fiscal
year 1Y61, the City 'Treasurer be and hereby is authorized
and directed to borrow purnran to Section 10 of Article 6
of the City Charter at one time or from time to time, under
the direction am with the approval of the Chairmsn of the
City Council and the Finance Coseittee, a am or sure not
ox selling at any owe time outstanding Two M1111on Dollars
(42, OW, CAO), said aumb Bing leas than eighty per cent (80%)
of reasons received from taxes during the preceding Mesal
year, and tm execute me deliver a note or notes of the City
of Bangor therefor, signed in hie official capacity as Qty
'treasurer add by the Chairman of the City Council;
TUT all of said notes or any renewal or replacement thereof shall
be payable on or before December 11, 1y61, said not" shall
be issued in non-interest banning form are discovnted at a
rate approved by said Finance Conaitteei
THAT Subject to the limitations impmei by this order, any such
note my at or after their maturity, be paid or replaced by
the issuance of new notes, and be it further
Wkinno,
THAT the note or notes issued pursuant to the preceding order
shall bear the authenticating certificate of the Merchants '
Mttional'Bank - of Bangor, Mains am that Messrs. Ropes,
(hay, Beat, Coo lldge & Rmg a Boston, Massachusetts, shall be
requested to render an opinion or opinions approving the
validity of said note or notes.
IN CITY CDUNCIL
Dec. 28, 1960
PASSED
40-N
ORDER
z;uti
TeeLoorcry, Tex L, — 1%1