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HomeMy WebLinkAbout1964-12-28 40-S ORDER40S Introduced by Councilor Renlett, Dec. 28, 1964 CITY OF BANGOR (TITLE.)(orbfra-_..Temporary Tax_. Loan -1965,,,,,,,, By the City C"NOR Of the City ofBanyor: THAT for the purpose of procuring a temporary loan or loans i antici- pation of the receipts from taxes for the fiscal year 1965, the City Treasurer be and hereby is authorized and directed to horror, pursusnt to Section 10 of Article 6 of the City Charter, at one time or frou time to time, under the direction and with the approval of the Chapman of the City Council and the Finance Caimittee, a seen or ease not exceeding at any one time outstanding, Ten Million Five Hundred Thousend Dollars ($21500,C00), said awn being less than eighty per cent (80%) of revenue received from taxes owing the preceding fiscal year, and to execute add deliver anote or notes of the City of Bangor therefor, signed in his official capacity as City Treasurer and by the Chair- man of the City Council; THAT all of said notes or any renuoul or replacement thereof shall be payable on or before December 31, 1965, 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, ehv 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 pursuant to the preceding order shall bear the authenticating certificate of the Eastern Trust & B ng Compagv of Bangor, Maine add that Ropes add Cray of Basten, Hassachwetts, shall be requested to rancher an opinion or opinions approving the validity of said note or notes. R LLCEIVE U 1961 DEC IB N3:4 ORDER CIiY C7.EHK.S OFFICE Title, op "c4,eR, MeiNp IN CPM COUNCIL Dec. 28, 1964 Amended by adding the letter "all to the woni note in the let line of the 3rd paragraph. As mended, PASSED 40- Tempoxaxy Tax Loan - 1965 ................. ...................................... Introduced and filed by Councilmen