HomeMy WebLinkAbout1969-06-09 185-W ORDER185-W
Introduced by councilor Houston, aurae 9, 1959
` CITY OF BANGOR
(TITLE.) Issue of $4o69,a09Aggregate Prinaipal _.....
Amount of Bonds and a Tax Levy Therefor.
By go City Council of to City ofBanpor
ORDERED,
MT to (Priv to andpurotaut Section Article
Special. Laws of1931, Chapterl w
5h) and all. Charterty
acts amMtery
thereof and additional thereto, them is hereby authorlved the issue and
sale of one Million Sixty Thousand Cullom ($1,060,COo) aggregate Indent -
pal assent of aerial coupon bonds of the City of tenger to be in the
denomination of $5,000 each and to be numbered from No. 1 upward wltb
interest payable seal+aumally at such rate an shall be determined by
the City Treasurer, with the approval of the Finance Coardittee and the
Chairmen of the City Council. Said bathe shall be dated August 15, 1969
and shall ba payable $55,000 on August 15 in snob of the years 1970 to
1988, inclusive, and $15,000 on August 15s 1989.
Said bonds shall be authenticated an to genuineness by Merchants
National Book: of Bangor and stall 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 Baht of Banger, o at the option of the Holder, at
such other bazdc, if any, an; the Treasurer selects. The proceeds derived
from the gale of said bonds, lees prevdun, if only, shall be nosed and are
hereby appropriated for land acquisition, urban renewal purposes and the
m
construction of peanent public impeaveaerhs, alof which are hereby
authorized, to At:
(I) Acquisition of land in Fairmont Turman for Park and
Recreational Purposes - $25s"
(II) Omni, mucid of Main Street Urban Renewal Project - 95,000
(111) Grant-Snreid for Washington Street Urban Rantoul
Project - 65.080
(19) GrentAno-aid of Broad Street Urban Renewal
Project 105,oc0
185-W
I ✓
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Y G EF.Y'$ OFFICE ;, � 0 R D I R
Title,
IN ....CITY COUNCIL IwtT. Issue $1.Ofi 0 ,
... .. ...... 000 A%drea4ate.:.
Issue of £
Jure 9, 1969
Passed tat reading by the ot,,g res yes PBi.ncipal A. .... of .... &Tax uvy
and no vote: Councilors
COX, Dors voting yes: " " "
Dallon, Halle• Coxr Houston, Tref
sor:
abent Nealley, Porter. D'E
Councilor Ninety' Man] filed b
d
absent. enabled. Introduce
� '- � y
.loran
IN CITY COUNCIL a /
June 23. 1969
Taken from table -Bearing held - •_ "
Passed by following yes and no
vote:
Councilors voting yes:Dallbu•Barry, -
Coxr D•@rico• Ninskyr Porter.
Councilors absent: Houston, NcXay, -
Nealley.
CITY C 'JF `
M Construction of Pickering Square Parking Area No. 6 - $105:00O
(VI) Construction of Stage 2 interceptor ewer - 300:000
(VII) Construction of Sylvan Read extension a 23:000
(VIII) Acquisition of land for Cove Street - 40:000
(IR) Acquisition of land for School purpwea
Nigh School property - 55:000
(1) Acquisition of land for school add related purposes -
Abraham Lincoln School property - 247:000
Total $1:060:000
The estimated period of useful life of each of the aforesaid pemeauent
public improvements is hereby determined to be at leant twenty-five yea".
Any preaduw received from the sale of said bonds less the cost of p" -
paring: issuing and marketing them shall be applied :o the payment of the
first of said bonds to mature. Said bends shall be substantially in the
following form:
UNITED STATES OF AMERDCA
STATE OF NAIVE
No, GM OF RANCOR $5:000
PERMANENT PUBLIC IMPROVEMENT BOND
The City of Bangor: Maine: for value received hereby promisee to
pay to bearer the am of FIVE THOUSAND W LAPS: on the fifteenth day of
August: 19with interest meantime at the rate of
( ) percent peramum: 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 (or, at the option of the holder: at
in Brston: Mwsachusette).
Mnq
This bend is issued pursuant to the City Charter (Private and Special
Laws of 1931. Chapter 54) and acts in addition thereto and in amrndmeM.
thereof, and by Order of the City Council to raise foods par land acquisition,
urban renewal purposes and the construction of permanent public iegrevemmte
In said City, and all as deacribed in said Order. It dm hereby Certified that
every raquirement of law relating to the issue hereof hes been duly Complied
with and that this bond Is, and the iniebtednem evidemed hereby was at the
time it was incurred, within every debt and ether lielt prescribed by the
Constitution and laws of the State of Maine and the Ordinanceu, Orders and
Resolves of the City of Bangory
Thin bond is one of a series of bonip of eke tenor, except an to
maturities, harbored 1 to 212 dmlvlves payahle $55,00J on the nfteemh
day of August in each of the years 1990 to 19882 both dates inclusive, and
$15,000 on August 15, 1989.
The said City of Subpar hereby pledgee its faith and credit for the
payment of the principal of and interest on said hands, but neither thin
boni nor any coupon for intereat hereon shall become obligatory until the
bond has bean authenticated by the certificate of said Yerchantn National
Bank of Bangor endorsed hereon.
IN FITNESS WHEREOF, the said City of Hamar has caved its corporate
seal to be bereto affixed and thin borM 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 attanted coupon* to bear the
facelmile signature of said City Treasurer, as of the fifteenth day of
August, 1969,
Comtarsignedt CITY OF BANGOR
By:
Chairman of the City CounG11its
'E�j
On the fifteenth day of , 19 , the City of
Bangor, Maine, will pay to bearer $ at Merchmrts
National Bank of Bangor, in Bangor, Mains (or, at the option of
the holder, at in Boston, Massachusetts),
for six nontM` Interest than due on its Permanent Public Impreve.
meat Boni, dated August 15, 1969.
That the City Treasurer, with the approval of the Finance Committee and
Chairman of the City Council, is hereby authorized and directed to pre-
pare, issue and sell the bonds herein authorized at public sale at not
leas that par and accrued interest to date of delivery in such man
at such time and upon such terms as he shall dstermine, 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 heads.
That in each of the years during which any of the bonds are out-
standing there shall be levied a tax in an anwunt which, with other
ravenuea, if any, available for the purpose, shell 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 & Cray of Boston, Maasachuaetts, be requested to
render an opinion approving the validity of the bonds authorised by
the preceding Oder.