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
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Introduced and filed by
Councilmen