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HomeMy WebLinkAbout1969-12-08 36-X ORDERI -. " 36-x Introduced by Councilor Cohen, Dec. 8, 1969 o T: CITY OFN BANGOR (TITLE.) Mrbrr,-.._ lbmperary Tax Loin - 1970 _.. BY We City Catoua! of Wa City of Banger: THAT for the purpose a procuring a Temporary loan or loam in anticipation of the receipts from taxes for the fiscal year 1970, the City Treasurer be and hereby is authorised and directed to borrow, pursuant to Section 10 of Ar ae 6 of the City Charter, at oma time or from tire to time, under the direotiort and vlth the approe 1 a the Chaiimev a The City Council and the Finance C®ittes, a sum or sum mt exceeding at any one tim ontatandingp Four Y im Five Hundred Toousaad (i4e5WICGo), said a= being less than eighty per east (80%) a revenue received from taxes during the preceding riecal year, and to execute and deliver a note or mates of the City a Badger therefor, signed in hie official capacity as City Treeemer and by the Chairman of the City Couro3.l; - MT all of said notes or aby remeal or replaomant thereof shall be payable on or before Docemter 310 19700 said mates shall be issued in mndntereet bearing form and discounted at a rate approved by said Finance Cottee; My subject to the limitatfom imposed by this order, any arch notes may at or after their unturlty be paid or replaced by the isavame of nen Notes; arM be it further 00F. 1 MT the note or notes issued pursuant to the preceding order shell bear the authenticating certificate a the Wroharrte National Bank of Bangor, Naim add that Ropes and Grey of Boetory HeasaUusetts shall be requested to redder an opinion or opinions approving the validity of said note or rotes, -PC Re. CB71969cNCIL Passed 1st reading by tM following yes and no vote: Councilors voting East Saldacci, Ballou, Barry, BLOUntas, Cohen, B Nrisky, Nealley. Councilor Coxa absent To be considered next meeting. CLERK IN CITY COUNCIL Dec. 22, 1969 PASSED 2M reading by the following yes and rd, vote: Cbnncilors Voting yest Ealdacci, Ballo,, Barry, Brountas, Cohen, Cox, D'Ecrico, Minsky, Nealley. CI ERI( MXXXXX 36-X 0 A I E R Title, TempMazy x - 1970 Introduced and filed by Councilman