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HomeMy WebLinkAbout1975-04-28 166 AC ORDER. ry'A 166 AC si Introduced by Councilor Speirs, April 28, 1975 CITY OF BANGOR (1IYLE) 191rbtr Antro I i.rq; n Ias,m of Sz,lsD,000 Aggregate principal _. _.. of Bonds sea a Tax BY the CHIP Cwm4 Of W C4 Of aoroot: - ORDERED, TUT Pursuent to section 9 of Article vi of the City Charter (private and Special taws of 1931, Chapter 54) and all amendments thereof and acts additional thereto, there is hereby authorized the issue and Sale of Two Million One Hundred and Fifty Thousand Dollard ($4,150,000) aggregate principal owner of serial coupon bonds -of the City of Bangor to be in the denomination of $5,000 each and to be.n mbeted from No. 1 upward with Interest payable ami -annually atnuch'rate as shall be determined by the Finance Director or ' the Deputy Finarxee Director (Treasury), with the approval of the Finance Committee and the Chairman of the City Council. Said bonds sball be dated July 1, 1975 or such other easier or later date as shall be determined by the Finance Director or the Deputy Finance Director (Treasury) with the approval of the Finance Committee add the Chairman of the City Council, and shall be payable n the anniversary of their date, in nineteen annual installments of $110,000 each followed by a twentieth installment of $60,000 in accordance with the requirements of the City Charter. Said bonds shell be authenticated as to genuineness by The Merrill Trust Cadpeny, in Bangor, Maine, and shall be payable as to principal and interest at said bank, provided, however, that the Finance Director or the Deputy Finance Director {Treasury) is authorized to select a co -Paying agent located in the City of Boston, Massachusetts, in which case said bonds sha1L be payable as to principal aM interest at The Merrill Trust Company, or, at the option of the holder, at soon other bank, if any, as the Treasurer selects. The proceeds derived from the sale of said bonds, lees .premien if any, shall be used and are hereby appropriated for land acquisition, for the construction of permanent public improvements all of which are hereby authorized, to wit: (1) Construction of new w piping system, retainer wall and deck for Caseade Fountain $ 25,000 (2) Construction of incinerator for solid waste disposal 300,000 (3) Construction and surfacing of light duty ramp at Bangor International Airport 30,000 (4) Construction Of Dodge Street 25,000 (5) Construction and equipping of new fire station 750,000 (6) Broadway collector sever construction 265,000 (7) Carr Brook relief sewer construction (drainage) 30,000 (8) Reconstruction of Atree" 300,000 (9) Construction of sidewalks 100,000 (10) Construction of permanent improvementsto Municipal Auditorium -100,000 (ll) Completion of construction Of 8 and roadways at Nasmwnd Street industrial Parkers 125,000 (12) Construction of eakerville sanitary sewers adjacent to ease Park 100,000 TOTAL $2,150,000 The estimated period of useful life of each of the aforesaid permanent public fgprovements is hereby determined to be at least twenty-five years. Any prembms received from the sale of said bonds lees the cost of preparing, issuing and marketing thenShallbe applied to the payment of the first of said bonds to mature. Said bonds sball be substantially in the following tomo UNITED STATES OF AMERICA STATE OF MAINE No. CM OF BANGOR $5,000 PERMANEDT FUTLIC IP3ROVEMeNf BOND OF 1975 The City of Bangor, Maine, for value received hereby promises to pay to bearer the spm of FIVE TBOUSAMD DDLIABS, on the day of L9 with interest meantime at the rate of per cent per aa , 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 Compang, In Bangor, Maine, (or, at the option of the holder, at in Boston, Massachusetts). This bond is issued pursuant to the City Charter (private and Special laws of 1931, Chapter 54) and seta in addition thereto and amendments thereof, and by Order of the City Council to raise funds for the c natruction 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 compiled 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 Mine and the Ord Ltance9, Orders and Resolves of the City of Bangor. This bond is one of a series of bonds of like tenor, except as to maturities, cambered to 432 inclusive, payable $110,000 on the day of in each of the years 197 to 199 , both dates inclusive, and $60,000 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 WHEREOF, the said City of Bangor has second its corporate seal, to be hereto affixed and this bond to be signed in its m and behalf by Its Finance Director (Deputy Finance MreMor (Treasury)) and mcountersigned by (the facsimile signature of) the Chairmanof the City Council and the attached coupons to bear the facsimile signature of said Finance Director (Deputy Finance Director (Treasury)), as of the day of , L97 Countersigned: CITY OF BANGOR BY Chairman of the City Council Finance Direct" (Deputy Finance Director (Treasury)) (COUPON) on the day of ,.19 the City of Bangor, Maine, will pay is bearer the sooner specified hereon at The Merrill Trust Company, in Bangor, Mine, (o[ at the option of the holder, at in Boston, Mssecbusetts), for six months' interest then due on its Permanent public Improvement Bond of 1975, dated ,.197 That the Finance Director (Deputy Finance Director (Treasury)), 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 acbrued interest to date of delivery in such banner, at such timeterms and upon such as he $hall 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 lawtothe issuance and sale of said bonds. That in each of the years during whichany of thebonds are outstanding there shall be levied a tax in so cancer .which, with other revenues, 1f any, available for the purpose, shal be sufficient to pay the interest on said bonds payable in such year and the principalof such bonds assenting in such year. That Messrs. Ropes 6 Gray of Boston, Massachusetts, be requested to render an opinion or opinions ap§roving the validity of the bends authorised by this order. '-LN CITY COUNCIL 166 AC { April za, 1975 RECEIVED 4 Received let reading. Clark 0 R 0 E R a rected to. advertise public �,9 - ws APR 18 Pb 3: 53 haring. Consider next meeting. Title, ' q//-CITY CLERK'S OFFICE 4f__.p.l_f rl c /-; een. i66pa. p€. As .illy OF p>ROOR, MIRE . ct..At!ihpriein9. 3?.?iP.9P9.. ' IN CITY COUNCIL t P i S 1 Rarest Of Bonds May 12, 1975 A99Ye9P.?.. {, PF.PP............... _ Received 21d reading and final and-a Tax Lavy Tnere£or.pas_ follow and no of . B ldacciing yes and m vote. 6alaecoa, Bigney, Bonntaa, Introduced and filed by . yes: Rodney, Soucy and 6p e , voting yes Councilors absent; Bolles dna Henderson. � �q <� /Cowcilsan i J