Loading...
HomeMy WebLinkAbout1970-04-13 136-X ORDERL`6 -x Introduced by Councilor Coten, AFr. 13, 1970 CITY OF BANGOR (TITLE.) (00ff,-_.. Authorizing „.Issue of $720,000 Aggregate Principal Amount of Bonds anal a Tax Levy Therefore By Us City CaunvU of Cilie of Bosom: 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 aid additional thereto, there in hereby authorized the issue and sale of Seven Hundred Twenty Thousand Dollars ($720,000) aggregate principal amount of aerial coupon bands 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 tate 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 June 1, 1970 or such other date in 1970 as shall be determined by the City Treasurer with the approval of the Finance Committee end the Chairman of the City Council and shall be payable $350000 on the anniversary of their date in each of the yearn 1971 to 1990, inclusive, and $209000 in 1991. Said bonds shall be authenticated as to genuineness by Eastern Trust and Banicing Company end shall be payable as to principal and interest at said bank, provided, however, that the City Treasurer is authorized to select a eo-paying agent located In the City of Boston. Massachusetts, in which case said bubble shall be payable as to principal and Interest at the Eastern Trust sed Banking Company or, at the option of the hold- er, at such other bank, if any, as the Treasurer selects. The proceeds derived from the sale of said bonds, lees premium, if anyt shall be used and "a hereby appropriated for land acqui- sition, for the construction of permanent public improvements and for the payment and refunding of notes previously issued, all of which "a hereby authorized, to wit: (I) Construction of improvements at Bangor International Airport, including (a) new international terminal building -$313.500 (b) airport support and supplementary services building -201.500 136-X f ORDER Title, lose of �C 20r 000, Aggr e9 ate, ex inciPal„ amount, of .Bonds Introduced and filed bye/�// IN CITY COUNCIL Councilman Peril 13, 1970 reading Passed 1st reading by the follovoting yes yes and n vote: Councilors voting yes: BaldCox, Mins Billie, y. Councilor 6 Cohen, Cox, ernsky, M coy. aabseti: Neal ley. To be considered ne xt meeting. ' IN CITY COUNCIL V April 27, 1970 Hearing held, PASSED 2nd reading by the following yes and n vote: Councilors voting yes Baldacci, Ballot, Barry, Hrovntas, Cohen, Cox, Minsky, Mooney, Nealley. CITY CL ll C all W.I.M.. .1 Wor.el Ot El MM'..M.0 WWWW� .L.11.1 I., add, Warhead bw]dldg add IP L1,h' ..PNn .11 WponaddoWN Were added, VIM "7.1.1 .14 .1 I'd 1106 0 Moral, Im momcat later allot Dohcenb" 1, 190 n", (M) A" UW�tda at add 1. W.il.dool I'lle. vIb.. Redeem] Ard a. a 55W for A nm fre OUUM v"No A ftbtLc l WIth a held JD no Wood] heed MY HRII dealt 97 law .1 1 0 . mok I 1- 11, 1"... or . I.I., VII .0jeol.] A we OF60 War b. hoard, JI her War.. hard OXJWM jIlf Concede "K. IT, Is's he, It Alley Old cWhk 4W -- I. (II) Payment and refunding of the $105,000 Airport Improvement Notes dated December 1, 1969 - $105,000 (111) Acquisition of land in Nenduskeag Street Urban Renewal Area as a site for a new fire station - $100,000 Total $720,000 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 pay- ment of the first of said bonds to mature. Said bonds shall be substantially in the following form: UNITED STATES OF AMERICA STATE OF MAINE No. .CITY OF BANGOR $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, pay- able 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 Eastern Trust and Banking Company, in Bangor, Maine (or, at the option of the holder, at in Boston, Massachusetts). This 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, the payment and refunding of previously issued notes and the construction of permanent public improvements in said City, all as described in said Order. It is hereby certi- fied 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 144 inclusive, payable $35,000 on the day of in each of the years 1971 to 1990, both dates inclusive, and $20,000 on the day of in the year 1991. The said City of Bangor hereby pledges its faith and credit for the payment 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 authenticated by the certificate of said Eastern Trust and Banking 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 and 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 Treasurer, as of the day of , 1970. 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 Eastern Trust and Banking 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 , 1970. 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 authorised at public sale at not 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 and to do all things necessary or proper subject t0 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 out- standing 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 principal of such bonds maturing in such year. That Messrs. Ropes E Gray of Boston, Massachusetts, be requested to render an opinion approving the validity of the bonds author- ised by this Order. That the City Treasurer be and hereby is directed to deposit to the extent of $105,000 the proceeds of the bonds hereinbefore authorised with Merchants National Bank of Bangor, the paying agent of the $105,000 Airport Improvement Notes dated December 1, 1969 and to take any and all action required in order to call and redeem all of said Airport Improvement Notes not later than seven (7) days after the date on which payment Is received for said bonds.