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