HomeMy WebLinkAbout1962-06-11 153-P ORDER153-P
Introduced by Councilor Brawn, June ll, 1962
"pp, CITY OF BANGOR
(TITLE,) MrDCrt ..Amending Order Adopted March 27, 1961, 1. Auther izmg
the Issuance of $3,200, 000 aggregate principal amount of
Bond d a Taz L y Therefor. �
BY tis City Cousei! of tis City ofiguana.
-, - ORDERED,
T&1T
RECEIVED 0 a n s B
Nat M-4 PN 8.59 title.
CJNI aF n Rw o& M4 NEE
IN CITY COUNCIL
June 11, 1962
PASSED by the fulloaing yes and no
vote: Councilors voting yes: Barry,
Blaisdell, Brountas, Brown, Delano,
Gross, Higgins, sh ittaker. Councilor
Bailey absent.
153-P
Amen. ith Ogden; Issuance
of
3,200,20„,;9fi3,
Ag the Issuance of 83,]00,000
Agss.regete Princi al Amount of BOMB and
.4. Aevy.Mete PEor...................
.... Introduced and filed by
CITY O: n.l]I=
order, amending Order adopted Karch 27, 1961
authorizing the issuance of "j,200,000 aggregate
srincioal amount of Cords and a tax levy therefor.
By the City Council of the City of Bangor:
ORDERED, that the Order adopted by this Council at a meet-
ing held on 2lavch. 27, 1:61, authorizing the Issue
and sale of
three million two hundred thousand (3,200,000)dollars aggregate
principal a Lust of serial coupon bonds of the City of bangor
for the purpose o n
roister funds to c struat and eeuiy a new
high school building on property, owned by said City located on
a, near Broadway Street in said City, be amended so as to provide
for the issuance of said bonds in the denomination of either
"1,0Co or i'5,000 each and for the selection of a Co -paying agent
by the City Treasurer and so that said Order. as sm-Lled, reads
as follows,
"OBDBiti:J, that pursian:, to Section° of 1= of the
Jity Charter iFrie to and Special Laws of 1 s $4),
and all acts amendatory thereof and additicna_�' o there
is hereby authorized tt- cx
hundred thousand dol'' mrt
of serial coupon bon': - _ _
nomination of eithe_ _ -
from Co. 1 uawa d , c..
rate as shall be de lel o
approval of the :inane Committee .. Chairman o
Cmmcil. Said bonds shall 1, ^ 1
be puyab_a one h -
n the first < _
inC l 1'. -v
by the Merrill
payable as topx M . . al
however, that the 'ty 'i-asu,e,-
uaying agent located in the City
union c said bonds shall be po,
interns taet the Merrill barb,
i Cany,r., .- L , rer s ec the
holder, at such other bank, iY any, as the Treasurer selects.
andproceeds derived fron. the sale eT said bonds shall be used
and are hereby appropriated for o permanent public improvement,
the estimated Feriod of utility wit:
o which is hereby declared a to
be at least thirty years, to wita To construct by and equip a
w hint. school building on property tamed 'he said City located
be or near ially in Street in said City. That said bands shall
be substantially in the following form.
U N I T E D S T A T E S U i' A M E R I C A
STATE OF
Vo. CITF CP 1:;
The City of Band-,, L iiaine.. for value received.
hereby promises to nay to bericr he s tL of thousand
dollars (l, ) on thy first da; of August, 15 , 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, (or, 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 $4), and acts in addition there-
to and in amendment thereof, and by order of the City Council to
raise funds for a Permanent public improvement, to wit; To
construct and equip a new high school building on property owned
by said City, located on or near Broadway Street in said City.
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, 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 denomina-
tion of 8 and payable $160,000 on the first day of August in
each of the years 1963 to 1982, both dates inclusive.
The said City of Banger 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 the Merrill Trust Company 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 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
Chairman of City Council By City treasurer Seal)
(COUPON)
On the first day of , 19 , the City of Bangor,
Maine, x111 pay to bearer $ at the Merrill Trust Company,
in Bangor, Maine, (or, at the option of the holder, at
, in Boston,
Massachusetts, for six months' interest then due on its school
loan bend, dated as of August 1. 1962.
No.
City Treasurer
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 the approval as aforesaid, and to give a
receipt for the payment of the purchase price for said bends 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.
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 nay the interest upon said bonds payable in such
year and the principal of said bonds maturing in such year.
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."
Note: This order is a technical amendeent to order 73N rbieh authorized
the issuance of $3,200,000 Por high School Bonds passed by City
Council March 27, 1961.
The amendment id to allow the bonds to be issued in denomUutione
of either 51,000 or $5,000 at the option of the purchader, and,
at the option of the city, to name a se -paying agent in Boston.
The amendments were suggested by officials at Bangor banks and
Boston Bond Attorneys as items that might save the city money
and expo ate the dale of the Bonds.