HomeMy WebLinkAbout1979-02-12 143 AG ORDER143 An
Introduced by Councilor srountas, February 12, 197'.
CITY OF BANGOR
FL
(TITLE.) (JoTDCT7....... Temporary max. poen 1979
By Us Cft cowdi efdw cies ofsanoer:
ORDS 111
TBAT for the purpose of procuring a temporary loan or loans
in anticipation of the receipts from taxes for the fiscal year 9979,
the Finance Director be and hereby is authorized and directed to
borrow, pursuant to Section 10 0£ Article 6 0£ 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,
a sum or sums not exceeding at any one time outstanding, Five Million
Five Hundred Thousand ($5,500,000) said sum being less than eighty
percent (SOY) of revenue received from taxes during the preceding fiscal
year, and to execute and deliver a note or notes of the City of Bangor
therefore, signed in his official capacity as Finance Director and,-
by
ndsby the Chairman.o£ the City Council:
THAT all, of said notes or any renewal or replacement thereof
shall be payable on or before December 31, 9979, said notes shall 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 notes may at or after their maturity be paid or replaced by the
issuance of new Notes; and be it further
ORDERED, THAT the note or notes issued pursuant to the pre-
ceding order shall bear the authenticating certificate of the Mer-
chants National Bank of Bangor, in Bangor, Maine, and that Ropes
and -Cray of Boston, Massachusetts shall be requested to render an
opinion or opinions approving the validity of said note or nates.
a city c .ail yewary 12.19'19 _ - - /o : R'/M.
Passed'. ._163 ac _
ORDER
Title, ._
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lty clerk ••••••••
uoduped d filed by
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Councilman