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.