HomeMy WebLinkAbout1979-04-09 225 AG ORDER225 AG
Introduced by Councilor Saucy, April 9, 1979
_N CITY OF BANGOR
(TITLE) f®CDer,-.-Authorazing,_ay.. Issue o£.$3x065,, 000 Aggregate
Principal --- A ount'o{ Bonds and—al Tax Levy Therefore
Rv W CIN Couma off CIN of Bangor
ORDOWt
THAT 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 Three Million Sixty Five Thousand Dollars
C$3,065,000)
aggregate principal amount of aerial 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 semi-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, 1979 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 nineteen annual installments of $155,000 each followed
by a twentieth installment of $120,000 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, an&nhall be payable as
to principal and interest at said bank, provided, however, that
the Finance Director is authorized to select a co -paying agent
located in New York, New York or Boston, Massachusetts, in which'
ase 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 proceeds
derived from the sale of said bonds, less premium if any, shall be
used and are hereby appropriated for the acquisition of land or
interests in land, the purchase of equipment, construction of
permanent public improvements or 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 W'000
(2) Banger High School Improvements $21038$000
V. S- If ,
IN OI1'1: 00"GIL APRIL 9,19'19
225 A0
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Title,
v/ Y AUTIGRIZING AN MW a $3,065,000
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IN CITY CPRNNOIL APRIL 23,1999 ._ ....:... ..... ..........
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(3) Downeast Elementary School Improvements $ 365,000
(4) Fourteenth Street Elementary School
Improvements $ 160,000
TOTAL $ 3,065,000
The -estimated period of useful life in each of the aforesaid
permanent public improvements is hereby determined to be at least
twenty years.
Any premiums received from the sale of said bonds less the
cost of preparing, 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 Porn:
UNITED STATES OF AMERICA
STATE OF MAINE
No.
CITY OF BANGOR
$
5,000.00
PERMANENT
PUBLIC IMPROVEMENT
BOND
OF
1979
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 annum, payable 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 acts in addition thereto and
amendments thereof, and by Order of the City Council to raise funds
for the construction of permanent public improvements in said City,
all as in said Order. It is hereby certified that every
requirement of law relating to the issue hereof has been duly com-
plied with and that this bond is, and the indebtedness evidenced
hereby was at the time it was incurred, within every debt and other
limit prescribed 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 a series of bonds of like tenor t except
as to maturities, numbered 1 to 613 inclusive, payable 6155,000
on the day of in each of the years 1950 to
1995 and $120,000 on the day of in 1999.
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 become 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 seal to be hereto affixed and this bond to be signed in
its name and behalf by its Finance Director and countersigned by
(the £acimile 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 , 197 .
Countersigned: CITY OF BANGOR
Chairman of the City Council Finance Director
(COUPON)
On the day of , 19 , 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 1979,, dated
197
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 manner, at such time and upon such terms as he
shall determine, with a proval as aforesaid, and to give receipt
for payment of thep c est price of said bonds and to do all
things necessary or proper subject to this Orderinapplicable
provisions of law to effectuate the issuance and s of said bonds.
TBAT in each 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 any issue of said bonds may be issued at the same time
as and consolidated with any other issue of bonds authorized
prior otheir issuance, in which event the form o£ bond herein
J4Eset forth shall be adjusted to reflect such consolidation
in such manner 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 authority, the Finance Director, with the
approval of the Finance Committee and the Chairmau of the City
Council, is hereby authorized to issue temporary notes in antici-
pation of the $3,065,000 bond issue or issues described in the
foregoing, said notes to 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 render an opinion
or opinions approving the validity of the bonds authorized by
this Order.