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HomeMy WebLinkAbout1986-12-08 87-26 ORDER87-36 Introduced by Councilor Brown, December 8, 19% _pp CITY OF BANGOR (TITLE.) (DOM A thur'zA`g " x nue of $650,000 Aggregate Principal Amoynt of Bonds and a Tax Levy Therefor By elm City Counail of flu Cily of Beggar. ORDERED, THAT pursuant to Section 8 of Article VI of the City Charter (Private and Special Lams of 1931, Chapter 56) and all amendments thereof and acts Additional thereto, there 3e hereby authorized the issue and sale at one than or from time to time of Sir Hundred Fifty Thousand Dollars ($650,00D) aggregate principal annual of aerial bonds of the City of Bangor. The proceeds derived ". from the sale of said bonds, less premium, if any shall be need and are hereby Appropriated for the purchase of equipment, construction of permanent public improve mnts,orfor any other purposesauthorized by general lam special law or hereafter applicable to the City of Bangor, all of which are hereby authorized, to wit Bangor Municipal Golf Course - 9 Hole Addition $650,000 The estimated period of utility of each of the improvements, equipment r other items to be financed with the proceeds of said bonds 3e 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 bands shall be signed by the Finance Director, c rsigned by the Gaisman of the City Council and be in such form as they shall determine by their execution thereof. Any issue of said bonds may be consolidated with and Segued at the same time a my other i of bands authorised prior to their issuance, at thediscretionof the Finance Director, with the approval of the Finance Committee and the Chairman of the City GnwnIl. In City Couneil December 8,1986 consider meeting of December 90,1086 wk IN CITY CO IL December 30, 1996 ssed ly the Following yes and no votes. Councilors voting fee, Brown, Co:, Frankel, law itz, Sawyer, Shubert and Sullivan. CowCilors voting no: Tilley and Willey. ciw CL®iK 8_26 0R DDR Title, Authorizing an Issue of S650,000 .................................. Aggregate Principal amount of Bords ...................................... ani Tom Loney Therefor ryn Introduced and filed by ... F'l .:. Councilmen DEC a 7.086 CITY w � mom THAT i each of the yeas during which any of the bonds a outstanding there shall be levied a tax 1n avunt which, with other revenues, if 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 maturing in such year. THAT pursuant to Section10 of Article VI of the City Charter and any other enabling authority, the Finance Director, with the approval of the Finance Comittee 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 otherwise to be in such form as they shall determine by their execution thereof. THAT a qualified bond counsel be requested to render an opinion or opinions approving the validity of the bonds authorized by this Order.