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HomeMy WebLinkAbout1962-06-11 152-P ORDER152-P Introduced by Gouncilor Brown, June 11, 1962 CITY OF BANGOR (TITLE.) @rbCr, Am d sections, (2) and (3) a anode: Adopted April 24,_ 1961 Authorizing the laeuance of $1,650,000 Aggregate Principal Amount ..........OE..Kenduakeag.5tieam IFnprevem_epp Loop, Bonds_and a Tax Levy Therefor By the City CoywoQ of 4U aty ofBantgn- ORDpMo TUT cEIVED ORDER 1962 .IUN -4 111 B: 88 SdCle, `fTY C1ERK'a OFFICE ''O�; nR. MAINE IN CITY COUNCIL June ll, 1962 PASSED by the following yes and no vote: Councilors voting vast Bart Blaisdell, Brountas, Brown, Delano, Gross, Higgins, Whittaker. Councilor Bailey absent. Amending Sec. (2) & (3) of anOrder "Pdbpted wrwlf Za, Y96f'. th,. the , Issuance of 81,650,000 Aggregate . PzA :ely3l.+ t o J(end.. &brew,... pav�e,nment Loan Bonds B a Tax Levy IvEmoSuced send /filed by ....�.....V.. `�— �ai..lJ. l CITY OF BANGOR Order, amending Sections (2) and (3) of an Order ado red April 24, 1961: authorizing the issuance of $1,650,000 aggregate principal amount of Kenduskeag Stream Improvement Loan bonds and a tax law therefor. By the City Council of the City of Bangor: ORDERED, that Sections (2) and (3) of the Order adopted by this Council at a meeting held on April 24, 1961, authoriz- ing the issue and sale of one million six hundred fifty thousand (1,650,000) dollars aggregate principal amount of serial coupon bonds of the City of Bangor for the purpose of providing fluids for various permanent public improvements in said City, be amended so as to provide for the issuance of said bonds in the denomination of either $1,000 or $5,000 each and so that said Sections (2) and (3) of said Order read as follows: "(2) That pursuant to Section 8 of Article VL of the City Charter (Private and Special Laws of 1931, Chapter 54), and all acts amendatory thereof and additional thereto, and for the purpose of meeting the appropriation Just authorized there is hereby authorized the issue and sale of one million six hundred fifty thousand dollars ($1,650,000) aggregate principal amount of serial coupon bonds of the City of Bangor, to be in the denomina- tion of $1,000 or $5,000 each, to be numbered from No. 1 upwards, with interest payable semiannually, at such rate as shall be de- termined 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, 1962, shall be payable eighty-five thousand dollars ($85,000) on the first day of August in each of the years 1963 to 1981, inclusive and thirty-five thousand dollars($35,000) on the first day of August, 1982, shall bear the City seal, and shall be signed by the City Treasurer and countersigned by the Chairman of the City Council, who is hereby authorised to use a facsimile of his signature on said bonds pursuant to Section 14 (VIII) of Chapter 90A of the Revised Statutes. The coupons annexed shall bear the facsimile signature of said Treasurer. Premiums if any, less the costs of preparing, issuing and market- ing the bonds, shall be used to meet the first maturing principal of said bonds. Said bonds shall be authenticated as to genuine- ness by The Merchants National Bank of Bangor, 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 ca -paying agent located in the City of Boston, Massachusetts, in which case said bonds shall be payable as to principal and interest at The Merchants National Bank of Bangor or at the option of the holder at such other bank, if any, as the Treasurer selects. (3) That said bonds shall be substantially in the following form: iad�f�rsi�=•1sfrii�R'i�l��:�'x�s�:1<s1? STATE OF MAINE CITY OF BANGOR KENDUSKEAG STREAM IMPROVEMENT LOAN No. $ The City of Bangor, in the State of Maine, for value re- ceived, hereby promises to pay to bearer the sum of thousand dollars ($ ) 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 Merchants National Bank of Bangor: 1n Bangor, Maine, for at the option of the holder at 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 G„uncil 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 Constitution 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 maturities, numbered 1 to , inclusive each 1n the denomination of $ and payable $85,000 on the first day of August in each of the years 1963 to 1981, both dates inclusive and $35,000 on the first day of August, 1985.. 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 Merchants National Bank of Bangor endorsed hereon. IN WITNESS WHEREOF, 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, 1962. Countersigned: CITY OF BANGOR By Chairman of City Council City Treasurer Seal (COUPON) On the first day of August, 19 , the City of Bangor, Maine, will pay the bearer the amount speci- fied here at The Merchants National Bank of Bangor, in Bangor, Maine, [or at the option of the holder at in Boston, Massachusetts] for interest on its Kenduskeag Stream Improvement Loan Bond, dated as of August 1, 1962. No. City Treasurer" -2- Nota: This order is a technical amendment to Order 107N which authorized the issuance of $106500000 for Kendoskeag Stream IU rove eat Canes passed by City Council April 24, 1961. The amendment is to allow the bonds to be issued in denominations of either $10000 or $5.000 at the option of the purchaser, and, at the option of the City, to wme a cc -paying agent in Boston. The amendments were suggested by offiaia]s at Bangor banks and Boston Bond Attorneys as items that might save the city =ney and expedite the sale oT the Bonds.