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CMA 2017 #49 · Agenda item attachment · Feb 27 2017
A communication transmitted from Louis A. DePasquale, City Manager, relative to an order requesting that each prior City Council authorization to borrow money to pay for capital projects will now use the premium to pay for issuance costs and reduce the amount borrowed for each project in accordance with Chapter 44, Section 20 of the General Laws, as most recently amended by the Municipal Modernization Act
City of Cambridge
Agenda Item Number 3
IN CITY COUNCIL
FEBRUARY 27, 2017
ORDERED:
That each prior order of the City Council that authorizes the borrowing of money to
pay costs of capital projects is hereby supplemented to provide that, in accordance with
Chapter 44, Section 20 of the General Laws, as most recently amended by the
Municipal Modernization Act, so-called, the premium received by the City upon the
sale of any bonds or notes thereunder, less any such premium applied to the payment
of the costs of issuance of such bonds or notes, may be applied to pay project costs and
the amount authorized to be borrowed for each such project shall be reduced by the
amount of any such premium so applied.
IN CITY COUNCIL FEBRUARY 27, 2017
ADOPTED BY A YEA AND NAY VOTE:
YEAS: 9; NAYS: 0; ABSENT: 0.
A TRUE COPY ATTEST:-
DONNA P. LOPEZ
CITY CLERK