HomeMy WebLinkAbout1971-11-08 10-Z ORDER10-Z
Introduced by Councilor Bigney, NOV. 8, 1971
CITY OF BANGOR
(TITLE.) @rtler, Ymyprary Tax Loan. - 1972 ......... ........ _..
By the City Count of the City of Reeser.
ORDERED,
THAT for the purpose of procuring a tesperary, loan or loans in anticipat-
ion of the receipts Pros taxes for the fiscal year 1972, the City Treasurer be and
hereby is authorized and directed to borrow, pursuant to Section 10 of Article 6 of
the City Charter, at one time or £rem time to time, under the direction eM with the
approval of the Chairman of the Qty Council aid the Finnce Cameittee, aUUM o ease
L exceeding at any one time outstanding, Fear Billion Five Hundred Thousand
($4,5Do,mo), aaltl ewe being less than eighty per cent (80%) of revenue received frau
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 City Treasurer and by
the Chaliman of the City Council;
THAT all of said notes or any renewal or replacement thereof shall be pay-
able an or before Decenber 31, 1972, said notes shall be Issued in non-interest
bearing form sued discounted at a rate approved by said Iluence Coemmittset
THAT subject to the limitation imposed by this order, any such notes may
at or after their maturity be paid or replaced by the issuance of near Notes; and be
it further
ORDER®, THAT the note or notes issued pursuant to the preceding order
shall bear the authenticating certificate of the Merrill Trust Company, Bangor, Maine,
and that Ropes and Cray of Boston, Massachusetts shall be requested W render an
opinion or opinions approving Ube validity of said note or notes.
RECEIVED
1971 NOV-3 PM 4:57
CITY CLERK'S OFFICE
Clip OF " N 5 Q k MA'9E
NOV. 8, 1971
PmSed ISt reading by the following
yes ana] no vote CouncilOrs acting
Cohen, Casa, Henderson, manney, Needham.
Consider next meeting.
Cit
IN C177 WIL
Nov. 22, 1971
PASSED 2nd and final zeading by the
following yen ani no vote- CouncilOrS
Cohen, Gass, Henderson, Mooney, hastens.
to -Z
ORDER
Title,
..� xempor:X max Loan - 19]2
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Introduced and filed by
Can .... .. n.