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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$000 V. S- If , IN OI1'1: 00"GIL APRIL 9,19'19 225 A0 `- WN$IDER'N6{T MERTING T p RDE R Title, v/ Y AUTIGRIZING AN MW a $3,065,000 ....... IT4 CL S AGGREGATB PRINCIPAL AMOUNT OFRONOR An IN CITY CPRNNOIL APRIL 23,1999 ._ ....:... ..... .......... ....... ••..• •SAN➢ A TAX LEVO THEREFORE unanimous rote fox passage Ini oducedJan led L Co �I u (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.