HomeMy WebLinkAbout1960-01-11 53-M ORDERTntrodypeC-b1y Councilor Delano 53-M
YS
CITY OF BANGOR
(TITLE.) &t[grr........... Temporary Ta,x. Goan - 1960.._._ _..
By bas City Couwid of tke City of Become;
ORDERED,
THAT for the purpose of procuring a temporary loam or loans in
anticipation of the receipts from taxes for the fiscal year 19609 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 o
from time to time, under the direction and with the approval of the
Chairman of the City Council and the Finance Committee, a sum or sum
not exceeding at any one time outstanding Ten Million Dollars (829000,000),
said sum being lass than eighty per cent (80X) of revenue received from
taxes during the preceding fiscal year, and to execute and deliver a note
or notes of the City of Bangor therefor, signed in his official capacity
as City Treasurer and by the Chairman of the City Councill
THAT all of said notes or any renewal or replacement thereof shall
be payable on or before December 31, 1960, said notes shell be Issued
in non-interest bearing form and discounted at a rate approved by said
Finance Committee;
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 naw notesi and be it further
ORDERED, THAT the note or notes issued pursuant tyh he preceding order
shall bear the authenticating certificate of he Merrill Trust
Company of Bangor, Maine and that Messrs. Ropes, Gray, Best, Coolidge
8 Rugg of Boston, Massachusetts, shall be requested to render an opinion
or opinions approving the validity of said note or notes.
IN CIN =WIL
January 11, 1%0
PASSED
CITY CLE
53-M
ORDER
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Temporary, Tax Loan 1960.
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