HomeMy WebLinkAbout1985-02-25 85-129 ORDER85-129
Introduced by councilor cox, February 25, 1985
CITY OF BANGOR
GIRL) (01bff, IA - otbotizing.. an' Issue elf... $1,9ao,000 0o Aggreeace ermeipaz
Amount of Banda and A Tax Levy Tnerefor
By MPo City Cometh of the Cifv of Beason
THAT, pursuant to Section 8 of Article W of the City Charter (Private
and Special Laws of 1931, Chapter 56) and all amendments thereof and seta
additional thereto, there is hereby authorized theissue
and sale at on
time Or from time t0 time Of Due Million Nine Hundred Eighty Thousand
Dollars ($1,980,000) aggregate principal amount of serial bonds of the
City of Nougat. Me proceeds derived from the sale of said bonds, leas
premium, if my, shall be used and are hereby appropriated for the
acquisition of land or interests in land, the purchase of equipment,
construction of permanent public impmvemenea or for any other purposes
authorized by general law or special lav or hereafter applicable to the
City of Bangor, all of which are hereby authorized, to wit:
(1)
Land Acquisition - Golf Course
$ 55,000
- (2)
Street Reconstruction
250,000
(3)
Subdivision Construction
110,000
(4)
School Department - Various
445,000
(5)
City Nursing Facility Improvements
35;000
(6)
Airport Department Improvements
40,000
(7)
Airport Department - Equipment
325,000
(8)
Airport Department - Flight Service Station
75000
$1,980,00➢
The estimated period of utility of each of the improvements, equipment or
other item to be financed with the proceeds of said bands is hereby deter-
mined to be at Mesa 25 years.
THAT the date, maturities, consultations, Interest rate or rates, place
of payment and other details of each issue of said bonds, lncluddng pro-
vision 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, counter-
signed by the Chairmen of the City Council and be in such form as they shall
determine by their execution thereof. Any issue Of said bonds may be con-
solidated with and issued at the Same time as my other issue of bonds
authorized prior to their i at the discretion of the Finance Director,
with the approval of the Finance and the Chairman of the City
Council.
THAT inaach of the years during which any of the bonds are .outstanding
there shall be levied a tax in an amount 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 Section 10 of Article VI of the City Garter and any
other enabling authority, the nuance 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 Gaiimen
of the City Council and otherwise to be in such fovm as they shall determine
by their execution thereof.
MAT'a qualified bond counsel be requested to render an opinion or
opinions approving the validity of the bonds authorised by this order.
i
City
f CFebruary 25.1985
consider next meeting
Dity Cie�
IN CITY COUNCIL
I 85-129
ORDER
Title,
Authorizing an Issue of 811980.000.00
....................................
March 11, 1985 P?'incipel, A.M."nt. of. Mnda. and
Passed as Amended by the following
yes and no votes. Councilors a Tax levy therefor
voting yea: Brown, Cox, Davis, Introduced d by
Frankel, Gass, MCa[thy, Tilley,
Wheeler aed Willey. Vote to Coneidez of to at ita Bu 'nese
Acceded by deleting (1j Lend ............
Deletes tion - Gclf CWCee SS r00 D, COOTC1L110n
Delete (3) ) School
Corrstzuction
Various
0. (C) delete
41 Dep3[anent-
Various - delete Facili15, ty
and add 300,000.
mentS
(5) City Nursing Facility I0. (7) Airport delete 35,000 a� add 45,000. 1]1 Airport
Department . eAdd (9)t Land
335,000 and
-
add 1]5,000. Add (9) Delo Acquisition -
Water Front 0,0000c. Delete total of $1,980,000
and dd 1,]60,000. -
a
D C
Deputy City Clerk