HomeMy WebLinkAbout1970-12-14 42-Y ORDER4]-Y
Introduced by rouneilor Cohen, Dec, 14, 1970
CITY OF BANGOR
(TITLE.) Pkirber,.. Temporary. Tan Loan - 1971... _. _..
By be City Coumeng of be City ofBempor:
ORDERED,
TiAT for the purpose of procuring a temporary loan or loans in
anticipation of the receipts frau taus for the fiscal year 1971, the City
Treasurer be and hereby is authorized azW directed to borrow, pursuant to
Section 10 of Article b of the City Charter, at one time or from time to
time, under the direction and nits the approvei of the Chairman of the City
Council and the Finance Coemuttee, anr saws not exceeding at aay one
time outstanding, Four Billion Five xwdred Thousand ($4,500,000) said sum
being less than eighty per cent (80%) of revenne received from 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 Chairman of the City Council;
THAT all of said notes or airy renewal or replacement thereof su=n
be payable on or before December 31, 1971, said notes shall be issued in non-
interest bearing form and discounted at a rate approved by said Finance Comm-
ittee;
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 note or notes issued pursuant to the preceding
order shall bear the authenticating certificate of the Eastern Trust and
Banking Company of Bangor, Maine and that Ropes and Cray of Boston, Mass-
achusetts shall be requested to render an opinion or opinions approving the
validity of said note or notes,
IN CITY CWNCIL
14, 1970
Possed let reading by the following
yes and no vote: Councilors voting
yes: Baldacci, Ballou, Bigney,
Brountas, Cohen, Cox, Minsky, Pealley.
Councilor Mooney absent. Consider next
meeting.
IN CITY COUNCIL
Dec 28, 1970
PASSED by the following yes end no
vote: Councilors voting yes: Baldacci,
Hallen, Bigney, Connotes, Cohen, Cox,
Hanky. Mooney. Councilor Nealley absent.
Ww
42-Y
ORDER
Title,
Temporary Tax Lo - 1971
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Introduced and filed b
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Councilman