HomeMy WebLinkAbout1988-07-11 88-313 ORDERWas 7-11-88„uf' Item No. 88=313
Item/Subject: issue of $800,000 in Bonds
Responsible Department: Finance
Commentary:
the passage of this order will bring the funding for the downtown
parking garage up to the total current estimated cost based on the approved
bids.
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Manager's Comments: dkei
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Associated Information:jef�
Budget Approval:
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Legal Approval:
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Introduced For
®Passage
F7 First Reading Page -/of
❑Referral
88-313
ASSIGNED TO COINCIL00 TILLEY, JULY 11. 1988
CITY OF BANGOR
(TITLE,) V rbm Authorizing an Issue of $800,000. Aggregate Principal
Amount of Bonds and 'a Tax Levy Therefor
By the City Cmantil of the City of Bangor.
ORDERED,
TEAT pursuant to Section 8 of Article of Of the City Chatter (Private
and Special Laws of 1931, Chapter 56) and all amendments thereof and seta
additional thereto, there isherebyauthorized the issue and sale at one time
or from time to time of Eight hundred thousand dollars ($800,000) aggregate
principal amount of serial bonds of the City of Bangor. The proceeds derived
from the sale of said bonds, less premium, if any shall be used and are hereby
appropriated for the purchase of equipment, construction of permanent public
improvements or for any other purposes authorized by general law or special law
or hereafter applicable fo.the City of Banger, all of which are hereby authorized,
to wit: --
Parking Garage Construction $800,000
The estimated period of utility of each of the improvements, equipment
r other items to be financed with the proceeds of said bands is hereby
determined to be at least 25 years.
THAT the date, maturities, denominations, Interest rate or rates( place
of payment and other details of each issue of said bonds, including provision
for their sale and award, shall be determined by the Finance Director with the
approval of the Finance Committee and the Chairman of the City Council, and Said
bonds shall be signed by the Finance Director, counteraigaed by the Chafraan
of the City Council and be in such form as they shall determine by their ex-
ecution thereof. Any issue of said bonds may be consolidated with and Issued
at the same time as any other force
of bands authorized prior to their Issuance,
at the discretion of the Finance Director, with the approval of the Finance
Committee and the Chairman of the City Council.
THAT in each of the yeas during which any of the bonds are outstanding
there shall be levied a tax in an Answer which, with other reif any,
available for that purpose,shall be sufficient to pay the interest on said
bonds payable in such year and the principal of such bonds moturing in such
year.
TEAT pursuant to Section 30 of Article vI of the City Charter and any
other enabling authority, the Finance Director, with the approval of the Finance
Committee and the Chairman of the City Council, is hereby authorized to issue
temporary nates in anticipation of the foregoing bond issue, said notes to be
signed by the Finance Director, countersigned by the Chairman of the City Council
and other wise to be in such farm as they shall determine by their execution
thereof.
t IN CITY COUNCIL
July ll, 1988
RAc ved ler reading
CLERK
IN CITY COUNCIL
July 25, 1988
passed
88-313
ORDER
Tine,
Authorizing an Issue of $8DO,000 Aggregate
................................
principal Amount Of B o n d a and a Tax
Levy Therefor r
�Introduc/e;d and filecc,J� q®
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Councilman
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