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HomeMy WebLinkAbout1968-07-22 185-V ORDER105-V Introduced by Councilor Houston, Tuly 22, 1968 ✓_ CITY OF BANGOR (TITLE) (J)rbErv_.. Authorieing.,the Issuance of $150,000.00 Note Issue _. for the purchase of Heavy Hqulpment of a lasting character. By City CosneU oftAe Cfty ofBaeyor: ORDERED, THAT pursuant to Section 8 of Article 6 of the City Charter (Private and Special Laws of 1931, c. 514) 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 ($509000), and all dated August 22, 1968. Note number one to be payable November 1, 1969, note number two to be payable November 19 1970 and note number three to be payable November 1, 1971. 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 Barking 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 ere to be 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 State of America State of Maine City of Bangor No_ $ (Date) The City of Bangor, in the State of Maine, for valuable considera- tion promises to pay to bearer the sum of Dollars ($ ) on the day of with interest at the rate of per exuawn payable semi- annually. Principal and interest are payable at the offices of the Eastern Trust and Barking Company in Bangor, Maine. 185-V ' z�c�lveo 1963 JUL IS MA 4: 3O ORDER CITY CEEc'd'S OFFICE rrac TV I, 3pYITAWil ..E IM CITY COUNCIL July 22, 1968 Passed 1st reading by the following' Yes end no vote: Councilors voting yes: 6aldacci, Hellon, Brews, Hunt, McKay, Minsky. Councilor voting nc Harry. Councilors absent Houston and Porter. Tabled. Clerk directed to dvertise. ITy Clam N O WCIL Aug. 12, 1968 Taken from table, public hearing held, received passage by the following yes end vote: Councilors voting yes: Ballon, Brown, Houston, Hunt, McKay, Minsky, Porter. Councilors absent) Haldaccl, Harry. CITY Auth. Issuance of $150,000 Nate Issue „[or, �pnsse, Of. IMV. Enji;genq,,,, .Introduced and filed by Eouncilsan This note is one Of a series of notes aggregating One Hundred Fifty Thousand Dollars ($1$0,000) in principal amount, authorized under and pursuant to the applicable provisions of the City Charter, Revised Statutes or Maine and Order of the City Council duly adopted on to raise funds for the purchase or 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 compiled 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 or the State of Maine, and the Ordinances, Orders or Resolves or the City of Bangor, but this note shall not be valid unless and until the authenticating certificate or said Eastern 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 OF BANGOR Treasurer Finance Committee AUTHENTICATING CERTIFICATE OF THE EASTERN TRUST AND BANKING COMPANY, BANGOR, MAINE The Eastern Trust and Beaking 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 Messrs. Ropes & Gray of Boston, Massachusetts have rendered an cpinion that this note is a valid obligation of the municipality mentioned. no original Opinion and copies of the supporting documents relating to this issue may be examined in our banking rooms. EASTERN TRUST Atm BANKING COMPANY {D Authorized Officer Be it further ORDERED, That the City Treasurer, with the approval of the Finance Covzittee and the Chairman of the City Council, is hereby authorized and directed to prepare, issue and sell the notes herein authorized at public sale, at not less than par and accrued interest to date of delivery, in such mother, at such time and upon such terms as he shall determine, with approval as aforesaid, and to give a receipt for the payment of the purchase 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 notes 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 ORDERED, that the City Clerk be directed tc give public notice of thio Order by the issuance of notice as recuired by the Charter of the City of Bangor.