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.