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Council adopts $25 million loan order to purchase 164.56 acres across multiple parcels
Summary
Peabody City Council voted unanimously to adopt a $25,000,000 loan order authorizing the purchase of approximately 164.56 acres across several parcels and to permit the treasurer and mayor to take necessary borrowing actions under Massachusetts law.
The Peabody City Council adopted a $25,000,000 loan order to finance the purchase of multiple parcels totaling approximately 164.56 acres.
The loan order, read and moved on the floor, lists a series of property descriptions by map and lot (including parcels on Cedar Pond, Jubilee Drive, Winfield Street, Allen’s Lane, and Washington Street) and authorizes the city treasurer, with mayoral approval, to borrow under Chapter 44, Section 7, subsection 1 of the Massachusetts General Laws or any other enabling authority. The order also authorizes the treasurer to apply to state officials to qualify bonds under Chapter 44A as necessary.
Councilors voted 11–0 to adopt the loan order as advertised. The motion authorizes city officials to take actions necessary or convenient to carry out the purpose of the order, including executing documents required by Commonwealth officials in connection with the borrowing.
