HomeMy WebLinkAbout1977-01-10 79 AE ORDER79 AB
Introduced by Councilor Brountas, January 10, 1977
- CITY OF BANGOR
(f REE.) (0rber, Temporary Ihr wan 1999 ..:........ ................. _.......
By de City Cosnsft of oft of Danger:
.ORDERED,
TRAR for the Iurpose of procuring a temporary loan or loans in anticipat-
ion of they receipts from tares for the fiscal year lgl7, the Finance Director be and
hereby is authorized east directed be borrow, pursuant to Sectio 10 of Article 6 of
the City Charter, at one time or from time to time, under the direction ad with the
approval of the Chiman of the City. Counciland the Finance Committee, a am of saes
t exceeding at ad one time outstanding Five million Five Hundred Thousand
($%500,000), said sun being less than eighty pereent (0) of revenue received from
taxes during the preceding fiscal year, and to execute anddeliver a note or notes of
the City oI Bangor therefor, signed in his official capazity as Finance Director and
by the Chairman of the City Council:
MT all of said notes or arty renewal or replacement thereof shall be pay-
able on or before Ceember 31, 1977, said notes shell be issued in nmrinterest
hearing form and discounted at a :nate approved by said Finance Conaittee:
MT subject to the limitations imposed by this order, any such notes may
at or after their maturity be paid or replaced by ban issuance of new Notes; and be
it further
060EBE➢, THAT the note or notes issued pursuant to the preceding order
shall bear the authenticating certificate of the Merrill Trust Company of Bangor, in
Burger, Maine, and that Nopas and Cagy of Boston, Hassachusetts shall be requested to
render an opinion or opinions approving the validity of said note or notes.
79 AN
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., - RECEIVED
�Tenp 'a* Tax Loan 1977 CITY OF WMR..•••.•..•••.••.•. •........... •••••••• CITY CLERK'S c`FEICE
.................................... °77 JAN S Fii 2 30
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