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HomeMy WebLinkAbout1981-01-26 81-79 ORDER81-79 Introduced by Councilor Soucy, January 26, 19& CITY OF BANGOR (TITLE.) (OYDPY T nR ray Tax LoanLonni 1481 - By the CUy Couwid of the City ofBanyor. ORDERED, THAT for the purpose of procuring a. temporary loan or loans inanticipa- tion of the recetpts fmom taxes for the fiscal year 1981, the Finance Director be and bereby 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 direct tion and with the approval of. the Chairman of the City Council and the Finance Committee, a sum or sums x not exceeding at any one time outstanding, Six Million Dollars ($6,000,0001, said sum being less Ilan eighty percent (80%) of Yevenue received from taxes during the precedtn9 fiscal year, and toexecute and deliver a note . or notes of the City of Bangor . therefore, signed in his official capacity as Finap ce Director and by the Chairman of the City Council: THAT all of cold not" or any renewal or replacement thereof shall be payable on or before. December. 31, 1981, said notes shall be issued in interest bea. ring form ut,4 rate approved by said Finance Owemittee: THAT subject to the limitations imposed by this order, any such notes may or or after the Pr maturity he paid or replaced by the Issuance of new notes; and be it further ORDERED, THAT the note or notes issued pursuant to the preceding order shall bear the authenticating cerifficate of the Northeast Bank a Trust Co. of Bangor, In Bangor, Maine, and that Ropes andBrayof Boston, Massachusetts shall be request- ed to render an opinion or opinions approving the validity of said note or notes. 81-79 In City Council Sam 2611981 0 R 0 E R Passed Title, 81 JAN 22 P8 38 Tmpw . Tax loan 1981 REt:t CClerk .................... ••. •.•• Oi Cli Y1 CLEANS Introduced a filed ....... .. ..........n Cow