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HomeMy WebLinkAbout1974-08-12 250 AB ORDER250 AB Introduced by Councilor erwntas, August 12, 1974 CITY OF BANGOR (TITLE.) MOU, Authp rg1ng Transfer of Funds from .•"Reserve --Future Construction - General; Capital Fund .................................. ..._ __.. _.. By City Cowuii of City of Baapor: ORDERED, TUT the City Manager be authorized to transfer an amount of $2, 000.00 from the Capital Fund account "Reserve--Fut=Construction--General" 092-2235 for the purchase of former Terrace Hotel property. Note: The Council previously approved the transfer of $18,000 for this purpose, Council Order 0116 All, thus a total purchase price of $20,000.00. Order #116 A8 did not state the source of the $18,000. It is intended to transfer the total amount of $20,000.00 from Account #92-2235. .2. (5) Conatructim of Arctic Brook Sever Extension 8359000 (6) Construction of nog Pond 35,000 (9) Conatructio of Iuteroatiouel Arrival Building at Bangor Iatermtional Airport 380,000 (8) Construction of Kenduapmag Strewn Sever Extension 8u,848 Total 11900,000 The estimated period of useful life of each of the aforesaid permmnent pablic improvements is hereby determined to be at least twenty-five years. Any premiums received from the sale of said beads lase the coat of preparing, imbuing seed them sball be applied to the payment of the first of amid bods to mature. Said bonds shall be substantially in the following form: _3_ UNITED STATES OF AMERICA STATE OF MAINE CITY OF B R No. 95,000 PERMANENT PUBLIC IMPROVEMENT BOND The City of Banger, Maine, for value received hereby precious to pay to bearer the sum of FIVE THOUSAND DOLLARS, on the day of , 19 with interest meantime at the rate of (per met per em payable semi-eo¢uelly to the bearer of the coupma hereto attached, upon the surrender thereof as they respectively mature, both principal and interest being payable at Northeast Back & Trust Compnay, in Bangor. Maine, (or, at the option of the holder, at in Boston, Maseachasetts). Tbis bond is issued pursuant to the City Charter (private and Special Laws of 1931, Chapter 54) and ante in addition thereto and in amendment thereof, and by Order of the City Council to rain foods for the construction of per - extent public improvement in said City, all as described in amid 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 Substitution and lava of the State of Maine and the Ordinances, Orders and Resolves of the City of Munger. This bond is use of a series of bonds of like tenor, except as to maturities, numbered i to 380 ioeluaive, payable 959000 the day of in each of the years 197_ to 199_, both "tea inclusive. The said City of Bangor hereby pledgee its faith and credit fou the payment of the principal of Rod interest an amid bonds, hat neither this head nor any coupon for interest human shall become obligatory until the band has been authenticated by the certificate of said Northeset Bank & Trust Company endorsed named. IN WITNESS WHEREOF, the said City of Bangor haw caused its corporate anal to be hereto affixed and thin band to be signed in its name and behalf by its City Treanurer and countereignad by (the facsimile executors of) the Chairman of its City Council and the attached coupons to bear the facsimile signature of said City Treasurer, as of the day of , 197_. Coontereigned: CITY OF BANGOR Chairmen of the City Council _ (COUPON) on the day of , 19 , the City of usages, Heine, Will pay to bearer the amount specified harem at Northeast Beak & Trust C=pany, in Bangor, Maine. (w, at the option of the holder. at Is Boston, Massachusetts), for aIx months' interest then due on its Permanent Public Improvement Bond, dated , 197 That the City Treasurer, with the approval of the Finance Committee and Chairman of the City Council, is hereby authorized and directed to prepare, issue and sell the bunds herein authorized at public sale at less them, per and accrued interest to date of delivery in such chance, at such time and upon such terms as he shall determine, with approval as aforesaid, and to give receipt for payment of the purctuee 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 my of the bonds are outstanding there shall be levied a tax in an amount which, with other revenues, if any, available for the purpose, shell be sufficient to pay the interest be said bonds payable in such year and the principal of such bonds maturing in such year. That pursuant to Section 10 of Article VI of the City charter and any other enabling authority. the City Treasurer, with the approval of the finance Committee and the Chairman of the City Council, is hereby authorized to issue temporary notes,to be signed by the City Treasurer and countersigned by the Chairmen of the City Council. That Messrs. Ropes & Gray of Best=, Massachusetts, be requested to render an opinion or opinions approving the validity of the bonds and wtee authorized by this Order. IN CM COUNCIL August 12, 1974 zso AN qya ORDER Title, A)Ithor.. 1Yegs., of E OJ.s fr.,.R.ese.Vs ..Rntvxe .Co4at4,.::0e4..04ait43 Ryna.. Introducedan d filed c/ O Councilman RECEIVED in An -8 AM 9: 12 CITY CLERKS OFFICE .1IY OF RINGON. MAINE