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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�__