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