HomeMy WebLinkAbout1973-05-14 137 AA ORDER� 137 AA
Introduced by Councilor Browtas, May 14, 1973
CITY OF BANGOR
(TITLE.) (ffiriICT£ Authorising issue _o[ 52,0001000. Ag9 aPrincipal Amount...
of Bonds and a Tax Levy Therefor
By the City Conrad of the City ofBantsr.
ORDERED,
TFIAT pursuant to Section 6 of Article Of of the City Garter (Private
and Special Laws of 1931, Chapter 54( and all acts amendatory thereof and addi-
tional thereto, there is hereby authorized the issue
and Sale of Two Million
Dollars ($2,000,000( aggregate principal amount ofserial coupon bonds of the
City Of Bangor to be in the denomination of $5,000 each and to be numbered from
No. 1 upward with interest payable semi-annually
at such rate a shall be
determined by the City Treasurer, with theapproval of the Finance Committee and
the Gairm n of the City Council. Said bonds shall be dated July 1, 1973 or such
Other data in 1973 as shall be determined by the City Treasurer with the approval
of the Finance Committee and the Chairman of the City Council and shall be payab}e
$100,000 on the anniversary of their date in Took of the years 1974 to 1993, inclusive.
Said bonds shall be authenticated as to genuineness by Merchants National
Bank of Bangor, in Bangor, Maine, and shall be payable as to principal and interest
at said bank, Provided, however, that the City Treasurer is authorized to select a
co -paying agent located in the City of Beaton, Massachusetts, in which case said
bonds shall be payable as to Principal and interest at Merchants National Bank of
Bangor, oat the Option of the holder, at such other barky if any, as the Treasurer
selects.The proceeds derived from the sale of said bonds, less premium if any,
shall be used and are hereby appropriated for land sCondr£tion, for the construction
of permanent public improvements all of which are hereby authorized, to wit:
(1)
Construction
of
Abraham Lincoln School
$630,000
(2)
Construction
of
Motor Pool Storage Garage
300,000
(3)
Construction
of
roads and sewers in the area Of
the Favored
Street industrial Park
200,000
(4)
Construction
of
roads in the area of the Airport
Industrial Park
100,000
(5)
Construction
of
Broadway sewers
65,000
(6)
Construction
of
sidewalks
100,000
137 AA
ORDER
IN CITY COUNCIL
'Title,
May 14, 1973
He¢eiaNxfskxeeadfrwgx
AytM1, Issue, 0£ ate
�2,000,OOO.A9yr'ey,..
Passed Ise reading by the following
yes and n0 vote: Councilors voting
yea: Dallacci, Gallon, Bigney
, Princmnt s s maz ie vY
B[onntae, Gas$, Henderson ,.Needham.
1he[e£w
Councilor Speirs, onsinoCouncilor
Mooney absent. Consider next meeting.
� nd Li
q
CITY
CannCilm2n
IN CITY coumcm
May 30, 1993
Hearing held and closed. Motion to
emend failed by the following vote,
Councilor voting yes: Spain
Counollorb voting n Batdseci,
Ballon, Bigney, Browntae, Nabs,
Henderson, Needham, counoilor
Mocney absent. Final presage by the
following vote, Councilors voting
yeas Baldscci, Hallou, Bigney,
Brountas, Gess, Henderson, Needham,
Spm$nc Councilor Mooney absent.
Councilor voting no. Speira.
cI
3� M
2 _
(7)
Construction
of security fencing at Bangor
International
Airport
$ 33,000
(B)
Construction
of international Arrival Building
at Bangor International Airport
320,000
(9)
Construction
of Milford Street IXtensicn
15,000
(10)
Construction
of Exchange Street Extension
24,000
(11)
Construction
and Reconstruction of Exchange Street
50,000
(12)
Construction
of Parking Beck (Old City Ball Parking
Lot)
140,000
(13)
Construction
of permanent improvements at Broad
Street Park
East
13,000
(14)
Construction
of Perry Road
30,000
Total $2,000,000
The estimated period of useful life of each of the aforesaid permanent
public improvements is hereby determined to be at least twenty-five years.
My 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 sball be substantially in the
following form:
UNITED STATES OF AMERICA
STATE OF MAINE
CITY OF BANWR
No. $5,000
PERMANENT PUBLIC INPROVEMENT BONN
The City of Bangor, Maine, for value received Nearby promises to pay
to bearer the a of FIVE THOUSAND DOLLARS, on theday of 19
with interest meantime at the rate of ( ) per cent per aunme
payable Semi-annually n
ually to the bearer of the compares hereto attached, upon the
surrender thereof as they respectively mature, both principal and interest being
payable at Merchants National Bank of Bangor, in Bangor, Maine, (or, at the optic
of the holder, at in Boston, Massachusetts).
This bond is
rsur] pursuant to the City Charter (Private and Special
Laws of 1931, Chapter 54)add acts in addition thereto and in amendment thereof,
and by order of the City Council to ialgan funds far the construction of permanent
public improvements i said City, all asdescribed in said Order. It is hereby
certified that every requirement of law relating to the issue hereof has been duly
- 3 -
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 aof bonds of like tenor, except as to
maturities, numbered 1 to 400 inclusive, payable $100,000 on the day of
in each of the years 1974 to 1993, both dates inclusive.
The said City of Bangor hereby pledges its faith and credit for the
payment of the principal of and interest on .said bands, but neither this Send no[
any coupon for interest hereon shall become obligatory until the bond has been
authenticated by the certificate of said Merchants National Bank of Bangor endorsed
hereon.
IN WITNESS wHERWB, the said City of Bangor has caused its corporate
sal to be hereto affixed and this bond to be signed in its nave and behalf by its
City Treasurer
and Countersigned by (the facsimile signature of) the Chairman of
its City Co Council and the attached coupons to bear the faoaimile signature of said
City rzeasurer, as of the day of , 1973.
COWCereigned: CITY OF BANGOR
Chairman of the City Council City Treasurer
(COUPON)
On the day of 19 the City of Bangor. Maine,
will pay to bearer the sooner specified hereon at Merchants National Bank of
Bangor, in Bangor, Maine, (az, at the option of the holder, at
n Boston, Massachusetts), for six months' Interest then due on
its permanent Public Improvement Bond, dated , 1973.
That the City Treasurer, with the approval of the EinMce 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 less than par and
accrued interest to date of delivery in such manner, at such time and upon such
terms as he shall determine, with approval as aforesaid, and to give receipt for
payment of the purchase price of said bonds end to do all things necess ary o
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 i s
amount which, with other r if any,
available far the purpose, shall bee sufficient to pay the interest on aid bonds
payable in such year and the principal of such bonds maturing in such year.
That Messrs. Rope9 6 Cray of Boston, MaSeachueetts, be requested to
render an opinion approving the validity of the bonds authorized by this Order.