Appropriation – $27,000,000 from Hotel Motel Tax – Park Improvement Plan – Moved to Finance Committee


INTRODUCED BY: MAYOR THOMAS P. KOCH
CITY OF QUINCY IN COUNCIL
ORDER NO. 2017-50
ORDERED: April 03, 2017

BE IT ORDAINED the City of Quincy appropriate the sum of $27,000,000 for the purpose of park improvement, including the development and improvement of land owned by the City for outdoor recreational facilities and/or acquiring land by purchase for open space and park purposes.

To meet this appropriation the Treasurer-Collector, with the approval of the Mayor, is authorized to borrow $27,000,000 under G.L. c. 44 s.7(1) or any other enabling authority; and that the Treasurer-Collector is authorized to file an application with the Municipal Finance Oversight Board to qualify under Chapter 44A of the General Laws any or all of the bonds and to provide such information and execute such document as the Board may require for these purposes; and that any premium received by the City upon the sale of any bonds or notes approved by this vote, less any such premium applied to the payment of the costs of issuance of such bonds or notes, may be applied to the payment of costs approved by this vote in accordance with Chapter 44, Section 20 of the General laws, thereby reducing the amount authorized to be borrowed to pay such costs by a like amount.

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