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HomeMy WebLinkAbout1981-03-09 81-108 ORDER81-108 K y1 Introduced by Councilor Gase, March 9, 1981 CITY OF BANGOR (TITLE.) off Aggregate , .... .. ------ ... PY fn Sp 1_AddenC of., Bonds and a. Tax. yTherefor a ....... By the arm Cowwl of W My of Basilan: ORDERED, TORT 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 Seven Hundred Seventy Five Thousand Dollars ($775,000) aggregate principal amount of serial coupon bonds of the City of Bangor to be n the denomination of $5,000 each and to be restated it= No. 1 upward with Interest payable seri-annually, at such rate as shell be determined by the Finance Director, with the approval of the Finance Committee and the Cbairman of the City Council. Said bonds shell be dated June 1. 1981 or such other earlier or later date as shall be determined by the Finance Director with 'the approval of the Finance Countries and the Chairman of the City Council, and shall be payable on the anniversary of their date, in nineteen annual installments of $40,000 each followed by a twentieth installment of $15,000 in accordance with the requifeaeats 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 o -paying agent located in New York, New York or Boston, Massachusetts, in which case said house shall be payable as to principal and Interest at The Merrill Trust Co:gany or at the option of the holder, at such other bank, if any, as the Finance Director selects. The proceeds 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, con - actuation of permanent public improv sura or for any other purposeauthorized by general law special lav r hereafter applicable to the City of Bangor all of which are hereby authorized, to wit: (1) Reconstruct dan of Streets $ 300,000 (2) Reconstruction of Sidewalks $ 50,000 (3) Middle Street Improvements $ 40,000 (4) Subdivision Construction $ 100,000 (5) Waterfront Improvements $ '15,000 1 . Ta City Council March 9,1981 Consider next meeting cityCity Uiestit In City connoU March 23,1981 Prasad �!y xiva, � .4- - elt Introduced and filed by ....................................... Councilman '81 MAN -8 A952 CITY Off - BFRL, CITY CLERK ,i (6) Fire Engine $ 110,000 (7) Hospital Improvements $ 100_000 $ ])5,000 The estimated period of useful life in each of the aforesaid permanent public improvements is hereby determined to be at least twenty two years. Any premiums received from the sale of said bonds leas the cost of pre- paring, issuing and marketing than ahall be applied to the, payment of the first of said bonds to mature. Said bonds shall be substantially in the following form: STATE OF MAINE MO. CITY OF BANGOR $ 51000.00 PERMANENT PUBLIC IMPROVEMENT HOME OF 1981 Me City of Bangor, Maine, for value received hereby promisee to pay - bearer the sum of FIVE THOUSAND DOLLARS, ov the day of 19 with interest meantime at the rate of percent per annum, pay- able semiannually 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 seta in addition thereto and amendments thereof, and by order of the City Council to raise funds for the construction of per - nm public improvements in said City, all as described in said Order. It is hereby certified that every requirement of law relating to the issue hereof has been duly complied with and that this bond 1s, and the indebtedness evidenced hereby was at the time It wee 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 bond is one of aeries Of bonds Of like tenor, except as to maturities, numbered 1 to 155 fncluelve9 payable:$40,000 on the day of in each of the years 1982 t0 2000 and $15,000 on the day of 1n 2001. 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 sball become obligatory until the bond has been authenticated by the certificate of said The Merrill Trust Company endorsed hereon. IN WITNESS WHBRBOF, the said City of Bangor has caused its corporate seal to be hereto affixed and this bond to be signed in its name and behalf by its Finance Director and countersigned by (the faciWile signature of) the Chairman of the City Council and the attacbed coupons to beer the facsimile signature of said Finance Director as of the day of , 198 Countersigned: CITY OF BANGOR Chairmen of tfie City Council Finance Director (COUPON) On the day of 19 (or 20), the City of Ranger, Maine will pay the bearer the amount specified hereon at The Merrill Trust Company, in Bangor, Maine (yr, at the option of the holder, at Massachusetts), for six months' interest then due on Its Permanent Public Improvement Bond of 19$1, dated 198 . net 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 =met, at such time and upon such termsas he shall determine, with approval a aforesaid, and to give receipt for payment of the purchase price of said bonds and to do all things necessary o Proper subject to this Order and applicable provisions of law to effectuate the Issuance and sale of said bonds. THAT in each of the years during which anyofthe bonds are outstanding there shall be levied a tax in an 111unt which„with other r, if any, available for that purpose, shall be sufficient to pay the interest onsaid bonds Payable in such year and the principal of such bonds maturing in such year. THAT any fauna of said bonds may be issued at the same time as and consolidated with any other issue of bonds authorized prior to their issuance, in whichevent the form of bond herein before set forth shall be adjusted to reflect such con- solidation in such =met as shall be determined by the Finance Director, with the approval of the Chairmen of the City Council. THAT pursuant to Section 10 of Article W of the City Charter and any other euahldng authority. the Finance Director, with the approval of the Finance Com- mittee and the Chairmen of the City Council, is hereby authorized to issue ten�po- rary nates in anticipation of the $775,000 band issue ss described in the foregoing, said nates t0 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 reader an opinion or opinions approving the validity of the bonds authorized by this Order.