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HomeMy WebLinkAbout1982-05-10 82-136 ORDER83-136 Introduced by Councilor zendzian, May 30, 1962 :!r _ry/�pp CITY ' OF�BANGOR QIT1E.) VniDeT1 A IM1 nY., an I f $425,000 Aggregate.____ .......... -. .. .... ._...... Principal Amount of Bonds and a Tax Levy Therefore .......... _-------------- --------------------- .......... ............. _. ........... BY the city Coanail of W City of RaaaOaT. ORDERED, TEAT 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 Four Hundred Twenty Five Thousand Dollars ($425,000) aggregate principal amount ' of serial coupon bonds of the City of Bangor to be in the denominationof $5,000 each and to be numbered from No. 1 upward with interest payable sea] - annually at such rate as shall be determined by the Finance Director, with the approval of the Finance Committee and the Chairman of the City Council. .Said bonds shall be dated June 1, 1982 or such other earlier or later date .Fishall be determined by the Finance Director with the approval of the nance Committee and the Chairman of the City Council, and shall be pay- able on the.anniversary of their date, in fifteen anual installments of n $25,000 each followed by five annual installments of$10,000 each in accordance with the requirements of the City Charter. Said bonds shall be authenticated as 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 a o -paying agent located in New York, New York or Boston, Massachusetts, in which c 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, shall be used and are hereby apPropiated 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 orspecial law or hereafter applicable to the City of Bangor all of which are hereby authorized, to wit: (1) Reconstruction of Streets $160,000 (2) Reconstruction of Sidewalks $ 50,000 (3) Central Fire Station Consolidation $185,000 (41 Subdivision Construction $x_000 $425,000 CSLy C k To city c°uncll May 10982 consider Next meeting 0 R��6N - -B2 MAY -6 11847 Title, city Cle kcl A - Authoriai��- Ulseurence °f W59000 nt... ' ................ .. ........" Aggregate Prlhcapal ema,n� of Bonds CITY W ..a.. CITY CLERK Notion aelRe"I .......... From item �3 eonselidatlonof and a Max levy Therefore central Fire Station Motion failed Vote 2Yes 6 No troduced and filed by - - 1 Absent Voting yee0ase,Jordan - Voting No Broun,MO Nernan,Porter, .... Weymouth,Wllley,Zendaien .... .. ........'. .... Councilmen Absont Souoy, . . Order Passed by the following Yes end no vote 7 Yes 1 No 1 Absent Voting Yes Brown, Jordan,M° keTnan,Porter, Ney th,Willey,Zendaien Voting No Cass Absent Sony CSLy C k The estimated period of useful lifen each of the aforesaid permanent public improvements is hereby determined tobe at lease twenty two years. Airy premiums received from the sale of said bonds .less the cost of pre- paring, Issuing 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 No. -?~ CITY OF BANGOR $ 5,000.00 PERMANENT PUBLIC IMPROVEMENT BOND of 1982 The City of Bangor, Maine, for value received ved hereby promises to pay bearer the sum of FIVE THOUSAND DOLLARS, on theday of 19 with interest meantime at the rate of percent per a um, pay- able semiannually to the bearer of the coupons hereto attached, upon the surrender thereof as they respectively mature, both pri-ncipal and interest being payable at The Merrill Trust Company, in Bangor, Maine, (or, at the option of the holder, at n 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 raise funds for the construction of per - moment public Improvements In said City, all as described said Order. It is hereby certified that every requirement of law relating tothe issue hereof has been duly complied with and that this bond is, and t he indebtedness evidenced hereby was at the time it was Incurred, within every debt and other limit pre- scribed by the. Constitution and lam of the State of Maine and the Ordinances, Orders and Resolves of the City of Bangor. This bond one of a series of bonds of like tenor, except as to maturities, numbered 1 to 8B inclusive.payable $25,000 on the day of in each of the years 1983 to 1997 and $10,000 on the day of in each of the years 1998 to 2002. The said City of Bangor hereby pledges its full faith and credit for the payment of the principal of and interest on said bonds, but neither this bond nor any coupon for Interest hereon shall became obligatory until the bond has been authenticated by the certificate of said The Merrill Trust Company endorsed hereon. IN WITNESS WHEREOF, the said City of Bangor has caused its corporate zeal to be hereto affixed and this band to be signed 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 Finance Director (COUPON) On the day of 19 (Or 20), 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 months' interest then due On its Permanent Public Improvement Bond of 1982, 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 sellthe bonds herein authorized at public sale at not less than par and accrued interest to date of delivery in such rather, at such time and upon such terns as he shall determine, with approval as aforesaid, and t0 give receipt for payment of the purchase price of said bonds and to do all things necessary or proper subject to this Order and applicable provisions of las to effectuate the issuance and sale of said bonds. THAT in each of the years during which any of the bands are Outstanding there shall be levied a. tax in annot which, with other revenues. If any, available for that purpose, shall be s sufficient t0 pay the interest on said bonds payable in such year and the principal Of such bonds maturing in such year. THAT any Issue of said bonds .may be issued at the same time a and con- solidated with any other Issue of bonds authorized prior to their tl Which event the form Of. Land herein before see forth shall be adjusted to reflect such ca sol illation in such rather as shall be determined by the Finance Director, with the approval of the Chairman of the City Council. THAT pursuant to Section 10 of Article VI of the City Charter and any other enabling outlwrity, 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 $425.000 bond issor described in the foregoing, said notes to be signed by the FinanceDirector, 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 or opinions approving the validity of the bonds authorized by this Order. Legal No wee City OF BANGOR'