HomeMy WebLinkAbout1961-12-27 40-P ORDERP!
Introduced by Councilor Barry, Dec. 27, 1961
ryry'pp CITY OF BANGOR
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(TITLE.) rber, Temporary Tax Loan - 1962
By the City Couwaft ofUie City ofBamOor:
ORDERED,
THAT for the purpose of procuring a temporary loan or loans in
anticipation of the receipts from taxes for the fiscal year 1962, the
City Treasurer be and hereby is authorized and directed to borrow, pursuant
to Section 10 of Article 6 of the City Charter, at one time or from time to
time, under the direction and with the approval of the Chairman of the City
Council and the Finance Committee, asum os not exceeding at any one
time outstanding Two Million, Two Hundred Thousand Dollars ($2,2DD,DD)),
said sum being leas than eighty per cent (80%) of r received from
taxes during the preceding fiscal year, and to a cute and deliver a note
or nates of the City of Bangor therefor, signed in his official capacity
as City Treasurer and by the Chairman of the City Council;
THAT all of said notes or any r ewal o replacement thereof shall be
payable o r before December 31, 1962$ sold notes shall be issued in non-
interest bearing form and discounted at a rate approved by said Finance
Committeel
THAT subject to the limitations imposed by this order, any such note
may at or after their maturity be paid or replaced by the issuance of new
notes; a be it further
ORDERED, THAT the note or notes issued pursuant to the preceding order
shall bear the authenticating certificate of the Eastern Trust a Banking
Company of Bangor, Maine and that Rapes and Gray of Boston, Massachusetts,
shall be requested to cancer an opinion or opinions approving the validity
of said note or notes.
40-P
RECEIVED ORDER
1991 DEC 14 PM 2:49. Title,:
CITY CLERK'S OFFICE- !?M??TFY.Tax. Loan. 1962
'JY OF Pd NGOR, MAINF
IN CITY OWMIL �� laA
Dec. 27, 1961 -
by
PA SED
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