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HomeMy WebLinkAbout1961-07-24 169-N ORDER169-N Introduced by Councilor Delano, July 24, 1961 x, CITY OF BANGOR (EIRE) &Btrt Apthor3zjpg,.TRmpgX0ry 33Rrrowing Of $3..Z00,004 an .......... Anticipation of Money to be Received from the Sale of an Authorized Bond Issue OBtP�a brty Caused of tM tdeu of Bam¢on %'ORDERED, THAT WHEREAS, the City Council has authorized the issuance and sale of negotiable bonds of the City of Bangor in the aggregate principal amount of Three Million Two Hundred Thousand (3,200,000) Dollars, the proceeds derived from said sale to be used for a permanent public improvement, to wit: the construction and equipping of a new high school building on property owned by the City, located on or near Broadway &rest fn said City; WHEREAS, bi connectim with the accomplishment of the afore - aid permanent public improvement, it becon as necessary to borrow mrmey in anticipation nt the issue and sale of said bonds for the aforesaid permanent public improvement; and, WHEREAS, a contract has been let or is about to be let by said City for said permanent public improvement and, m accordance with the terms of said contract, payments are to be made upon bills submitted by the contractor or contractors; NOW, THEREFORE, by the City Council of the City of Bangor, ORDERED, That pursuant to Sectirm 10 of Article VI of the City Charter (Private and Special Laws of 1931. Chapter 54), and all acts in amendment thereof and in addition thereto, the City Treasurer, with the approval of the Finance Committee, is hereby authorized and directed to borrow, at one thne or from time to time, the faith and credit a said City, in anticipation of the sale of Three Million Two n Hundred Thousand (3, 200, 000) Dollars aggregate principal amount a Permanent Public Improvement bonds, authorized to be issued to raise funds for the permanent public improvement described in the preamble hereto, the • of Three Million Two Hundred Thousand (3, 200, 000) Dollars o such lesser ount as he may determine necessary, and to prepare, i and sell, at public or private sale, at not leas than par and accrued interest, the negotiable nae or notes athe city therefor. Said nate or notes shall be payable as to principal and soberest at the Merrill Trust Company, in Bangor. Maine, shall be signed by the City Treasurer and countersigned by at least a majority of the Finance Committee, and shall be payable no later than me year £fore the date thereof and m any event no later than September 15, 1962. That the City Treasurer, with the approval of the Finance Committee, is hereby authorised and directed, subject to the provisions of this order and applicable provisions of law, to determine &a daze or dazes of the note or notes, the interest rate or rates they shall bear, and all other details M said note or notes not herein provided for, and to do all things necessary or proper to effectuate the issue and sale thereof. FURTHER ORDERED: That Messrs. Ropes & Gray, of Boston, Massachusetts, be requested to render an opinion approving the validity of said note or notes Issued pursuant to the preceding order. RECEIVED IN X18 P412:07 CITY CLERK'$ OFFICE "rtY Of BANGOR, MAINE IN CITY WIINCIC +:^ July 24, 1961 PASSBB 169-N ORDER Title. A th iemp,9,xaxY B9£ica199.Of $392gpao0O. In Anticipation of Money to be Recelvetl Iona the Sale of Auth. BON Issue. Tatecdeceal coal filed by Geevimm