HomeMy WebLinkAbout1976-05-24 235 AD ORDER335 Ab
Introduced by Councilor Soucy, May 34, 1976
CITY OF BANGOR
(TITLE,) (0TD¢T Author zing Pr Issue of $2.090,000 Aggrenate AggregatePrincipal
Amount of Bonds and a Tax Levy Therefor
By My IA' ansa! of W My OfBanper
ORDERED,
TEAS pursuant to Section 8 0£ Article 54 of the City Charters
(Private and Special Laws of thereto, Chapter is)here all amendments
thereof
and acts additional thereto, there is hereby authorized
the issue-and000)sale of Two Million Ninety Thousand Dollars
($2, 09tyof aggregate principal amount of serial coupon bonds of
the City o£ Danger . I upward in the denomination o£ $5,000 each and to
be numbered from No. 9 te with interest payable semi-annually
with
at such rete as shall be determined by the Finance Director, with
the approval ofb the Finance Committee Ju and the Chairman of the City
Council. Said bonds Shall be hall bed July i, d by or such other
earlier or later date as shall be determined by the Faience Director
with the approval of the Finance Committee and the Chairman of the
City nineteen
and shall be payable $1 the 0 each
of their date,
in nineteen annual installments of $905,000 each Followed by a
twentieth installment of $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
ase 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 or hereafter applicable to the
City of Bangor all of which are hereby authorized, to wit:
(9) Reconstruction of Streets $ 950,000
(2) Reconstruction of Sidewalks 9002000
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Titre,
' Auihorixlhg :an rIssue of $2 X090 X000
,I�qq{g9aFe x{�'nCipal. Ambugt of Bonds and
a Tax i W Therefor.
(�/ I�nt ooduced,aannnddd by
Co ]man
RECEIVED
CITY Of BAHCOR
CITY CLEWS OFFICE
P76 1764" 20 Ph IZ 03
(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 155,000
(6) Purchase of lease and equipment of Trans
East Air, Inc., former Fixed Base Operator
at Bangor International Airport 650,000
(7) Installation of new Emergency Alarm System
to tie in with new Fire Station 110,000
(8) Construction of Police Station building
improvements 40,000
(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 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 Berger, 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, beth 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).
delivery in such manner, at such time add 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 during which any of the bonds are
outstanding there shall be levied a tax in an amount which, with
other revenues, if sqv, 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 the bonds hereinafter authorized for the Purchase of Lease
and Equipment of Trans East Air, Eac., Former Nixed Base Operator
at Bangor International Airport of $650,000 may be issued and sold
as a separate bond issue from the $1,940,000 balanceof the bonds so
authorized. In which event the maturities of each such separate
sue and the forma 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 insuch 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 anti-
cipation of the $2,090,000 bond issue or issues described in the
foregoing, said nates 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.
THAT Messrs. Ropes & Gray of poster, Massachusetts, be
requested to render an opinion or opinions approving the validity
of the bonds authorized by this order.
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 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, 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 418 inclusive, payable $105,000 on the
day of in each of the years 197 to 199 ,
both 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 thisbond 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 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
arrman o t o r y ovncr rnance%"—Errer�—
�i
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 net less than par and accrued interest to date of.