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HomeMy WebLinkAbout1968-06-24 161-V ORDER_. yi r 36i -V Introduced by Councilor cram, done 24, 1968 CITY OF BANGOR (TITLE.) MrUr,.... ..... Authorizing .. Issue_. of S69Q..RQQ...Aggmeate. Principal... ....._._ Amount o£_]ipn¢s and a Tax Levy Therefor. By City Ovation of ao City of Nougat. 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 Six Hundred Ninety Thousand Dollars ($690,000) aggregate principal 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 September 1, 1968 and shall be payable $35,000 on the first day of September in each of the years 1969 to 1987, inclusive, and $25,000 on the first day of September in the year 1988. Said bonds shall be authenticated as to genuineness by Merchants National Bank of Bangor and shall be payable as to principal and interest at said baNc, 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 Merchants National Banlc of Bangor, 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 permanent public improve- ments, hereby authorized, to wit: (I) construction of Ohio Street Sewer - $ 75,000. (II) Construction of Traffic Control System — $100,000. (III) Remodeling and Reconstruction of Old Post Office for Use as a New City Hall - $3671500. (IV) Acquisition of Land in the Waterfront Area for Recreational Purposes (Construction of marine) - $ 35,000. (V) Acquisition of Land in Fairmount Terrace Area for Park and Recreational Purposes - $ 25,000. (VI) Construction of an Airport Terminal at Municipal Airport - 3 87,500 $690,000. o oreNeR 'Y i I; flp le; Auth 1N CITY COUNCIL ....... Sss.. °t $5g o,00a Bonds a.. .lune 24, 1968 Amended by suEstituting the date August 15 wherever Sept. let appears. Passed 1st reading by the following yes and no vote; Councilors voting yes: balaacci, aallou, Harry, Houston, McKay, Minsky, Porter. Compilers absent: Hunt, Brom. Tables.. IN CITY COUNCIL July 8, 1968 RemyainnOnn table. ,7 C= L IN CITY COUNCIL .July 22, 1968 Taken from table, amended by substituting Sept. 1 for August 15. As amended PASSED by the following yes and no vote: Councilors voting yes: ealdaccl, Hallow, Harry, Brown, Hunt, McKay, Minsky. Councilors' Houston and Porter 96sent. ..TsX JKVY. IF4eFef F .............. Introduced and filed by � A� .. ncdaneiLwn The estimated period of useful life of the said 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 $ PERMANENT PUBLIC IMPROVEMENT BOND The City of Bangor, in the State of Maine, for value received hereby promises to pay to bearer the sum of FIVE THOUSAND DOLLARS, on the first day of September, 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 Merchants National Bank of Bangor, in Bangor, Maine (orf 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 $4) and acts in addition thereto and - ®tp,vvv; araixic consroi System - $100,000; new City Hall remodeling and reconstruction - $367,5o0; acquisition of land in Waterfront Area - $35,000; ac- quisition of land in Fairmount Terrace Area - $25,000; and con- struction of an Airport Terminal - $87,500. 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 138, inclusive, payable 435,000 on the first day of September in each of the years 1969 to 1987, both dates inclusive, and $25,000 on the first day of September in the year 1988• 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 Merchants National Bank 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 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 first day of September, 1968. Countersigned: CITY OF BANGOR By: Chairman of the City Council City Treasurer (COUPON) On the first day of , 19 the City of Bangor, Maine, will pay to bearer $ at Merchants National Bank of Bangor, 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 September 1, 1968. 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 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 to 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 & Gray of Boston Massachusetts be requested to render an opinion approving the validity of the bonds au- thorized by the preceding Order. 4911t. rlwhm -1 NONA 17Y OF "WMA �'"e:':w...� m. 161-v Introduced by Councilor Brown, June 24, 1968 CITY OF BANGOR (TITLEJ &Agr,..- Authorizing Issue of $690,000 Aggregate Principal Amount of Bonds and a Tai Levy Therefor. By 616 ab/ CmowU of Bw aty OfBaeoo*: ORDERED, THAT pursuant to Section 8 of Article VI of the City Charter (Private and Special Laws of 1931s Chapter 54) and all acts amendatory thereof and additional thereto, there is hereby authorized the issue and sale of Six Hundred Ninety Thousand Dollars ($690,000) aggregate principal amount of aerial coupon bond 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 Auguat 15, 1968 and shall be payable $35,000 on the Fifteenth day of August in each of the years 1969 to 1987, inclusive, and $25,000 on the Fifteenth day of August in the year 1988. Said bonds shall be authenticated as to genuineness by Merchants National Bank of Banger 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 Merchants National Bank of Bangor, 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 permanent publlcimprove- menta, hereby authorized, to wit: (I) Construction of Ohio Street Sewer - $ 75,000. (II) Construction of Traffic Control System - $100,000. (III) Remodeling and Reconstruction of old Past office for Use as a New City Hall - $367,500. (IV) Acquisition of Land in the Waterfront Area for Recreational Purposes (Construction of marina) - $ 35,000. (v) Acquisition of Land in Fairmount Terrace Area for Park and Recreational Purposes - $ 25,000. (VI) Construction of an Airport Terminal at Municipal Airport - 87,500. $690,000. IN CITY 'COUNCIL June 24, 1968 Tile order substitutlmged for original. Passed 1st reading by the following yes and on vote: Councilors voting yes: ealdacci, Ballou, Barry, Houston, McKay, Minsky, Porter. Councilors absent: Hunt, Brown. Tabled. IN CITY COUNCIL .uly 8, 1968 Remain on table. DOWT—MaW, I r � 161-V O ROER Title, AUM. Issue of $690 1 000 Bonds ..................................... and Tm Levy Therefor ...................................... Introduced and filed by ...................................... Councilman The estimated period of useful life of the said 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 subatantially in the following form: UNITED STATES OF AMERICA STATE OF MAINE No: CITY OF BANGOR The City of Bangor, in the State of Maine, for value received hereby promisee to pay to bearer the sum of FIVE THOUSAND DOLLARS, on the Fifteenth day of August, 19 , with interest meantime at the rate of ( ) per cant per annum, payable semi-gmoually 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 Bank of Bangor, 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 permanent public improvements in said City, namely: construction of Ohio Street Sewer - $7$,000; Traffic Control System - $100,000; now City Hall remodeling and reconstruction - $367,$oo; acquisition of land in Waterfront Area - $35,000; ac- quisition of land in Fairmount Terrace Area - $2$,000; and con- struction of an Airport Terminal - $87,$00. 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 ;3except as to maturities, numbered I to 138, inclusive, payable 335,000 on the Fifteenth day of August in each of the years 1969 to 1987, bath dates Inclusive, and $2$,000 on the Fifteenth day of August in the year 1988. The said City of Bangor hereby pledges its faith and credit for the payment of the principal of and interest on said bond a, but neither this bond nor any Coupon Ior interest hereon shall become obligatory until the bond has been authenticated by the certificate of said Merchants National Bank 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 name and behalf by its City Treasurer and countersigned by (the facsimile signature of) the Chairmen of its City Council and the attached coupons to bear the facsimile signature of said City Treasurer, as of the Fifteenth day of August. 1968. Countersigned: CITY OF BANGOR Chairman of the City Council City Treasurer (COUPON) On the Fifteenth day of19 the City of Bangor, Maine, will pay to bearer $� at Merchants National Bank of Bangor, 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 August 15, 1968. That the City Treasurer, with the approval of the Finance Committee aM Chairman of the City Council, is hereby authorized and directed to prepare, issue and sell the bonds herein authorized at public sale at not less than par and accrued Interest to date of delivery in such'msnaer, 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 to 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 saidbonds payable in such year and the principal of such bonds maturing in such year. That Messrs. Ropes & Gray of Boston, Massachusetts, be requested to render an opinion approving the validity of the bonds au. thorised by the preceding Order.