HomeMy WebLinkAbout1971-12-27 64-Z ORDER64-Z
Introduced by Councilor signer, Dec. 27, 1971
CITY OF BANGOR
(TITLE) W1�rBx Authorizing Issue of $1,060,000 Aggregate Principal Amount of
BY the G4ty Cou mH of [de City ofBanpor.
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 One Million Sixty Thousand Dollars ($1,060,000) aggregate prin-
cipal amount of serial 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 as shall be determined by
the City Treasurer, with the approval of the Finance Committee and the
Chairman of the City Council. Said bonds shall be dated March 1, 1972
or such other date in 1972 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 $55,000 on the anniversary of their date
in each of the years 1973 to 1991, inclusive, and $15,000 in 1992.
Said bonds shall be authenticated as to genuineness by The
Merrill Trust Company,. 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 Boston, Massachusetts, in which case said bonds shall be payable as
to principal and interest at The Merrill Trust Company, or, at the option
of the holder, at such other bank, 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 acquisition, for the con-
struction of permanent public improvements all of which are hereby auth-
orized, to wit:
(1) Construction of Menduskeag Interceptor Sewer $ 300,000
(2) Construction of International Airport Terminal
(Local Share) 180,000
(3) Installation of new Street Lighting Systems,
-- including Poles - State Street 25,000,
(4) Construction of Improvements in West Side Im-
provement Area (Concentrated Cede Enforcement
Project) including new curbing, sidewalk con-
struction, street surfacing and street lighting 65,000
R-CEIVED
1971 9EC21 AMII:26
CITY CLERK'S OFFICE
SJTY OF RANGOR, MAINF
N CITY COUNCIL
27, 1971
ssed first reading Ey the following
yes and no vote: Councilors voting
yes: Baldacci, Ballou, Bigney, Brountas,
Cohen, Gass, Henderson, Mooney, Needham.
Tabled.
CIT
2 CB
IN CITY COUNCIL
January lo, 1972
PASSM 2nd and final reading by the
foliwing yes and no vote: Councilors
voting yes: Haldacci, Belles, Bigney,
Hrcuntae, Cohen, Henderson, Mooney,
Needham. Councilor Gass absent.
TY CLHRK
ORDER
Title,
num. Issue of S1,ogo,000 hggregate
......................................
Principal Amwnt of pence and a Tax
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(5) Complete Construction of Fairmount Ter-
race Park and Playground Areas $ 15,000
(6) Construction of Essex Street Recreation
Area (Local Share) 15,000
(7) Construction of new deck and new filter
system at Dakin Pool 20,000
(8) Reconstruction of Center Street 130,000
(9) Widening, Drainage Construction and Side-
walk Construction - Essex Street 78,000
(30) Construction of Goodson Road 84,000
(111 Street and Sewer Construction - North Hil-
dreth Street 35,000
(12) Construction of School Street Extension 98,000
Total $1,060,000
The estimated period of useful life of each of the aforesaid
permanent public improvements is hereby determined to be at least
twenty-five years.
Any 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 shall
be substantially in the following form:
UNITED STATES OF AMERICA
STATE OF IMINE
CITY OF BANGOR
No. $5,000
PERMANENT PUBLIC IMPROVEMENT BOND
The City of Bangor, Maine, for value received hereby promises
to pay to bearer the sum of FIVE THOUSAND DOLLARS, on the day of
, 19 with interest meantime at the rate of ( )
per cent per annum, payable semi-annually 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 Company,
in Bangor Maine (or, at the option of the holder, at
4n Boston, Massachusetts).
This bond i issued pursuant to the City Charter (Private
and Special Laws of 1931Chapter 54) and acts in addition thereto and
/777
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in amendment thereof, and by Order of the City Council to raise
funds for the construction 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
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 a series of bonds of like tenor, except
as to maturities, numbered 1 to 212 inclusive, payable $55,000 on
the day of in each of the years 1973 to 1991,
both dates inclusive, and $25,000 on the day of in the
year 1992.
The said City of Bangor hereby pledges its faith and credit
for the payment of the principal of and interest o 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 caused its
corporate seal to be hereto affixed and this bond to be signed in
its name Bud behalf by its City Treasurer and countersigned by (the
facsimile signature of) the Chairman of its City Council and the
attached coupons to bear the facsimile signature of said City Trea-
surer, as of the day of , 1972.
Countersigned: CITY OF BANGOR
By:
Chairman of the City Council City Treasurer
(COUPON)
On the day of , 19 , the City of
Bangor, Maine, will pay to bearer $ at The Merrill Trust
Company, in Bangor, Maine (or, at the option of the holder, at
in Boston, Massachusetts), for six
months' interest then
due on its Permanent Public Improvement Bond, dated , 1972.
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 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 pur-
chase price of said bonds and to do all things necessary or proper
-y -
subject to this Order and applicable provisions of law to effectu-
ate 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 in an amount which, with
other revenues, if any, available for the purpose, shall be sufficient
to pay the interest on said bonds payable in such year and the prin-
cipal of such bonds maturing in such year.
That Messrs. Ropea 6 Gray of Boston, Massachusetts, be
requested to render an opinion approving the validity of the bonds
authorized by this Order.