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HomeMy WebLinkAbout1961-05-22 131-N ORDER31-w Imroaocea by count sl or Blaisdell, May zz, 1961 _ CITY OF BANGOR QITLEJ (jorbrr, Author izing the Issuance of $435,000 Aggregate Principal Amount of Sewer Bonds m 1961 and of Tax Levy Therefor Bg Ggy'fkg Counca Oftse City Of Danger. ORDERED, THAT Eo - O H RF. ' F 131-N REcelveo ORDER CITY CLERK'S OF CITY OF RdN - Issuance.. of. AA36s0o0. Aggregate CCR, MAIN ,Nr, Amount of Sewer Bonds of 961 and Tax Levy Therefor. IN CITY COUNCIL May 22, 1961 Imhad" smd Bled by Clerk directed to advertise a public hearing for June 12, 1961. Tabled. V L. Wmtlbu U l\ CITY C 1K IM CITY June 12, Taken fro... _ lic hearing held and the order PASSED by the following yesaj no vote: Councilors voting yea: Bailey, Barry, Blaisdell, Browr, Delano, Gross, Keith, Whittaker. Councilor Biggins absent. CI K The May 22 and June 12 meetings were both regular meetings of the City Council. CITY OF BANGOR Order authorizing the issuance of $435,000 aggregate principal amount of Sewer Bonds of 1961 and of tax law therefor. By the City Council of the City of Bangor That pursuant to Section 8 of Article VI rivate and Special laws of 1931, Chapter thousand dollars ($435,000) aggregate principalamount of aerial coupon bonds of the City of Bangor, - - --- 4nciusiva� 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 August'1, 1961 shall be payable twenty thousand dollars ($20,000) on the first day of August in each of the years 1962 to 1982, inclusive and fifteen thousand dollars ($15,000) on the first day of August, 1983,s1ball be in the denomination of $1,000 each, shall be numbered 1 to 435, in- clusive, 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 Merrill Trust Company, in Bangor, Maine, and shall be payable as to principal and interest at said bank, provided, however, that the City Treasurer is authorized 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 Merrill Trust 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 for the purpose of financing permanent public improvements consisting of the following sewer projects, hereby authorized, each of which is determined to have a useful life at least as long as hereinafter indicated, namely, Capital Protect Appropriation Useful life Construction of intercepting $300,000 30 years sewers along the Renduskeag Stream above the bridges at Hammond and State Street Construction of Fourteenth $107000 25 years Street Drainage System (Storm Sewer) Installation of storm drain in Lancaster Avenue $ 89000 25 years Construction of trunk sewer ex- $ 15,000 30 years tension along Davis Brook Construction of Crestmont Road $ 51000 25 years Drainage System (Storm Sewer) The proceeds of said bonds, except premiums, when received, shall be placed in separate accounts as indicated above according to the respective appropriations. Premiums if any, less the costs of preparing, issuing and marketing the bonds, shall be used to meet the first maturing principal of said bonds. (2) That said bonds shall be substantially in the following form: BCH 006480 UNITED STATES O F AMERICA STATE OF MAINE CITY OF BANGOR SEWER BOND OF 1961 No. $1,000 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 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 Merrill Trust Company, in Bangor, Maine, Zor at the option of the holder a& in Boston, Massachusetts./ 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 Coun- cil to raise funds for various permanent public improvements consisting of sewer projects in said city, each 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 Ordi- nances, Orders and Resolves of the City of Bangor. This bond is one of a series of four hundred thirty-five (43g) bonds of like tenor, except as to maturities, numbered 1 to 435, inclusive, each in the denomination of $1,000 and pay- able $20,000 onthe first day of August in each of the years 1962 to 1982, both dates inclusive and $15,000 on the first day of August, 1983. 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 any coupon for interest hereon shall become obligatory until the bond is authenticated by the certi- ficate of said The IN.ortll'l Trust Company endorsed hereon. IN WITNESS WREHEOF, 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 August, 1961. Countersigned: CITY OF BANGOR Chairman of City Council ByCity Treasurer Seal) (COUPON) On the first day of August, 19 , the City of Bangor, Maine, will pay the bearer the amount specified hgre at The Merrill Trust Company, in Bangor, Maine, /or at the option of the holder at in Boston, Massachusetts] for interest -2- on its Sewer Bond of 1961, dated as of August 1,'1961. 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 provisions 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 in 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 notes of the City of Bangor in antici- pation of the issue and sale of the bonds hereinabove authorized in a principal amount not to exceed four hundred thirty-five thousand (43$,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 sub- ject to applicable provisions of law and this resolution. The proceeds arising from the sale of such notes shall be delivered to the City Treasurer and used to finance temporarily the cost of said sewer projects hereinbefore authorized. 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- III N 1 km 31 firm To I IM 21 Made ald trall read be mordam"% In No Moore" Ned, dodi Mi MM) On ran Car a Blow In � M, at ,,i m, .,M $3. In =,I be.. Ma for, of No thali do,dre, 1. to "M mormart learellari no .,.or I %) Far NNIN "I'domem, 0 led Mo., I.M. 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