An order requesting that each prior City Council authorization to borrow money to pay for capital projects will now use …

How it started

Submitted by Louis A. DePasquale, City Manager.

What happened

✅ Adopted — the Council approved it (Order adopted — unanimous · Feb 27, 2017)

Voted yes (9) — unanimous

Dennis Carlone
Leland Cheung
Jan Devereux
Craig A. Kelley
David Maher
Nadeem Mazen
Marc McGovern
Timothy J. Toomey
E. Denise Simmons

Roll call from the city's record · photos: City of Cambridge

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The document a council order

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City of Cambridge

IN CITY COUNCIL

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