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HomeMy WebLinkAbout1963-05-27 139-Q ORDERI39-0 Introduced by Councilor Bailey, May 279 1963 ..0 CITY OF BANGOR (TITLE.) @rbgr Authorizing the Issuance of, 8000,000 Aggregate Principal By he City Caused! ofthe City ofBasc r: 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 additional thereto there is hereby authorized the issue and sale of four hundred thousand dollars ($400,000) aggregate principal amount of serial coupon bonds of the City of Bangor, to be in the denomination of either $1.000 or $5,0M each, and to be pandered free No. 1 upwards, 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 September 1, 1963, and shall be payable twenty thousand dollars ($20,000) on the first day of September in each of she years 1964 to 1983, inclusive. Said bonds shall be authenticated as to genuineness by the Eastern Trust and Banking Company, in Bangor, Melne, 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 Eastern Trust and Banking Company, or, at the option of the holder, at such other bank, if any, as the Treasurer selects. The proceeds derived from the sale of said bonds less premium, if any, shall be used and are hereby appropriated in the amounts hereinafter indicated for four permanent public improvements, the estimated period of utility of each is hereby declared to be at least twenty-two years, to wits Construction of a municipal golf course on land of the City located at Webster Avenue - $165,0001 Fee the Reconstruction of Broadway and widening thereof, including land damages and the cost of pavement and side- walks laid at the time of said construction - $115,0001 Construction of a municipal swimming pool on land of the City located on lfiion Street - $80,000; Purchase and installation of aw automatic electric generator switch gear - $40,000.w Any premiums received from the sale of amid bonds, less the coat of pre- pering, issuing and marketing them shall be applied to the payment of the first of said bonds to mature. Said bonds shall be substantially in the following forms RECEIVED 1963 MAY 23 AM 10:10 CITY CLERKS OFFICE v r,.c A 6NOOR, MAINE IN CITY CODNOIL May 27, 1963 Me Med by adding the words '"itch gear' after electric generator in the 6th line, 2M paragraph, page 2. Clerk directed to advertise hearing to be held lune 10,1963: Paised Ist reading by the following yea and no vote, Councilors voting yea' Bailey, Brountas, Conti, Delano, Dinsmore; Groes, Ranlett. Councilors voting nor Barry and Higgins. Tabled Z_ di?r4ir:T IN -CITY COUNCIL June 10, 1963 Taken from table, hearing held, PASSED N9 2M reading by the following yes and no voter Councilors voting year Bailey, Brountas, Conti, Dinsmore, Gross, Ranlett. Councilors voting no: Barry and Higgins. Councilor Delano absent. 13PQ ORDER Title, Auth. Issuance of Ea00,000, Aggregate. .................. .. Principal Amount of BOMB aM a Tar Levy Therefor..... jntruduce and filed•by , Cou cil lip CNI �..' a III. 0 "I'll. NNNNLI Mll N.1d .1 MINI 11 oil No dI 0 .2 MI M.N. m N;,IN I N,,I. N." .11 � M, 1. 1. NNILI NI. off Nlj sk .1 0 0 . Il,.� I m "I "I.. III, . .1.1.1 f. Nmw a W. 1. NIIA If wo N.b. IN, "N" I" I �' mis UNITED STATES OF AMERICA STATE OF MAINE No. CITY OF BANGOR PERMANENT PUBLIC IMPROVEMENT BOND The City of Bangor, in the State of Maine, for value received, hereby promises to pay to bearer "a sum of thousand doll era (8 ) on the first day of September, 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 prin- cipal and interest being payable at the Eastern Trust and Banking Company, In Bangor, Maine (or, at the option of the holder, at , in Boston, Massachusetts). This bond is issued pursuant to the City Charter (Private and Special lava of 1931, Chapter 54), and acts in addition thereto and in amendment thereof, and by order of the City Council to raise funds for Permanent public Improvements, to w1Y construction of a municipal golf curse, the reconstruction and widening of Broadway, the construction of a municipal swimming Pool and the purchase and installation of anew automatic electric generator. It is hereby certified that very requirement of law relating to the issue hereof has been duly complied with and Nat this bond is, and the indebtedness evidenced hereby was, at the time it s incurred, within every debt and other limit prescribed by the Constitution and laws of the State of Maine, 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 , inclusive, each in the denomination of $ and payable 520,000 on the First day of September in each of the years 1964 to 1983, bath 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 any coupon for interest hereon shall become obligatory until the bond is authenticated by the certificate of the Eastern Trust and Banking Company endorsed hereon. IN WITNESS WHEREOF, the said City of Bangor has caused its corporate seal to he 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 September, 1963. Countersigned, CITY OF BANGOR Chairman of City Council By City Treasurer Seal (COUPON) On the first day of , 19 , the City of Bangor, Mw ine will pay to bearer $ at the Eastern Trust all Banking Company, in Bangor, Maine (or, at the option of the holder, at , in Boston, Massachusetts), for six months' interest than due on its permanent Public Improvement Bond, dated as of Septeoser 1, 1963. No. mat the City Treasurer, with the approval of the Finance Committee and the Chainmen 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 all accrued interest to data 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 all 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 re ues, 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. FURTHER ORDERED: That Messrs, Ropes B Gray, of Boston. Massachucetts, shall be requested to render an opinion approving the validity of the bolls authorised by the preceding order.