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
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O H RF.
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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.
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