HomeMy WebLinkAbout1987-08-10 87-301 ORDER8)-301
Introduced by Councilor Tilley, August 10, 1987
-4 CITY OF BANGOR
(TITLE.) MaNg 'a --.Atha i ing an Issue of $2,280,000 Aggregate Principal
Anchor of Bands and a Tax Levy Therefor
By the City CmMU of the lily of Deegan.
ORDERED,
- TUT pursuant to Section 8 of Article VI of the City Charter (Private
and Special Laws of 1931, Chapter 56) and all amendments thereof and acts
additional thereto, there is hereby authorized the issue
and sale at on
time or from time to ting of Two million two hundredeighty thousand dollars
($2,280,000) aggregate principal auxamt of serial bands of the City of
Bangor. The proceeds derived from the sale of said bonds, less premiw,,
if any shall be used and are hereby appropriated for the purchase of equipment,
construction of permanent public improvements or for a" other purposes
authorized by general law or special Ise or hereafter applicable to the
City of Bangor, all of which are hereby authorized, to mit:
1). Sewer Rehabilitation Projects $2,000,000
2). Airport Bldg. No. 253 expansion 280,000 -
The estimated period of utility of each of the improvements, equipment
or other items to be financed with the proceeds of said bonds 1s 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 bands, including pro-
vision for their sale and award, shall be detemined by the Finance Director _
with the approval of the Finance Committee and the Chairman of the City
Cowell, and said bonds shall be signed by the Finance Director, counter-
signed
unter-
signed by the Chairmen of the City council and be Insuchform as they
shall determine by their execution thereof. My issue of said bonds may be
consolidated with and issued at the same time as any other Issue of bonds
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 years during which any Of the bonds are outstanding
there shall be levied a tax in a amount which. with Other revenues, if any,
available for that purpose,shall be sufficient to pay the interest on said
bands payable in such year and the principal of such bonds maturing in such
year.
THAT pursuant to Section 10 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 notes in anticipation of the foregoing bond issue., said
nates 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 Tender an opinion o
opinions approving the validity of the bends authorized by this Orders
IN CITY COUNCIL
August ID 1987
Suspension of the Rules Passed
Co der next meeting
TY CL c
In City Council August 24,1987
Passed
City Clerk
97-301
ORDER
Title,
„Agehoriaing ,an, issue, of, $2,,280000„
Aggregate Principal Amount of Bonds
.................. I.............
and a Tax Leavy Therefore
Introduced and filed by
........ Cqo ....
0 Councilman