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Home My WebLink About1983-04-25 83-171 ORDER63-131 IIA,aduced by Councilor Scocy, npnl 2'. 1903 _ CITY OF BANGOR mw (Drbfr ... Auzhprtzing an.Issue of S1,,8,0,0, 000 Aggraga(,e Principal Amount f Bonds and Tax Levy Therefore BY the oft lourwid of the oft of Bandar: _ ODDS&FDr TBAT pursuant to Section 8 of Article VI of the City Charter (Private and Special Laws of 1931,. Chapter 54) and all amendments thereof and acts .additional thereto, there is hereby authorized the Issue and sale of One Million Eight Hundred Thousand Dollars ($1,800,000) aggregate principal amount of serial coupon bonds of the City of Bangor to be in the denomination of $5,000 each and to be numbered from No. 1 upward with Interest payable wiiawally at such rate a shall be determined by the Finance Director, th the approval of the Finance Committee and the Chairman of the City Council.- Said bonds shall be dated June 1, 1983 or such other earlier or later date as shall be determined by the Finance Director with the approval of the Finance Committee and the Chairman of the City Council, and shall be payable on the anniversary of their date, in twenty annual installments of $90,000 each in accordance with the requirements of. the City Charter. Said bonds shall be authenticatedas to genuineness by The Merrill Trust Company, in Bangor, Maine, and shall be payable as to principal and Interest at said bank, provided, however, that the Finance Director is authorized to select ano-paying agent located in New York, New York or Boston, Massachusetts, in which case said bonds shall be payable as to principal and interest at The Merrill Trust Company or at the option of the Holder, at such other bank, if any, as the Finance Director selects. The pro- ceeds derived from the sale of said bonds, less premium if any, shell be used and are herebyappropriated for the acquisition of land or Interests in land, the purchase of equipment, construction of permanent public Improvements o for any other purpose authorized by general law or special law or hereafter applicable to the City of Bangor all of which are hereby authorized, to wit (1) Reconstruction of Streets $ .300,000 (2) Reconstruction of Sidewalks $ 100,000 (3) Public Safety Building $1,200,000 (4) Sewer Construction $ 200,000 $1,800,000 The estimated period of useful life in each of the aforesaid permanent public Improvements is hereby determined to be at lease twenty-three years. Any premium received from the sale of said bonds less the cost of pre- paring, ing and marketing them shall be applied to the payment of the first of said bonds to mature. Said bonds shall be substantially in the following form: UNITED STATES OF AMERICA STATE OF MAINE CITY OF BANGOR No. $ 5.000.00 PERMANENT PUBLIC IMPROVEMENT BOND OF 1983 The City of Bangor, Maine, for value received hereby promises to pay bearer the sum of FIVE THOUSAND DOLLARS, on the day of 19 with interest meantime at the rate of percent per a a , pay- able s ually to the bearer of the coupons hereto attached, upon the surrender thereof as they respectively mature, both principal and Interest being Payable at The Merrill Trust Company, in Bangor, Maine, (or, at the option of the holder, at in Boston, Massachusetts), in New York, New York). This bond is Issued pursuant to the City Charter (Private and Special Laws of 1931, Chapter 54) and acts in addition thereto and amendments thereof, and by Order of the City Council to re funds for the construction of par- is�ent public improvements said City, all as described said Order. It hereby'Certified that every requirement of law relating to the issue hereof has been duly complied with and that this bond is, and the Indebtedness evidenced hereby was at the time it was Incurred, within every debt and other limit pre- scribed by the Constitution and laws. of the State of Maine and the Ordinances, Orders and Resolves of the City of Bangor. This bondis of a of bands of like tenor, except as to maturities, numbered 1 to 360 inclusive,apayable $90,000 on the day of In each of the years 1984 to 2003. - The said City of Bangor hereby pledges its full faith and credit .for the payment of the principal of and interest on aid bonds, but neither this bond nor any coupon for Interest hereon shall become obligatory until the bond has been authenticated by the certificate of said The Merrill Trust Company endorsed hereon. IN WITNESS Will EREO F, the said City of Bangor has caused its corporate seal to be hereto affixed and this band to be signed in its n and behalf by Its Finance Director and countersigned by (the facimile signature Of) the Chairman of the City Council and the attached coupons to bear the facsimile signature of said Finance Director as Of the day of , 198 . Countersigned: CITY OF BANGOR Chairman of the City Council Fina. ce Director (COUPON) On the day of 19 (or 30), the City of Bangor, Maine will pay the bearer the amount specified hereon at The Merrill Trust Company, in Bangor, Maine (or, at the option of the holder, at Massachusetts), for six manths' interest then due on its Permanent Public Improve meat Bond of 1983 dared 198 . That the Finance Director, with the approval of the Finance Committee and Chairman of the City Council, is hereby authorized and directed to prepare, issue and sell the bonds herein authorized at public sale at not less than par and accrued interest to date of delivery in such nannner, at such time and upon such terms as he shall determine, with approval as aforesaid, and to give receipt for payment of the purchase price of said bands and to do all things necessary or proper subject to this Order and applicable provisions of law to effectuate the issuance and sale of said bonds. THAToeach of the years during which any of the bonds a Outstanding there shal lbe levied a tax In a unt which, with other r 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 anyof said bonds y be issued at the same me time a and co - solidated with anrema other Issue. of bonds authorized prior to their issuance, whichevent the form of bond herein before set forth shall be adjusted to eflect such consolidation in such manner as shall be determined by the Finance Director, with the approval of the Chairman of the City Council. THAT pursuanttoSection 10 of Article VI of the City Charter and any other enabling authority, The Finance Director, with the approval of the Finance Com- mittee and the chairman of the City Council, Is hereby authorized to issue tempo- rary notes in anticipation of the $1,800,000 bondissue or issues described in the foregoing, said notes to he 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 a opinion O opinions approving the validity of thbonds authorized by this Order. In City Council AWU 25r1983 comer next regul wr meeting ... 83_1•)1 ///� ORDER Ci y Clark Title, b3 "°N Y% A3"L4 Authorising an Issue of $1,800,000 In City Council MAY 9,1983.......... ..............•• CI Y C . AmercledaM Passed - aggregate g/�int£pe1 amount of EaMs and CITY i,t:'" Amerdml i9 Casting Item #3 ••.•..•.••.•.••.....••... and Jnew total to reed $ 600,000 end a Tu Leavy Therefore <,,:,�Introdueed a file ....an 3) SIM" Flllol�g 911ON," 1) CAntructrF, I Sm" PERMANENT PURL,t..PROVEMENTFOOD o.,FF m II THAT IQ OF N1,OQV I OF the CIFY Chartir 4" AN Oil" "alft jTyl TIT F Nnc, i with IN Ai ill tN F nanto Cl, � NO ON IN CNOnrtIrF Of "I city ccumill 11 way I'll 11 '", Wyka"11, ,111 1 NFONOM Of NQ JIM,= bi IbUt OF NN N'Ibi I H, INFIN", IQ IN, 1, IN 'Nal by IN 11by,e FP II101, IONNIFINFIN by IN tlft,irnan OF IN Illy 1Q,,1.l ON Fiber .'W " W 1 1111 W. .. 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