HomeMy WebLinkAbout1978-01-23 122 AF ORDER122 AF
Introduced by Councilor Willey, aanuary 23, 1978
_' CITY OF BANGOR
(TITLE.) MrUr ....... Sampararx max_rnan 9978 _.._
By the City Couxoii of City ofBanyor:
ORDERED,
THAT for the purpose of procuring a temporary loan or loans
in anticipation of the receipts from taxes for the fiscal year 9978,
the Finance Director be and hereby is authorized and directed to
borrow, pursuant to Section.90 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 of sums not exceeding at any one time outstanding, Five Million
Five Hundred Thousand ($5,500,000) said sum being less than eighty
percent (80%) 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 Finance Director end by
the Chairman of the City Council:
TBAT all of said nates or any renewal or replacement thereof
shall be payable on or before December 31, 9978, 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 I .
ORDERED, THAT the note or notes issued pursuant to the pre-
ceding order shall beer the authenticating certificate of the Merrill
Trust Company 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 notes.
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m C= cwwlI 122 AF
aanuan 23, 1976
Vazsea - _ _ ORDER
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.Temevserr. Ten. Wan. }979 ..............