HomeMy WebLinkAbout1967-12-11 21-V ORDERz1 -v
Introduced by Councilor brown, Dec. 11, 1961
ese
to CITY OF BANGOR
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(TITLE.) Mr[lrr,............. T mhr� T. bean 1960._
By CUM Comaoll of Me My ofPanham:
THAT for the purpose of procuring a temporary loan or loans in uticf-
pation of the receipts from taxes for the fiscal year 1968, the City Treasurer be
and hereby is authorized ami directed to borrow, pursuant to Section 10 of Article
6 of the City Charter, at one time or from time to timer under the direction and
with the approval of the Chairman of the City Council and the Finance Coamittee, a
a= or Sent notexceeding at any one time outstanding, Fares Million Five Hundred
Thousand Dollars ($3,500,000), said sum being less than eighty per cent (808) of
revenue Red from taxes during the preceding fiscal year, and to execute and
deliver a nate 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 renewed or replacement thereof shall be
payable on or before December 31, 1968, said notes shall be issued i interest
bearing form and discounted at a rate approved by said Finance Communities;
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 put ant to the preceding order shall
bear the authenticating certificate of the Eastern Trust and Banking Company of
Ranger, Maine and that Ropes and Gray of Boston, Massachusetts, shall he requested
to render an opinion or opinions approving She validity of said note or notes.
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1987 OFC ,5 y� Z_ ST 0 R R E R
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Title,
T2mR or atY Tex DOa - 1968
.......................
IN CITY COUNCIL
Dec. 11, 1967
PASSED ......................................
_ Introduced and riles by
cxxx Dwc
Cowcilman