HomeMy WebLinkAbout1975-01-13 68 AC ORDERIntroduced by Councilor Speirs, January 13, 1975
CITY OF BANGOR
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By the C s caster of Oft ofannuor:
ORDERED,
TWT for the purpose of procuring a temporary loan or loans in anticipat-
herof the receipts from taxes for the fiscal year 1975, the Finance Director be and
eby is authorised 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 direction and with the
approval of the Chairman of the City Council and the Finance Cmmmittee, aam o some
cut exceeding at any one time outstanding, Five Million Five Hundred Thousand
($5,500,000), said son being leas than eighty per cent (802) of revenue received from
ex
taxes during the preceding fiscal year, and to cute and deliver anoteo notes of
the City of Bangor therefor, signed in his official capacity as Finance Director and
by the Chairman of the City Council{
THAT all of said paten or any renewal o replacement thereof shall be pay-
able on r before December 31, 1975, said notes shall be issued in non-interest
bearing form and discounted at a rare 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 nate or notes iddued pursuant to the preceding order
shall beer the authenticating certificate of the Merrill Trust Company, 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.
68 AC
IN CITY COUNCIL
January. 13, 1915 - S19
" Passed." - 0 R b E
,. CITY CLE ,� T1T1Ea .
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introduced and filed by
.
4Cdwcilman
RECEIVED
t-
1715 JAN -9 AM 9:09
CITY CLEWS OFFICE
ryIY CF 4cd0111R. MAINE