HomeMy WebLinkAbout1978-03-27 171 AF ORDERi 171 AF
'0 Introduced by Councilor Willey, March 27, 1978
CITY OF BANGOR
(TITLE) (OrDen Authors ing an I e of__$1,820R000. Aggregate .,,
Principal Amount of Bonds and a Tax Levy Therefore
Bt Bw OUV CaueeU of Cut of ft .'
THAT pursuant to Section 8 of article VI of the City Charter
(Private and Special Laws of 1931, Chapter 59) and all amendments
thereof and acts additional thereto, :there is hereby authorized
the issue and sale of One Million Eight Hundred Twenty Thousand
Dollars ($1,820,000) 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
semi-annually at such rate as shall be determined by the Finance
Director, with the approval of the Finance Committee and the Chair-
man
of the City Council. Said .bonds shall be dated July 1, 1978
or such other earlieb or later date as shall be determined by the
Finance Director withthe 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
$91,000 each in accordance with the requirements of the City Charter.
Said bonds shall be authenticated asto 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 co -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 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, c nstryctx6A'�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
$
926,000
(2)
Reconstruction
of
Sidewalks
75,000
(3) construction of Roads and Sewers $ 84,000
at Glenwood Subdivision
(4) Construction of Roads and Sewers at 361,000
Judson Heights Subdivision
(5) Construction of Roads and Sewers at 209,000
Woodlawn Subdivision
(6) Repair of City Hall Retaining Wall 50,000
(7) Purchase and Installation of Auditorium 115,000
Bleachers
TOTAL $1,820,000
The estimated period of useful life in ach 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 form:
UNITEDSTj"jf..SOF AMERICA
STATE OF MAINE
No. CITY OF BANGOR Q 51000.00
PERMANENT PUBBLIC IMPROVEMENT. BOND OF 1970
The City of Bangor, Maine, for value r ved hereby promises
to pay, bearer the sum of FIVE THOUSAND DOLLARS, on the
day of , 19 , with interest meantime at the rate of
per cent per annum, payable semiannually to the bearer
of the coupons hereto attached, upon the surrender thereof as they
respectively mature, both principaland interest being payable at
The Merrill Trust Company, in Bangor, Maine, (or, at the option of
the holder, at
n Boston, Massachusetts),
1n 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 Orden of the City Council to raise funds
for the construction of permanent public improvements insaid City,
n
all as described i said Order. It is hereby certified that every
requirement of lawrelating 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, except
s to maturities, numbered 1 to : 36Vinclusive, payable $91,000
n the day of in each of the years 197
to 199 .
The said City of Bangor hereby pledges its 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 cused 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 facsimile signature of) the Chairman of the City Council and
the attached coupons to bear the facsimilesignatureof said Finance
Director as of the day of , 197 .
Countersigned: CITY OF BANGOR
Chairman of the City CouncilFinance 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 1978, 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 bends herein authorized
at public sale at not less than par and accr.ued interest to date of
delivery in such matter, 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 bonds and to do all
things necessaryor proper subject to this Order and applicable
Provisions of law to effectuate the issuance and sale of said bonds.
THAT ineach of the years during which any of the bonds are
outstanding there shall belevied 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 isued at the same time
as and consolidated with any other i of bonds authorized
prior to their issuance, in which event the form of bond herein-
before set 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 Chairman of the City
Council, is hereby authorized to issue temporary notes in antici-
pation of the $1,820,000 bond issue
rissues described in the
foregoing, said notes to be signed bythe 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.
IN CITY COUNCIL MARW 2'j, 19']8
CONSIDER NEXT MEETING
.CITY CLEM
IN CITY CWNCIL APRIL 10,1998
PASSM
EITY CffiRX
171 AF
ORDER
Title,
AUTHORIZING A0 ISSUE OF $1,820,000
.......................
AC&RFd,ATE I%=IPAL AMOWiT .IN. 80NUS ANO
A TAX LM THEREFORE.
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