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HomeMy WebLinkAbout1965-12-27 39-T ORDER39-T Introduced by Councilor Brown, Dec. 29, 1965 CITY OF BANGOR (TITLE.) @i$eT,__... Teaporary_Tac loan 1966._ _. By Bn City Coumeit of the City of Beazer. ORDERED, THAT for the purpose of procuring a temporary loan or loans in antici- pation of the receipts from taxes for the fiscal year 1966, 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 from time to time, under the direction and with the approval of the Chairman of the City Council and the Finance Committee, a a= or sums not exceeding at any one time outstanding, Three Million Dollars ($3,0W,000), said sum being lees than eighty per cent (80%) of revenue ceived from taxes during the preceding fiscal year, and to statute 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 thereof shall be payable on or before December 31, 1966, said notes shell be issued in non- interest bearing form and discounted at a rate approved by said Finance Committee; THAT, subject to the limitations imposed by this order, any such notes W at or after their maturity be paid or replaced by the issuance of new notes; add be it further ORDERED, THAT the note or notes issued pursuant to the preceding order shall bear the authenticating certificate of The Merrill Trust Company of Hanger, Maim and that Ropes and Gray of Boatou, Massachusetts, shall be requested to render an opinion or opinions approving the validity of said note or notes. 39-T R�_CEIVED j965 UEC 20 IN 10. DZ ORDER CITY CI ERNS OFFICE -T. �,•,:9p MAINF Title, ... remponary Tax Imn -,1966 IN CITY COUNCIL ......... Dec. 29, 1965 PASSED ...................................... Introduced and filed by CLERK Cowcilman