City of Somerville header
File #: 203294    Version: 1
Type: Mayor's Request Status: Approved
File created: 4/6/2017 In control: City Council
On agenda: 4/27/2017 Final action: 5/25/2017
Enactment date: 4/27/2017 Enactment #: 203294
Title: Requesting approval, under the new Municipal Modernization Act, for certain language pertaining to all past and future bond premiums, as required by Bond Counsel.
Code sections: Bond/BAN -

  Agenda Text

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Requesting approval, under the new Municipal Modernization Act, for certain language pertaining to all past and future bond premiums, as required by Bond Counsel.

 

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Official Text

To the Honorable CITY OF SOMERVILLE Board of Aldermen:

 

ORDERED, That each prior loan order of the City 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, 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.

 

My staff will be available to answer any questions you may have. Thank you for your consideration of this matter.

 

Respectfully,

Joseph A. Curtatone, Mayor