HomeMy WebLinkAbout1986-08-25 86-347 ORDER86-347
Introduced by Councilor Tilley, august 21, 1986
CITY OF BANGOR
(TIRE.) Mrbrrt............ pythosieiN an assure of $9191100 Aggregate. Principal _.-
Mount of Bonds and a Tax Lew lberefor
BY the My Comwi! of Be ally ofBanpor:
ORDERED,
THAT pursuant to Section 8 of Article W of the City tharter (Private
and Special laws of 1931, Chapter 56) and all anandments thereof and sets
additional thereon, there is hereby autderized tte issue and sale at one time
or from tine to time of Nine Humdred Nineteen mousand Che Badged Dollars
($919,100) aggregate principal amount of serial bonds of the City of Bingo.
The proceeds derived from the sale of said bonds, less praniun, if any, shall
be need and are hereby appropriated for the purchase of equipment,
construction of permanent public iumproiesents or for any otter purposes
authorized by general law cras ecial law or hereafter applicable be the City
of Bangor, all of.woich are Sareby authorized, to wit:
Bangor Nigh School Mditiu - 5
Science IaborAtories $919,100
TM estimated period of utility of each of the imp eaents, equipment or
other items to be finaroa3 with the proceeds of said bonds is bereby
deteuminsi 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 borc3s, 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 cnUoLl,'an]
said bonds shall be signed by the Finance Director, munfarsl9nW by the
Cbaiuman of the City Council and be in such form 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 bends authorized prior to their
at Ge discretion of the Finance Director, with the approval of the
Finance Committee and the Chairman of the City Cxacil.
THAT in each of the years during xhich any of the foods are outstanding
there shall fe levied a tax in an anoint dhich, wiN offer revenues, if any,
available for that purpose, shall be sufficient to pay the interest on said
bods payable in such year and the principal of such h s maturing in such
year.
THAT pursuant to Section to of Article VI of Me City Charter and any
other enabling authority, the Finance Directon, with the approval of Me
Finance mmnitme and the Chairman of tfe City Cnwcil, is hereby authorimi
to issue tsnpuary notes in anticipation of the foregoing food issue, said
rotes to be signed by the Finance Director, countersigned by the Chairman of
the MY council and otherwise to be in such foao as they shall determine by
their execution thereof.
T T a qualified fwd oounsel be requested to render an pinion or
pinions approaing the validity of the bonds au[herised by Mia fader.
THAT the authority to issm said to is and m take all offer actions
p idea for in this Il der is conditioned upm and subject M apptwal of said
School 0retruction project by a majority of the persons voting at a
MmMnom oo said project to to inducted an the date of the next regular
nom cipal election.
86-347
In side Council gulaec esting6 0 RDE R
consider nsz[ regular meecTit
N Title,
Authorizing an issue of,$919,100
GUYCler......................................
Aggregate Principal amount of bonds
...........le.......er....or ................
end Tax vy; thef
In City Cmvm11 September 8,1986
Passed IInntr_odduced and filed by
Councilka'n
C Clark