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HomeMy WebLinkAbout1976-05-10 220 AD ORDERIntroduced by Councilor CITY OF BANGOR (RTLE.) r/Tb2:yAmending an OrderAthorizing an Issue of $2,090,000 Aggregate ..__......... Principal Amount of Bonds and aTax Levy Therefor by adding the following three By Use 049 Coats{ of 00 C ty ofBayyor. ORDERED. TEAT the Order adopted April 26, 1976 entitled Order Authorizing an Issue of $2, 090,000. Aggregate Principal Amount of Bonds and a Tax levy Therefor, be and hereby is amended to read as follows: THAT the bonds hereinafter authorized for the Purchase of lease and Equipment or Trans East Air, Inc., Former Fixed Base Operator at Bangor International Airport of $650,000 may be issued and sold as a separate bond Issue from the $1,440,000 balance of the bonds so authorized. In which event the maturities of each such separate issue and the forms of bonds to be used in connection therewith, shall be adjusted as shall be determined by the Finance Director with the approval of the Chairman of the City Council and in accordance with the requirements of the City Charter. THAT any issue of said bonds may be issued at the same time as and consolidated with any other issue of bonds authorized prior to their issuance, in which event the form of bond hereinbefore 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. Chairman of the City Council, is hereby authorized to issue temporary notes in anticipation of the $2,090,000 bond issue or issues described in the foregoing amended Order, 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." 220 AD Introduced by Councilor soncy, nay 10, 1975 _ CITY OF BANGOR mnc) MTUr Amending an OrderAuthoolzirvian Issue of $2,090 000 Aggregate onds and a Tax Levy Therefor so as to Reduce the Amount of Principal Amountyof B Such Bonds to $1,440,000 and Provide for then Consolidation and Authorizing the Issuance of Notes in Anticipation of Such Bonds. ....__._ .__—....- ...__._-. _.__. ___. ._....... ......__. By tU CIXy Cw l of the Cite Of Denser, ORDRRRDr TBeT the Order adopted on April 26, 1976 entitled Order Authorizing an Issue of $2,090;000 Aggregate Principal Amount of Bonds and a Tax Levy Therefor, be and hereby is amended to read as follows: "ORDERED, 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 authorizedtheissue and sale of One Million Four Hundred and Forty Thousand Dollars ($1,440,000) 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 $75,000 each followed by a twentieth Installment of $15, hoo 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 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: now or hereafter applicable to the City of Bangor all of which are hereby authorized, to wit: l " JN CITY CCUWIL I 220 AD .IN� Bay -10,;1916 Amended by substitution and 0 R D E R .fJ1 GS..Titley Cler cLe�a - Y OF 0 EP CITY ER BANGOR ..$9,99099 0 AggregateV49Si:ipa AAtouaue of CITY CLERK'S OFFICE Bonds x000. Aggregate P ireiRal ANa t of gwdd and a Tex v.4f �erefor ae to '76 MAY 6 An 11 lS $1,440 Y00, and Brovide fo their n end Au1000 zin M e Is foruan eM1of otesoin nntoe ' and xuffioxizing tM1e x of notes in Anticipation of SucT Bonds. Intxod ed -d s d by .� iLnen Street Athletic Field 61,000 TOTAL $ 1,440,000 - 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 the payment of the first of said bonds to mature. Said bonds shall 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 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 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). (1) Reconstruction of Streets +'.0,000 y' (2) Reconstruction of Sidewalks 14;t 100,000 (3) Construction of New Fire Station 300,000 (4) Construction of roads and sewers at Judson Heights Subdivision 383,000 (5) Purchase of new ladder or snorkel truck for Fire Department 1551000 (6) Installation of new Emergency Alarm System - to tie in with new fire station 110,000 (7) Construction of Police Station building improvements 40,000 (8) Construction of Kenduskeag Stream Park (local share) 91,000 (9) Construction of Airport Terminal Improvements 50,000 (10) Installation of New Lighting System at Garland Street Athletic Field 61,000 TOTAL $ 1,440,000 - 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 the payment of the first of said bonds to mature. Said bonds shall 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 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 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 described in said Order. It is hereby certified that every requirement of law relating to the issue 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, Orders 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 288 inclusive, payable $75,000 on the flay of In each of the years 197 to 199 , both dates inclusive, and $15,000 on the day of 1n 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 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 facsimile signatureof)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 Chairman ol -M—TTEy—To—un—c= Finance Director (COUPON) On the day of , 19 , the City of Bangor, Maine, will pay to bearer the amount specified hereon at The Merrill Trust Company, In Sanger, 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 lees than par and accrued b'' uponrsuchttermsdate asfhee1shallyin such deterrmine, with,app such time and royal 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 during which ary 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. That said bonds may be issued at the same time as and consolidated with any other issue of bonds authorised prior to their issuance, in which event the form of bond hereinbefore 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. 11 UUMEMMUM=9 THAT pursuant to Section 10 of Article vl of the City Charter and aryy other enabling authority, the Finance Director, with the approval of the Finance Committee and Chairman of the City Council, is hereby authorized to issue temporary notes in anticipation of the $13440,000 bond issue described in the foregoing amended Order, 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.