HomeMy WebLinkAbout1960-05-23 143-M ORDER.. Introduced by Councilor gamy L.9 -N
_ CITY OF BANGOR
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(TITLU MaNgr1'.authorizing the issuance of 8435,000 aggregate
principal amount of Capital_Smprovement bonds and of,. tax levy, therefor.
By W 01tyO n,;U of the City of Bangor
ORDERED,
(1)THAT pursuant to Section 8 of Article V1 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 thirty-five thousand dollars (8435,000) aggregate
principal amount of serial coupon bonds of the City of Bangor, to be
Lumbered 1 to 435, inclusive, with interest payable semiannually, at
such rate as shall be determined by the City Treasurer, with the aporov
of the Finance Committee and the Chairman of the City Council. Said
bonds shall be dated August 1, 1960, and shall be payable twenty
thousand dollars (820,000) on the first day of August in each of the
Years 1961 to 1981, inclusive and fifteen thousand dollars (815,000)
on the first day of August 1982. Said bonds are issued to raise funds
for the purpose of meeting appropriations contained in the 1960 Capital
Budget, as amended, for permanent public improvements consisting of the
following capital projects, hereby authorized, each of which is
determined to have a useful life as hereinafter indicated, namely,
Capital Project Appropriation Useful Life
Construction of off-street `20,000 25 years
parking lot on city -owned
land in Pickering Square
Extension Sanitary Sewer 8120,000 30 years
System Industrial Park Area
Completion of Construction and 890,000 25 years
Equipment of Fourteenth Street
Elementary School
Construction of new bridge to $100,000 25 years
replace Norse's Bridge, so-called
Trunk sewer extension - Davis 835,000 30 years
Brook so -celled
Completion of current extension 850,000 30 years
of Sanitary sewer system in
Industri&I Park
Residential Sidewalk Construction 8200000 25 years
IN CITY COUNCIL
Nay 23, 1960
Clark directed to advertise a
Public Hearing {for June 13,
tabled
CITY WX
IN CITY COUNCIL
June 13, 1960
Taken from table, Hearing held
and p4SBD by the following We and
no votes Councilors voting Yes'
Bailey, Barry, Blaisdell, Brown,
Delano, Dross, Keith. Councilors
Higgins and Whittaker absent.
143-M
ISINDIMI
Thus,
AuNorkring She. Issuance of $134.,000
Aggregate, Principal Amount of Cep._
Improvement Bonds -Tax Levy Therefor
Intrvdooed and a" by
i
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 coats 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:
UNITED STATESOF AMERICA
STATE OF MAINE
CITY OF BANGOR
CAPITAL IMFROV�S LOAN
No. 61,000
The City of Bangor, In the State of Maine, for value received,
herebypromisee to pay to bearer the sum of one thousand dollars
(61,000) on the first day of Augnett 19 , with Interest meantime
at the rate of per centu? %/ per annum, payable semiannually
to the bearer of the coupon heretoattached, upon surrender thereof
as they respectively mature, both principal and interest being payable
at the Eastern Trust and Banking Company In Bangor, Maine.
This bond Is issued pursuant to the City Charter (Private and
Special Laws of 1931, Chapter 54), and cote in addition thereto and
in amendment thereof, and by older of the City Council to raise funds
for various permanent public improvements 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
Comstltution and Laws of the State of Maine, and 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 numbers and maturities, numbered 1 to 435, inclusive, each in
the denomination of $1,000 and payable $20,000 on the first day of
August in each of the years 1961 to 1981, both dates inclusive and
$15,000 on the first day of August 1982.
The said City of Bangor hereby pledges its faith and credit
for the payment of the principal end 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 WHINED F, 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 1960.
Countersigned: CITv_ OF BANGOR
By
Chairman of City Council Clty Treasurer Seal)
(000BOM)-
On the first day of August, 19 0 the City of Bangor,
Maine, will pay the bearer the amount specified here at the
Eastern Trust and Ban3cing Company, In Bangor, Maine, for
Interest on its Iran Bond, dated as of August 1, 1960.
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.lesa than par and
accrued Interest to date of delivery, in such manner, at such
time and upon such Lerma 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 he sufficient to pay the interest upon said bonds
payable in such year and the principal of said bonds maturing
in such year.
aitL5�11
That Messrs. Ropes, Gray, Beat, Coolidge h Rugg, of Boston,
Massachusetts, shall be requested to render an opinion approving
the validity of the bonds authorized by the preceeding order,
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