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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 ....................... ....................................... Introduced and filed by Can .... .. n.