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HomeMy WebLinkAbout1960-03-14 98-M ORDERIntroduced by Councilor Delano 98-M I,- CITY OF BANGOR (TITLEJ AOYrur, �Authoriring <ne, Issuance of _s3,500,000 aggregate Principal...... By hke city CoamN of the My of Bowden.' ORDERED, THAT pursuant to Section 8 of Article VI of the City Charter (Private and Special laws of 1931, Chapter 54), and all acts amendatory thereof and addi- tional thereto there is hereby authorised the issue and sale of three million five hundred thousand dollars ($3,500,000) aggregate principal amount of serial coupon bonds of the City of Bangor, to be numbered 1 to 3,500, inclusive, with interest payable semi-annually, 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 August 1, 1961 and shall be payable one hundred and seventy-five thousand dollars (8195,0001 on the first day of August in each of the years 1962 t0 1981, inclusive. The proceeds derived from the sale of said bonds shall be used and are hereby appropriated for a permanent public improvement, the estimated peri0d of utility of which is hereby declared to be at least thirty years, to wit: To construct and equip a new high school building on property owned by said City located on or near Broadway in said City. That said bonds shall be substantially in the following form: UNITED STATES OF AMERICA STATE OF MAINE CITY OF BANGM HIGH SCHOOL LOAN No. 81,000 The City of Bangor, in the State of Maine, for value received, hereby Promises to pay to bearer the sum of one thousand dollars ($1,000) on the first day of August, 19 , with interest meantime at the rate of per ant ( %) per annum, Payable semiannually to the bearer ofithe coupons hereto attached, upon surrender thereof as they respectively mature, both principal And interest being payable at The Merrill Trust Company in Danger, "Inc. This bond is issued pursuant to the City Charter (Private and Special Laws of 1931, Chapter 54), and acts in addition thereto and in amendment thereof, and by order of the City Council to raise funds for a permanent public improvement, to wit: To construct and equip anew high school build- ing on property owned by said City, located onrarBroadway in said City. It is hereby certified that every requirement oflawrelating to the issue hereof has been duly complied with and that this bond is, and the indebted- ness 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, IN CITY COUNCIL March 16, 1960 Clark directed to advertise a Public Hearing to be held March 28, tabled. rr =n__ `IS� IN CITY COUNCIL March 28, 1960 Taken from table, Public Hearing held, PASSED by the fallowing yes and no vote: Councilors voting yes; Bailey, Blaisdell, Brown, Delano, Gross, Reath, Whittaker' Councilors voting no, Barry, Higgins. 98-M ORDER AutMriling_the issuance of 83.500.000 Aggregate Principal Amount of Bonds and of Tax Levy Therefor_ _ Introduced and " by e co®dm.. C"Y e the Ordinances, Orders and Resolves of the City of Bangor. This bond is one of a series of bonds of like tenor, except as to maturities. numbered 1 to 3,500, inclusive, each in the denomination of t1,D00 and payable $175,000 on the first day of August in each of the years 1962 to 1981, bath dates Inclusive. no said City of Bangor hereby pledges its faith and credit for the payment of the principal of and interest on said bands, but neither this bond nor any coupon for Interest hereon shall become obligatory until the bond is authenti- cated by the certificate of The Merrill Trust Company endorsed hereon. IN WITNESS WHERE, 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 Chairman of its City Council and the attached coupons to bear the facsimile signature of said City Treasurer, as of the first day of August, 1961. Countersigned: CITY OF RANCOR By Chairman of City Council CITY TREASURER Seal (COUPON) On the first day of 19 , the City of Bangor, Maine, will pay to bearer $ at The Merrill Trust Company, in Bangor, Maine, for six months' interest then due on its school loan bond, dated August 1, 1961. No. City Treasurer 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 the 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 provisions of law, to effectuate the issue and sale of said bonds. 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 he sufficient to pay the interest upon said bonds payable in such year and the principal of said bonds maturing in such year. FURTHER ORDERED: THAT Messrs. Ropes, Gray, Bast, Coolidge B Rugg, of Boston, Massachusetts, shall be requested to renter an opinion approving the validity of the bonds authorized by the preceding order.