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Home My WebLink About1961-12-11 29-P ORDER!N Introduced by Councilor Brown, Dec. 11. 1961 Z* CITY OF BANGOR QST E.) @rjVfff ... Authorizing. the....Issuance of f 40,n00 Aggregate „P ncipal _ Amount of Urban Renal Bands of 1961_antl f Tax Levq_Therefor. ..... ....I...... ...... _. _ By Cft Cmao4 of the My of Bangor. ..60HREDt TEAT RECEIVED 1991 OEC -5 EM 3:56 CITY CLERK'S OFFICE •iry OF RANOOR. MAINE IN CITY COUNCIL Dec. 11, 1961 - Clerk directed to advertise public hearing to be held Dec. 27th. Tabled. CLERK IN CITY COUNCIL Dec. 27, 1961 Taken from table, Hearing held, tabled. GIT CLERK IN tTTSY CONCIL Jan. 9, 1962 Voted to remain on table. 29-P 0 R D E R Title, Auth. Issuance of $340,m00,Aggregate Principal Amount of Urban Renewal .@aMs.vf .196l.avd .oE.Tax .Cevy.Tbesefor. Introduced and riled by •� IN CITY COLIC IL Jan. 22, 1962 Taken from table, PASSED by the following yes and no vote: Councilors voting yes, Bailey, Barry, Blaisdell, Brountes, Brown, Delano, Gross, Whittaker. Councilor Higgins voting no. 7Y CLERK PI MI III t BIOI MIJIM BI 11 BO .111f, .1 'If 11 .1Mat f, e,Ul , . - 29-P CITY OF BANGOR Order authorizing the issuance of $340,000 aggregate principal amount of Urban Renewal Bonds of 1961 and of tax levy therefor. By the City Council of the City of Bangor: ORDERED, (1) That pursuant to Sections 16 and 17 of Chapter 1M Private and Special Laws of 1957, and to Section 8 of Article VI of the City Charter (Private and Special Laws of 1931, Chapter 51), and all acts amendatory thereof and addi- tional thereto, there is hereby authorized the issue and sale of three hundred forty thousand dollars ($340,000) aggregate principal amount of serial coupon bonds of the City of Bangor, with interest payable semiannually at such rate as shall be determined by the City Treasurer, with the approval of the Finance Committee and the Chairman of the City Council. Said bonds shall be dated March 1, 1962, or such other date as may hereafter be determined by the City Council, shall be payable in seventeen annual installments of twenty thousand dollars ($20,000) each, the first of such annual installments to be made one year after the date of the bonds and the last seventeen years after said date. Said bonds shall be in the denomina- tion of $1,000 each, shall be numbered 1 to 340, inclusive, shall be signed by the City Treasurer and countersigned by the Chairman of the City Council, who is hereby authorized to use a facsimile of his signature on said bonds pursuant to Section 14 (VIII) of Chapter 90A of the Revised Statutes. Said bonds shall be authenticated as to genuineness by the Eastern Trust and Ranking Company, in Bangor, Maine, and shall be payable as to principal and interest at said bank, provided, however, that the City Treasurer is authorised to select a co -paying agent located in the City of Boston, Massachusetts, in which case said bonds shall be payable as to principal and interest at the Eastern Trust and Ranking Company or at the option of the holder at such other bank, if any, as the Treasurer selects. Said bonds are issued to raise funds to pay the City's cash grant-in-aid of the Stillwater Park Urban Renewal Project, it being hereby declared and determined that said project is a permanent public improvement having a useful life in excess of 20 years. The proceeds of said bonds, except premiums, when received, shall be placed in a separate account and are hereby appropriated for the purpose hereinbefore stated. Pre- miums, if any, less the costs of preparing, issuing and market- ing the bonds, shall be used to meet the first maturing princi- pal of said bonds. (2) That said bonds shall be substantially in the following form: U N I T E D S T A T E S O F A M E R I C A STATE OF MAINE CITY OF BANGOR URBAN RENEWAL BOND OF 1962 No. $1,000 The City of Bangor, in the State of Maine, for value received, hereby promises to pay to bearer the a= of one thousand dollars ($1,000) on the first day of March, 19 with interest meantime at the rate of per cent. ( $) per annum, payable semiannually to the bearer of the coupons hereto attached, upon surrender thereof as they respectively mature, both principal and interest being payable at the Eastern Trust and Banking Company, in Bangor, Maine [or at the option of the holder at in Boston, Massa- chusetts]. This bond is issued pursuant to Sections 16 and 17 of Private and Special Laws (19$7), Chapter 168 and to the City Charter (Private and Special Laws of 1931, Chapter $4), and acts in addition thereto and in amendment thereof, and by order of the City Council to raise funds to pay the City's cash grant in aid of the so-called Stillwater Park Urban Renewal Project duly authorized. It is hereby certified that every requirement of law relating to the issue hereof has been duly complied with and that this bond is, and the indebtedness evidenced hereby was, at the time it was incurred, within every debt and other limit prescribed by the Constitution and laws of the State of Maine, and the Ordinances, Orders and Resolves of the City of Bangor. This bond is one of a series of three hundred forty (340) bonds of like tenor, except as to maturitiesnumbered 1 to 340, inclusive, each in the denomination of 11,000 and payable $20,000 on the first day of March in each of.the years 1962 to 1979, both dates inclusive. - The said City of Bangor hereby pledges its faith and credit for the payment of the principal of and interest on said bonds, but neither this bond nor ary coupon for interest hereon shall become obligatory until the bond Is authenticated by the certificate of said the Eastern Trust and Banking Company endorsed hereon. IN WITNESS WHEREOF, the said City of Bangor has caused its corporate seal to be hereto affixed and this bond to be signed in its name and behalf by its City Treasurer and countersigned by the facsimile signature of the Chairman of its City Council and the attached coupons to bear the facsimile signature of said City Treasurer, as of the first day of March, 1962. Countersigned: CITY OF BANGOR By Chairman of City Council City Treasurer Seal (COUPON) On the first day of March, 19 , the City of Bangor, Maine, will pay the bearer the amount specified, here at the Eastern Trust and Banking Company, in Bangor, Maine [or at the option of the holder at in Boston, Massa- 'chusetts].for'interest on: its Urban Renewal... -2- Bond of 1962, dated as of March 1, 1962. No. City Treasurer (3) That the City Treasurer, with the approval of the Finance Committee and the Chairman of the City Council, is hereby authorized and directed to prepare, issue and sell the bonds herein authorized at public sale, at not less than par and accrued interest to date of delivery, in such manner, at such time and upon such terms as he shall determine, with approval as aforesaid, and to give a receipt for the payment of the purchase price for said bonds and to do all things necessary or proper, subject to this order and applicable pro- visions of law, to effectuate the issue and sale of said bonds. (4) That in each of the years during which any of said bonds are outstanding, there shall be levied a tax in an amount which, with other revenues, if any, available for the purpose, shall be sufficient to pay the interest upon said bonds payable in such year and the principal of said bonds maturing 1n such year. (5) The City Treasurer with approval of the Fi- nance Committee and the Chairman of the City Council is hereby authorized under the authority of Section 10 of Article 6 of the City Charter and any other enabling authority to issue and sell from time to time and to renew notes of the City of Bangor in anticipation of the issue and sale of the bonds hereinabove authorized in a principal amount not to exceed three hundred forty. thousand (340,000) dollars. Such notes shall be signed by the City Treasurer and countersigned by the Chairman of the City Council and each issue of such notes shall be payable no later than one year from the date thereof. Such notes shall be in such form and shall be issued and sold (at private or public sale) at such times, in such amounts and on such terms as the City Treasurer shall determine with approval as aforesaid subject to applicable provisions of law and this resolution. The proceeds arising fromthesale of such notes shall be delivered to the City Treasurer and used to finance temporarily the pay- ment of the City's grant in aid of said urban renewal project. FURTHER ORDERED: That Messrs. Ropes & Gray of Boston, Massachusetts, shall be requested to render an opinion approving the validity of the bonds authorized by the preceding order. -3-