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HomeMy WebLinkAbout1971-03-08 122-Y ORDER122-Y introduced by Councilor eoben, nazm e, 1911 CITY OF BANGOR (TUTEE.) (DrUY2_.. Authorialn¢_Issue.. of $690,000. Aggregate Principal. amount of a Tax By the 0tv Cownsl of Nie My of Bangor: ORDERED, THAT pursuant to Section 8 of Article TI of the City Charter (Private and Special Lauer of 1931, Chapter 54) an all acts emendatory thereof an addit- ional thereto, there is hereby authorized the issue and sale of Six Hundred Ninety Thouesad Dollars ($690,000) aggregate principal amount of serial coupon bone of Vis City of Bangor to be in the denomination of $5,000 each and to be numbered from No. 1 upwan with interest payable seal-arvaally at such rate as shall be determined by the City Treasurer, with the approval of the Finance Ccmemittee Audi His Chairman of the City Council. Said bons shall be dated May 1, 1971 or such other date in 1971 as shall be determined by the City Treasurer with the approval f the Finance Committee an the Chairman of the City Council and shell be payable $35,000 on the anniversary of their data in each of the years 1972 to 1992) in- clusive, an $25,GGG in 1993. Said bends shall be authenticated as to genuineness by Merchants National Bank of Bangor, in Bangor, Maine, and shall be payable as to principal an interest at said bamic, 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 bands shall be payable as to principal and interest at the Merchants National Bards Of Bangor or, at the option of the holder, at such other bent, if ary, as the Treasurer selects. The proceeds derived iron the sale of said bona, less premium, if aup, shall be used an are hereby appropriated for land acquisition, for the construction of permanent public improvements all of which are hereby authorized, o wit: (1) Gravel Plant an Asphalt Plant Improvements $ 65,GGG (2) Sidewalk Improvement Program 100,oc0 (3) Auditorium Improvements 5o3Goo (4) Relocation Illinois Avenue (Airport) 87,c00 (5) Acquisition of Lead (Secondary Treatment Facility) 30,000 (6) Renuskeng Stream Urban Renewal- City Share 250,000 "k .e (7) Old City Ball Parking Lot $ 80,000 (8) Acquisition of Land - New York St. Property 22,000 (9) Acquisition of Land - Westland St. and Onion St. 6,oco Total $ 69o, Coo The estimated period of useful life of each of the aforesaid permanent Public improvements is hereby dateauined to be at least twenty-five years. Any premiums received from the sale of said bonds leas the cost of pre- paring, 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 foam: UNITED STATES OF AMEBICA SPATE OF MAINE No. CITY OF BANGOR $ 5,000 The City of Bangor, Maine, for value received hereby promisee to pay to bearer the am of FIVE THOUSAND DOLLARS, on the day of 119 with interest meantime at the rate of ( ) per cent per annum, pay- able seed -annually to the bearer of the coupons hereto attached, upon the surrender thereof as they respectively mature, both principal and interest being payable at Merchants National Ba of Bangor, In Bangor, Maine (or, at the option of the holder, at in Boston, Massachusetts). Vote bond is issued pursuant to the City Charter (Private and Special Laws of 1931, Chapter 54) and acts in addition thereto and in amendment thereof, and by Order of the City Council to raise funds for land acquisition, and the construction Of permanent public improvements in said City, all as described in said Order. It is hereby certified that every requirement of lav relating to the issue hereof has been duly c®plled with and that this bond is, and the Indebtedness evidenced here- by 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, Ostlers and Resolves of the City of Burger. This bond in one of aof horde of like tenor, except as to maturlt- nurbered 1 to 138 imclueivs9 payable $35,000 on the day of In each of the years 1972 to 1992) both dates Inclusive, and $25,000 on the day of in the year 1993. The said City of Bangor hereby pledges its faith and credit for the psy- mant of the principal of and interest on said bonds, but neither this bond nor any coupon for interest hereon shall become obligatory until the bond has been authenti- cated by the certificate of said Merchants National Belk of Bangor 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 n®e and behalf by it City Treasurer and countersigned by (the facandle signature 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 , 1971. Countersigned: QTY OF BANGOR Hy: Chairman of the City 07unc11 City Treasurer (COLICIN) On the day a , 19 , the City of Bangor, Maine, will pay to bearer $ at Merchants National Bank of Bangor, in Bangor, palms (or, at the option of the holder, at is Bostan, Massachusetts), for six months' interest than due on its permanent Public Improvm:ent Bond, dated , 1971. That the City Treasurer, with the approval of the Finance Coamittee and Chairman of the City Council, is hereby authorized ard directed to prepare, issue and sell the bonds herein authorized at public sate at leas than Per and accrued inherent to date of delivery in such manner, at each time and upon each terms as he shall determine, with approval as aforesaid, and to give receipt for payment of the purchase price of Bald bonds and to do all things necessary or proper eubject to this order and applicable provisions of law to effectuate the issuance and sale of said bonds. That in each a 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, avail- able for the purpose, shall be sufficient to pay the interest on said bonds payable in such year and the principal o£ such bends maturing in each year. That Mesers. Ropes & Grey of Boston, Naasachusetts, be requested to render an opinion approving the validity of the bonds authorized by this Order. Introduced by Councilor Cohen, March 8, 1971 u, CITY OF BANGOR (TITLE.) @rbCre ....ApthoFls{PH Issue of $690.000. Aggregate principal Amomt. of Bonds and a Tax Levy Therefor. By the City ConvoU of the My ofBany ORDERED, TBAT pursuant to Section 8 of Article PI of the City Charter (Private and Special lane of 1931, Chapter 54) and all uta amendatory thereof and addit- ional thereto, there is hereby authorized the leen¢ and Sale of Six Hundred Ninety Thousand Collars ($690,000) aggregate principal mount of Serial coupon oonds of Us City of Bangor to be in the denomination of $5,000 each and to be numbered from No. 1 upward with interest payable ami -annually at such rate as Shall he determined by the City Treasurer, with the approval of the Finance Committee and the Chairman of the City Council. Said bonds shall be dated Nay 1, 1971 or such other date in 1971 as shall be determined by the City Treasurer with the approval a the Finance Comittee and the Chairman of the City Council and shall be payable $35,000 on the anniversary of their date in each of the years 1972 to 3990, in- clusive, and $25,000 In 1991. Said bonds shall be anthmticatad as to genuineness by Merchants National BW[ 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-pnying agent located in the City of Boston, Massachusetts, in which case said bonds shall be payable as to principal and interest at the Merchants National Hank of Bangor or, at the option of the holder, at such other back, if any, as the Treasurer selects. The proceeds derived fret the sale of said bonds, lees prmaim If aqy, shall be used and aro hereby appropriated for land acquisition, for the conStrmctim of Permonmt public Improvements all of which are hereby authorized, to nit: (1) Gravel Plant and Asphalt plant Improvements $659000 (2) Sidewalk Improvmmt Progran 100,000 (3) Andltorim Improvements 503000 (4) Relocation Illinois Avenue (Airport) 871" (5) Acquisition of Land (Secondary Treatment Facility) 30,000 (6) ganduakeag Strem Urban Rmeml - City Share, 250,000 122-Y RECEIVED 1971 NAR -4 PM 3: 20 o R n E a CITY CLERK'S OFFICE CITY Or BANGOR. MAINE Title, IN CITY COUNCIL Ayt1{.. ,I,99ge ,$6,9Q�000 AggLag§iC PXin4ip al March B, 1971 Amended by changing weatland St. Amwnt of Acgak.gnq Tgr„Gevy to estland Ave.nd passed 1st reading by the following yes and no vote: Councilors voting yes: Introduced d filed b Baldacci, Seller, Bigney,�Brnrouceane ountas,li "'+ y Cohen, Coq Minsky, Mooney. Councilor absent Nealley. Consider next meeting. � .................. Councilman TY CLBRI( IN CI1Y-2WNCIL V Mar. 22, 1971 Pascal second anal final reading by the following yes and no vote: Councilors voting yes:Baldacci, Bigney, Sunbathe, Cohen, Cox, Sculley, Minsky, Mooney. Councilor Absent: Balled. IN CI'IY—CGNNCIL. \ \ April 12, 1971 V Council voted to reconsider sides this order by the fallowing yes and n vote: Councilors voting yes: Baldacci, Sallow, Bigney, Brountas, Cohen, Cox, Nobody. Councilors absent: Minsky, Nealley. dreaded by changing 1992 to 1996 You 1993 to 1991 wherever the years appear in this order. PASS® By the following yes and no vote: Councilors voting yes: Baldacci, Sallou, Bigney, Brountas, Cohen, Con, Nobody. Councilors absent: Minsky, Neal�l(e�y.. �\ {� CITY CLSSK Me ell, fe'll a el teloo 10 -Ch Zril° .' Lo Me i a ll.eW, aF1. M 0. mal therelt M. dee W ..m.e. mm. lt e�oh . hellet Th., Me llq Choler. lim Ch, .P11.1 It 1. It ChlI w.0 w nav " ,.,. .,.. .`epi[. Jen.