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HomeMy WebLinkAbout1976-04-12 190 AD ORDERWE Introduced by Councilor Soucy, April 12, 1976 CITY OF BANGOR (TITLE.) (@rbff .Authorizing anIssue of $2,090,000 Aggregate Principal . ......... --- .------------- AUQAOS_af. B3nde dAQ....2:T?X L4ny Therefor -. ___. ................. BgW oft Ca of W aty Of DdT -' ORDERED, TUT pursuant to Section B 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 Two Million Ninety Thousand Dollars ($2,090,000) 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 Chairman of the City Council. Said bonds shall be dated July 1, 1976 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 $105,000 each followed by a twentiethinstallmentof $95,000 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, 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 bands 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. 'Phe 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 now or hereafter applicable to the City of Bangor all of which are hereby authorized, to wit: (1) Reconstruction of Streets $ 150,000 (2) Reconstruction of Sidewalks 100,000 IN CITY COUNCIL 190 AO Ap }1 32 1976 Re eivnsened laI;reading.' D R D.E.R' Coider xt meeting. Title,_ RECEIYED cxxr c CITY OF HANC,OR Aathorining an mane of $2,090,OD0 - CITY CLERK'S OFFICE IN CITY COUNCIL ..............................••••• - April 26, 1976 neneivea 2nd reading. _ Finally - !+gs«gete, Principal Am .nt, of, sonar... °7R APR 8 PM t 61 passed by the following yes andand a Tax Levy dberefo_r. vote:Bigney, Br Ountae, Finnigan, Gass, Henderson, Mooney, Soacy and Introduced and is / Soulas. Councilor absent: BBlloa. .'.l , A Ae ..... .:. .. .... CITY LERG C ilban _ (3) Construction of New Fire Station 300,000 (4) Construction of roads and sewers at Judson Heights Subdivision 383,000 (5) Purchase of new leader or snorkel truck for Fire Department 955,000 (6) Purchase of lease and equipment of Trans East Air, Inc., former Fixed Base Operator at Bangor International Airport 650,000 (9) Installation of new Emergency Alarm System to tie in with new Fire Station 190,000 (8) Construction of Police Station building improvements - 407000 (9) Construction of Kenduskeag Stream Park (local share) 91,000, (10) Construction of Airport Terminal improvements 50,000 (11) Installation of New Lighting System at Garland Street Athletic Field 61,000 TOTAL .-_ .$2,090,000. The estimated period of useful life of each of the aforesaid permanent public improvements is hereby determined to be at least twenty-five years. Any premiums received from the sale of said bonds less the cost of preparing, issuing and marketing them shall be applied to thepayment of the first of said bonds to mature. Said bonds shalf'be substantially in the following form: UNITED STATES OF AMERICA STATE OF MAINE No. CITY OF BANGOR $5,000 PERMANENT PUBLIC IMPROVEMENT BOND OF 1976 The City of Bangor, Maine, for value received hereby promises to pay bearer the sun of FIVE THOUSAND DOILARS, on the day of , 19 1 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 principal and interest being payable at The Merrill Trust Company, in Bangor, Maine, (or, at the option of the holder, at in Boston, Massachesetts). in New York, New York). This bond is issued pursuant to the City Chaster (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 described in said Order. It is hereby certified that every requirement of law relating to theissue hereof has been duly complied 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, Ciders and Resolves of the City of Bangor. This bond is one of a series of bonds of like tenor, except as to maturities, numbered 1 to 418 inclusive, payable $105,000 on the day of in each of the years 197 to 199 , bath dates inclusive, and $95,000 on the day of in the year 199 The said City of Bangor hereby pledges its faith and credit for the payment of the principal of and interest on said bonds, but neither this bond nor any coupon for interest hereon shall become obligatory until -the bond has been authenticated by the certificate of said The Merrill Trust Company endorsed hereon. IN WITNESS WBEREOF, the said Cit$ 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 facsimile 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 By airman ol the Uity Council presses 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 in New York, New York or Boston, Massachusetts), for six months' interest then due on its Permanent Public Improvement Bond of 1976, 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 mother, 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 necessary or 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 duringwhich any of the bonds are outstanding there shall be levied a tax in an amount which, with other revenues, if any, available for the 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 Messrs. Ropes & Gray of Boston, Massachusetts, be requested to render an opinion or opinions approving the validity of the bonds authorized by this order.