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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 ...................................... Levy Therefor 7 /yntroduced and fi by .. ... .. ... .. .. .. ... COYR 11, WtY 10H.Ittl .1 I'll Ill IDIOM All.' I Dealt "feel Efoll .1 Dle, III end Do foof DIIIIII I'll, I Voteutrucuon of Sol Street Ittle-of 11.000 ne lothre"Id forlod 01 U11141 'Ile 01 14th 6' fol 2"e" fol 'a Do Alto I too" 0 IIII fle-el to.- I-,, feet ."I.d 0 'he pall .1 I'tatfoot1to 5 1. _"I to PR S e., . �.. u „ ;.e.�.,a� �. ,.....q.I... -2- (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 -3 - 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.