HomeMy WebLinkAbout1973-10-24 284 AA ORDERP.M.
Introduced by Councilor arountas• October 24, 1971
CITY OF BANGOR
(TITLE.) (DTDET. Authorizing $2702000 Aggregate Principal„Amount of
Public Improvement Notes and a Tax Levy Therefor.
................. _.._._ ...1...... _..... _......
By DW City Coumail ORAD City Ofhanyor:
ORDERED,
THAT pursuant to Section 8 Of Article VI of the City Charter
(Private and Special Laws of 1931, Chapter 54) and all acts amendatory
thereof and additional thereto, there is hereby authorized the issue
and sale of Two Hundred and Seventy Thousand Dollars ($270,000)
aggregate principal amount of notes of the City of Bangor to be
issued as one note ora series of notes in the denomination of
$54,000 or any multiple thereof and to be numbered from No. 1 upward
with interest payable Beni -annually at such rate as shall be de-
termined by the City Treasurer, with the approval of the Finance
Committee and the Chairman of the City Council. Said notes shall be
dated November 1, 1973 or such other date 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 payable
$54,000 on the anniversary of their date in each of the years 1974
to 1978, inclusive•
Said notes shall be signed by the City Treasurer and counter-
signed by the Chairman of the City Council, shall be authenticated as
to genuineness by Merchants National Bank of Bangor, in Bangor, Maine,
and if issued in coupon form shall be payable as to principal and inter-
est at said bank. Subject to the provisions of law and this order, the
form and other details of said notes shall be determined by the City
Treasurer with the approval of the Chairman of the City Council. The
proceeds derived from the sale of said bonds, leas premium: if any, shall
be used and are hereby appropriated for land acquisition, for the con-
struction of permanent public improvements all of which are hereby
authorized, to wit:
._ (1) Construction of Center Street $120,000
(2) Construction of Permanent Improvements
n West Side Improvement Area (Phase II
of Concentrated Code Enforcement
I:i - Project) including new curbing, sidewalk
U _ construction and street construction 150,000
'^ Total $270,000
The estimated period of useful life of each of the aforesaid
permanent public improvements is hereby determined to be at least
twenty years.
Any premium received from the sale of said notes less the
cost of preparing, issuing and marketing them shall be applied to
the payment of the first of said bonds to mature.
That Messrs. Ropes a Gray of Boston, Massachusetts, be
requested to render an opinion approving the validity of the notes
authorized by this Order.
2a9 pp
IN CLTY COUNCIL
RECEIVED
October 24, 1973
Passed let reading by
1973
CCT 19 AMII! 41
d
the following yes ann
0 R p E R
lotCouncilors voting
CITY
CLEANS OFFICE
yes: eallou, ealaacci,
Title,
;ITY
OF 9ARGOR. MAINE
eigney, 6 ountas, Gass,
Henderson,
puih.. $2]0 000 egipn.. Arq, of
Consider extNaemeeting.
speira. consider vett meeaing.
,?ggreq.,
ON -aTx
Pub.... Notes a'd a Le ref
Theor
CI CLHR%
`\V
IN CITY COUNCIL
November 12, 1973
Introduced and filed by
Passed 2nd and final reading by
the following yes and no altaCOunC:
voting yes: Halaecci,
Balloi, Bi Gass,
Haller, Higney,
Councilman
y,Brourtas,
eedha
Henderson, Mooney, Needham and
Speirs.
CITY C