HomeMy WebLinkAbout1970-09-14 278-X ORDERmerodoeed by Councilor em:, sort. 10, Is70
pp CITY OF BANGOR
(TITLE.) Mrba,.Authorizing.Issue.. of :,2600000. Aggaegats Fripcipal Accept of
Serial. Notes _for...Permauent...P. ublio..IUWsovsn;nta.. _.
By eke City Cwncil of@ City of wor:
ORDERED,
THAT parsuant to Section a of Article V of the City Charter (Private
awl Special. Laws of 1931, ChVter 54) and all acts amendatory thereof and additional
thereto, there is beiaby authorized the issue and sale of Two Hundred Sixty Thousand
Dollars ($260,000) aggregate principal anow:t of aerial notes of the City of Bangor
to be in the deran nations of $$2,000 each end to be numbered fron No. 1 ulraard
with interest payable seni-eevnally at such rate as shall be detarmined by the City
Treasurer, with the approval of the Pimme Committee and the Charman of the City
Council. Said notes sha11 be dated November 1, 1970 or such other date in 1970 as
shall be detenainsd by the City Treasurer with the approval of the Finanne Conei.ttes
and the Chairman of the City Council, shall be signed by the City Treasurer and
counteraigned by at least a majority of said Finance Conmtttee and shall be plrabla
$$2,000 on the armiversary of their data in each of the years 1971 to 197$ inclusive.
Said notes are to bear interest payable semi -n dually at such rates as
wlll meet the terms of said sale and both principal tool interest ase to be payable
at the offices of the Mrchants National BeNc of Burger, in Bangor, Plaine. Notes
are to be in registrable form, callable without prem un on at ]east seven (7) days
notice. Said notes are to be ex cated for and in the want and under the seal of
the City of Bangor by the City Treasurer and countersigned by the Finance Comnottee
of the City Council. The proceeds of said notes are to be used for Penaanent. Public
Inprovemants consisting of:
(1)
Improvements
to Auditorium Roof
- $30,000
(II)
Construction
of Strickland Road
$150,000
(III) city Shars of Stillwater Park
Urban Renewal Project $ M.R-4 $80,000
The estimated period of usefLl life of Weich is hereby estimated to he
at least ten (10) years.
Said nates well be substantially in the following form:
United States of America
Stats of )Laine
City of Bangor
No,
The City of Bangor, in the State of Ma s, for valuable consideration premien
to pay to registered assigns the son of Dollars
(Q ) on the day of with interest at the rate of
per wuum payable semLawvatly. Principal and interest axe payable
at the offices of the Mrchante National Bank of Bangor, in Bangor, !Maine.
This note is one of a series of nates aggregating Two Hendren Sixty Thousand
Dollars ($2W,o00) in principal amount, authorized under and pursuant to the
applicable provisions of the City Charter, Revised Statutes of mine and Order
oT the City Council duly adopted on to raise Surds for Irprovements to
the Auditorium Roof, Construction of the Strickland Road and Cityts share of
Stillwater Park Urban Renewal Project $ IE.R-4.
These notes shallbe callable without premium at W tim on seven (7) day
written or public notice.
It is hereby certified that all seta, formalities and cDnditiws essential to
the validity hereof have been performed and complied with and that +hie note is
issued and was at the. time it was issued within every debt and other limit pre-
scribed by the Constitution and Laws of the State of theme, and the Ortlinances,
Orders or Resolves of the City of Baogor, but this note shall not be valid un-
less and until the authenticating certificate of said Merchants National Bark
of Bangor, in Bangor, Elaine has been signed heman.
IN 1P IMSS ➢ SREOF, The City of Bangor bas caused its corporate seal to be
affixed hereto and this instrument to be signed in its name and behalf by its
Treasurer and countersigned by at least a majority of the Finance Committee of
the City Cowell.
Countersigned CITY OF BANGOR
Finance CowSttas
Treasurer
AUTID:NTI =- CERTIFICATE OF TBE AhMANTS NATIONU
WM OF Befaca, IN BaNOOR, am.
The Nerchanta National Back of Bangor, in Bangor, Maine hereby certified that
this is he note referred to in the mithiremetioried proceedings as authorized'
thereby; that the signatures affixed to this note are genuine; and the A@asrs.
Ropes and Gray a Boston, llassadbusetts have rendered an opinion that this note
is a valid obligation of the r. Gipalfty mentioned. The original opinion and
copies of the supporting doeme nts relating to this issue my be examined in
aur banking rooms.
VERCHANTS NATIONAL BALM OF BANGOR
Authorized Officer
Be it further
MEMO That the City Treasurer, with the approval of the pleaded Comai.ttee and
the Chairman of the City Council, is hereby authorized and directed to prepare¢
issue and sell the notes herein authorized at public dale, at not less than par
and accrued interest to date of delivery, in good manner, at such tip and upon
such terms as he shall determine, with approval ac; aforesaid, and to give a receipt
for the payment of the purchase price for said noted and to do a11things necessary
or proper, subject to this order and applicable provisions a law, to effectuate
the issue and dale of said noted.
AM be it further
OROEREO, That in each of the years during which arty of said noted saw outstanding,
there shall be levied a tax in an amount Abich, with other revencds, if arty, avail—
able for the purpose, shall be sufficient to pry the interest upon said notes pay—
able in such year and the principal of said notes maturing in such your.
And be it further
ORDERED, net Ehssrs. Ropes and Gray of Boston, A ssadhuaetta, shall be requeeted
to redder an opinion approving the validity of the notes authorized by the preced—
ing order.
Awl be it further
ORDER®, Tout the City Cierk be directed to give public notice of this Order by
the issuance of notice as required by the Charter of the City of Bangor.
1910 aE7 ;0 `d 3:0
CiMCE
IN CI1T COUNCIL
Sept. 19, 1970
sled let reading by the following
YES and no vote: COUMilorS voting
yes: BaldaCci, BollCu, many, erountas
Cohen, Case Minsky, Mooney, Nealley.
Consider next meeting.
Eu
IN Q COUNCIL
Sept. 28, 1970
PASSED 2nd and final reading by the
following yes and no vote: Councilors
voting yes; Baldacci, Ballon, Barry,
Bronntas, Cohen, Money, Nealley,
Cwncilors absent: Cox, Minsky.
TY CLBIU(
2]8-x
ORDER
Title,
Auth. Issue of $260,000 Serial Notes
........................4.4.4..........
for Permanent Public Improvements
Introduced and filed by
Cowcflman
11
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