HomeMy WebLinkAbout1968-12-09 34-W ORDERCITY OF BANGOR
(TITLE.) (DrbCXe Temporary -Tax, Loan - 1969 _.. _..
By aw Cay Coupes efOte Cay OfBauyur:
THAT for the purpose of procuring a temporary loan or loans
in anticipation of the receipts from taxes for the fiscal year 1969,
the City Treasurer be and hereby is authorized and directed to
borrow, pursuant to Section 10 of Article 6 of theCity 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 Com-
nittee, a sum or sums not exceeding at any one time outstanding,
Four Million Dollars ($4,000,000), said sum being less than eighty
per cent (805) of revenue 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 any renewal or replacement there-
of shall be payable on or before December 31, 1969,s aid nates shall
he issued in noninterest bearing form and discountedat a rate ap-
proved by said Finance Committee;
THAT, subject to the limitations imposed by this order,
any such notesmay at or after their maturity be paid or replaced
by the issuance of neer Notes; and be it further
ORDERED, THAT the note or notes issued pursuant to the
preceding order shall Itear the authenticating certificate of the
Merrill Trust Company of Bangor, Maine and that Pierce, Atwood,
Scribner, Allen & McKusick of Portland, Maine shall be requested
to render an opinion or opinions approvinS the validity of said
note or notes.
34-W
Introduced by Councilor Houston,
Dec.
9,
1968
CITY OF BANGOR
(TITLE.) (DrbCXe Temporary -Tax, Loan - 1969 _.. _..
By aw Cay Coupes efOte Cay OfBauyur:
THAT for the purpose of procuring a temporary loan or loans
in anticipation of the receipts from taxes for the fiscal year 1969,
the City Treasurer be and hereby is authorized and directed to
borrow, pursuant to Section 10 of Article 6 of theCity 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 Com-
nittee, a sum or sums not exceeding at any one time outstanding,
Four Million Dollars ($4,000,000), said sum being less than eighty
per cent (805) of revenue 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 any renewal or replacement there-
of shall be payable on or before December 31, 1969,s aid nates shall
he issued in noninterest bearing form and discountedat a rate ap-
proved by said Finance Committee;
THAT, subject to the limitations imposed by this order,
any such notesmay at or after their maturity be paid or replaced
by the issuance of neer Notes; and be it further
ORDERED, THAT the note or notes issued pursuant to the
preceding order shall Itear the authenticating certificate of the
Merrill Trust Company of Bangor, Maine and that Pierce, Atwood,
Scribner, Allen & McKusick of Portland, Maine shall be requested
to render an opinion or opinions approvinS the validity of said
note or notes.
_ _ EIVED
1068 DEC ° AN 9:09
iry CLF K'S OFME
_;qu'NE
Iti CIW CO x TL
Oec. 9, 1966
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