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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 I SIT, FOUNC IL M a4.19j6 Heearlcipg h¢jd, Tearing Closed, ' PS§se'ei' ITY 235 M a`3 DR D,EA 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.