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.
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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.