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.