HomeMy WebLinkAbout1976-01-12 80 AD ORDER80 An
Introduced by Councilor Soucy, January 12, 1976
r CITY OF BANGOR
(TITLE.) ........ 1976 ............ ...._.: __.
BY the City council of W My ofBampmr:
OHDERM -
TWT for the purpose of procuring a temporary loan or loans in acticiput-
ion the receipts from taxes forthe fiscal year 1976, the Finance Director be and
hereby is authorized aM directed to borrow, pursuant to Section le of Article 6 of
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 amy me time outstanding, Five million Five Hundred Thousand
($50500rC00), said sum being less than eighty per cent (80,$) of revenue received from
taxes during the preceding fiscal year, and to execute and deliver a note or notes of
the City of Barger therefor, signed in his official capacity as Finance Director and
by the Chairman of the City Whadl;
THAT all of said rates or any farewell or replacement thereof shall be pay-
able on or before December 31, 1976, said notes shall be issued in non-interest
bearing form and discounted at a rate approved by said Planners Committee;
THAT subject to the limitations imposed by this order, ary, such notes may,
at or after their maturity, be paid or replaced by the issuance of new Notes; and be
it further
MKIt&C, THAT the note or notes issued pursuant to the preceding order
shall beer the authenticating certificate of the Northeast Bank, Bangor, Maine,
and that Fnpes end Gray of Boston, Massachusetts shall be requested to reader an
opinion or opinions appra lag the validity of sand note or notes.
IN CITY CWNCIL 60 m
. Xanwry 12, 1976
Passe - O . 0 R D E R Iii
T1tle,
CITY CL -
RECEIVED
xerT:anff Ta: waa 1976 :............. CITY OF BAN COR
CITY CLERK'S OFFICE
.............................. ........ 276 JAN 2 PM 2 88
as 'le
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