HomeMy WebLinkAbout1980-01-14 67 AH ORDER6] AH
Introduced by Councilor Brwntas, January 14, 1980
_ CITY OF BANGOR
(TIRE.
By W ouv council Of city OfBanyar:
ORDRUD,
TBAT for the purpose of procuring a temporary loan or loans
in anticipation ofthe receipts from tases for the fiscal year
9980, the Finance Director 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 direc-
tion and with the approval of the Chairman of the City Council
and the Finance Committee, a sum or sums not exceeding at any
one time outstanding, Five Million Five Hundred Thousand
(85,500,000), said am being less then eighty percent (80%) Of
revenue received :from taxes during the preceding fiscal year,
and to execute end deliver a note or notes of the City Of
Bangor therefore,' signed in his official capacity as Finance
Director and by the Chairman of the City Council:
THAT all of said notes or any renewal or replacement thereof
shall be payable an or before December 39, 9980, said notes
shall be issued in non-intereet bearing form and discounted at
a rate 'approved by said Finance Committee:
TART subject to the limitations imposed by this order, aryy
such notes may at or after their maturity be paid or replaced
by the issuance of new�ttest and be it further
ORDERED, THAT the note or notes issued pursuant to the pre-
ceding order shall bear the authenticating certificate of the
Northeast sans & Trest Co. of Bangor, in Bangor, Maine, and
that Ropes and Gray of Boston, Massachusetts shall be requested
to render an opinion or Opinions approving the validity of
said note or notes.