HomeMy WebLinkAbout1963-12-23 24-R ORDERZ 1 24-R
�--'� Introduced by Councilor Barry, Dec. 23, 1963
SA
CITY OF BANGOR
(TITLE.) (DCDPrf........ Temporary Tax Loan 1964._...
By fhs all Couneif of W City ofBangost
ORDERED,
THAT for the purpose of procuring a temporary loan or loans in anti-
cipation of the receipts from taxes for the fiscal year 1964, the City Trees-
er be and hereby is authorized am directed to borrow, pursuant to Section 10
of Article 6 of the city Charter, at on e time or from time to time, under the
direction and with the approval of theChairman of the City Council and the
Finance Committee, a sum or sums not exceeding at any one time outstanding,
Two Million Five Hundred Thousand Dollars ($2,500,000), said sum being less
than eighty per cent (f0%) of revenue received from fixes 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 nates or any renewal or replacement thereof shall be
payable on or before December 31, 1964, said notes shall 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 note
may,at or after _ iter 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 Merchants National Bank of
Bangor, Maine and that Ropes and tray of Boston, Massachusetts, shall be
requested to render an opinion or opinions approving the validity of said
nota or notes.
RECEIVED
1963 OEC -5 M 1:32
CITY CLERK'S OFFICE
ryT y D'Ee N5n R, MUNE
IN CITY COUNCIL
Dec. 23, 1953
PASSED
CIIY ERK
24-R
On Dere
Title,
Tempexzxy Tax. L.ean..Me
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Intr I oduced and filed by
1
alman
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