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

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