HomeMy WebLinkAbout1973-12-10 26-AB ORDER26 AB
Introduced by Councilor ereuntas, December lo, 1973
CITY OF BANGOR
QITLEJ MrDer, :f. eomry Tax ]nen.-.1974 .. _. _....
By the aty Cma cN of City of Bander. -
ORDERED,
SHAT for the purpose of procuring a temporary loan or loans in anticipat-
ion of the receipts floe taxes for the fiscal year 1974, the City Treasurer be end
hereby is authorized 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 Committee, a em or gams
art careening at any use time outstanding, Five Million Five Hundred Thousand
($S,5o0,0DO), said am being less than eighty per cent (HG$) of revenue received fora
taxes during the preceding fiscal year, and to execute and deliver a note or rotes of
the City of Bangor therefor, signed in his official capacity as City Treasurer and by
the Chairman of the City Council;
THAT all of said notes or any renewal or replacement thereof shall he pay-
able on or before December 31, 1974, said notes shall be issued in non-interest
hearing four and discounted at a rate approved by said Finance Committee;
THAT subject to the limitations imposed by thin 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 preceding order
shall bear the authenticating certificate of the Mambants National Bank of Bangor,
Bangor, Halle. and that Rupee and Gray of Boston, Massachusetts shall be convected
to reader an opinion or opinions approving the validity of said note or notes.
IN CITY COUNCIL
Cecem e[ IO, 1973
PAMED.
xmY clans
2e AS
O R D E R 3.6
Title,
.WTe9.iaz. STM, . 1974............
// troLuced a 'led by
san
Council
RECEIVED
1973 NOV 29 AP 9:59
CITY CLEWS OFFICE
CITY OF BANGOR, MAINE