HomeMy WebLinkAbout1969-03-10 112-W ORDER112-W
Introduced by Councilor uo„stan, March 10, 1969
,,,u_ CITY OF BANGOR
p
(TITLE.) 41 rkr, puthori2ingthels suanoe of $150,000.00 Note, Is suefor the
purchase of Heavy Equipment of a tasting character.
BY the City Coumil of the Cay of Season.
ORDERED,
THAT pursuant to Section 8 of Article 6 of the City Charter (Private
and Special Laws of 1931, c. 54) and acts amendatory thereof and additional
thereto, the City Treasurer, with the approval of the Finance Committee and
the Chairman of the City Council Is hereby authorized and directed to prepare,
issue and sell on the credit of the City, three negotiable notes of the City of
Bangor in the aggregate principal sum of One Hundred, Fifty Thousand Dollars
($150,000), said notes to be numbered one, two and three, each in the
principal amount of Fifty Thousand Dollars ($50,000), and all dated May 15,
1969. Note number one to be payable November 15, 1940, note number two
to be payable November 15,1971 and note number three to be payable
November 15, 1972.
Said notes are to bear interest payable semi-annually at such rates
as will meet the terms of said sale and both principal and interest are to be
payable at the offices of the Eastern Trust and Banking Company in Bangor,
Maine. Said notes are to be executed for and in the name and under the seal
of the City of Bangor by the City Treasurer and countersigned by the Finance
Committee of the City Council. The proceeds of said notes are to he used
for a permanent public improvement consisting of the purchase of Heavy
Equipment of a lasting character, the estimated period of utility of which is
hereby determined to be at least ten years. Said notes to be substantially
in the following form:
United States of America
State of Maine
City of Bangor
No $
(Date)
The City of Bangor, in the State of Maine, for valuable consideration
promises to pay to bearer the sum of
Dollars ($ ) on the day of
withinterest at the rate of per annum payable semi-
nally. Principal and interest are payable at the offices of the
Eastern Trust and Banking Company in Bangor, Maine.
This note is one of a series of notes aggre,;ating One Hundred Fifty
Thousand Dollars ($1$0,000) in principal amount, authorised under
and pursuant to the applicable provisions of the City Charter,
Revised Statutes of Maine and Order of the -City Council duly
adopted on to raise funds for the purchase of Heavy
Equipment as provided in said Order.
It is hereby certified that all acts, formalities and conditions
essential to the validity hereof have been performed and complied
with and that this note is issued and was at the time it was issued
within every debt and other limit prescribed by the Constitution
and Laws of the State of Maine, and the Ordinances, Orders or
Resolves of the City of Bangor, but thin note shall not be valid
unless and until the authenticating certificate of said Hastern
Trust and Banking Company in Bangor, Maine has been signed hereon.
IN WITNESS WHEREOF. the City of Bangor has 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 Council.
Countersigned CITY OFBANGOR
By
Treasurer
Finance Committee
AUTHENTICATING CERTIFICATE OF THE EASTERN
TRUST AND BANKING COMPANY, BANGOR, MAINE
Too Eastern Trust and Bunking Company in Bangor, Maine hereby
certifies that this is the note referred to in the within.
mentioned proceedings as authorized thereby{ that the signatures
affixed to this note are genuine{ and that Meters. Ropes & Cray
of Bo@tons Massachusetts have rendered an opinion that thin note
is a valid obligation of the municipality mentioned. The original
opinion and copies of the supporting documents relating to this
issue may be examined in our banking room@.
EASTERN TRUST AM BANKING COMPANY
By
Authorised Officer
Be it further
ORDEMED, That the City Treasurer, with the approval of the Finance
Committee and the Chairman of the City Councils is hereby authorised
and directed to prepare, issue and sell the notes herein authorized
at public sale, at not leas 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 aforesaids and to give a receipt
for the payment of the pureness price for said notes and to do all
things necessary or proper, subject to this order and applicable
provisions of law, to effectuate the issue and sale of said notes.
And be it further
ORDERED, that in each of the years during which any of said notes
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 upon said notes payable in such
year and the principal of said nates maturing in such year.
And be it further
ORDERED, that Messrs. Ropes & Gray of Boston, Massachusetts, shall
be requested to render an opinion approving the validity of the
notes authorized by the preceding order.
And be it further
ORDERM, that the City Clerk be directed to give public notice of
this Order by the issuance of notice as required by the Charter of
the City of Bangor.
IN CITY CO�IL
March 10, 1969
Clerk directed to advertise a
pvblic hearing for March 24th.
IN CITY COUNCIL
March 24, 1969
Taken from table, heading held, PASSED
BY Yke following Yen euul no vote -
Councilors voting yesz Belled, Barry,
K.
ssaw
ORDER
Title,
Auth. Issuance of $150,000.00 Note
..................... ..
. l6FHe. S.os. ?.nc=hVA QA McAV.. FeD ....
Ilnntroduucc dd and filed by
Iil.(CAAGdsrc .i2'�........r�__