Loading...
HomeMy WebLinkAbout1967-06-12 162-U ORDERi 162-U Introduced by Councilor Boonton, June 12, 1967 Mater, CITY OF BANGOR (TITLE) MTDBT Authorizing Issue, of 3700,000. Aggregate principal Amount of Bands and a Tax Levy Therefor. By City CownoH of City ofBanpor. ORDERED, TORT paranoid; to Section 8 of Article VI of the City Charter (Private and Special Laws of 1931, Chapter 54) end all ante amendatory thereof and additional thereto, there is hereby authorized the issue aM sale of Seven Hundred Thousand Bollaes ({700,000) aggrogate principal amount of aerial coupon bonds of the City of Bangor to be in the denomination of $5,000 each aal to be cambered 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, 1967, and shall be payable $35,000 on the first day of September in each of the years 1968 to 1987, inclusive. Said bonds shall be authenticated as to genuinenees by The Merrill Trust Company and shall be payable as to principal az3 interest at said base, provided, however, that the City Treasurer is authorized to select co -paying agent located in the City of Boston, Massachusetts, in which case said bends shall be payable as to principal and interest at the Merrill Trust Company, or, at the option of the holder, at such other Lase, if an, as the Treasurer selects. The proceeds derived from the sale of said bonds, lase premium, if env, shell be used and are hereby appropriated for permanent public improvements, hereby authorized, to wit: (I) Street Construction (14th Street extension) - $298, COS (II) Street construction (Ohio street extension) - $52,000 (III) Construction of Amer Harlow Street traffic circle - $15,000 (IV) Purchase a,W installation of street lights (on Harlow Street from Central Street to Keraluskeag 4vmue) - 180,000 (v) Construction of 14th Street storm sewer - $60,000 (VI) Construction of interceptor severe - 8170,000 (VII) ootballl fielde($10 000)cobaseball field vintruction of t(14.e) 500) and four temis courts (18,000) - $25,000 v Drt�Q� IN CITY COUNCIL June 12, 1967 Passed let reading by the following yes and no vote: Councilors voting yes: Baldacc i, Brown , Houston, McKay, Minsky, Porter. Councilors voting no! Harry, Traverse, Hunt. Tabled. C C P I COUNCIL June 26, 1967 Taken from table, hearing held, retabled by the following yes and no vote: Councilors toting yes: Baldocci, Br untas, Brown, McKay, Yineky, Porter. Councilors Barry and Hunt voting no. Councilor Houston absent. - PK 162-0 ORDER Title, Aut adizing Isawsof $700,000 Aggregate ...... ...... . .. Principal Amount of Hoods and a Tax LevyTl:erefoi ..... .. ... ..... ... .. ... .. .. ... ... Introduced and filed by COnnCilman IN CITY COUNCIL July 10, 1967 Taken from table, passed 2nd reading by the Collaring yes and no vote: Councilors voting yes: Beldacci,"Brown, Houston, Hurt, Minsky, Porter. Councilor voting n0: Barry. Councilors absent: Brountas, McKay. PASSED. WON c"plon, 11 we CIP Carl 9, an hooWl Tinmro swe red Pell the band, he�wd woodland it wind date It art ]III Plan in or, Ownwed 'Wot I d.tO 0, "111', In Von ...a, , Path .ad W Off rell in, Dimat If On innowne, ran. Of hire twori and to do .11 "Iran dwi.re, or Of den W thin Ord' and -WWl.bln 7EI.t 1. air' .1 "1 .Pro end i IbInh are .1 lle be"' if' retired 'no "all Pont be IIIII . 'an 1. in ...OIL hard who Par Irre.n.. It end, POLare 'I, In, naphol. ill be 1. 1.1 the 10POPI of Pit Van Profile In earn war end 'a ol at Path bond. l to BV ft. n..he 18 �tPre If ,q..,.: am ".It why The estimated period Of useful life of the said permanent public improvements is hereby determined to be at least twenty-five years. AW premiums received from the sale of said bonds lees the cost of preparing, suing add marketing them shall be applied to the payment 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 WOOF The City of Sanger, in the State of Maine, for value received hereby promises to pay to bearer the dam of FIVE THOUSAND LOL:AAS, on the first day of September, 19with interest meantime at the rate of ra( ) per cent per eum� payable a ualiy to the bearer of the coupons hereto attached, upon the surrender thereof as they respectively mature, both principal and interest being payable at The Merrill Trust Company in Bangor, Maine (or, at the option of the holder, at in Boston, Massachucetts). This bond is issued pursuant to the City Charter (Private and Special Laws of 1931, Chapter 56) 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: street and traffic circle construction - $365,000, street lighting - $80,000, cower construction 8230,000 and athletic facilities for the school department - 325,000. It is hereby certified that every requirement of law relating to the issue hereof has been duly complied with and that this bond and the indebtedness evidenced hereby was at the time it was urred, within very debt and other limit prescribed by the Constitution and laws of the State of Maine, and the Ordinances, Orders end Resolves of the City of Bangor. This bond is one of a of bonds of like tenor, except as to maturities, numberedI to 140 inclusive, payable 935,C00 on the first day of September in each of the years 1968 to 1987, both dates inclusive. The said City of Bangor hereby pledgee its faith and credit for the payment of the principal of and interest on said bonds, bat neither this bond nor dry cup= for interest hereon shall become obligatory until the bond has been authenticated by the certificate of said The Merrill Tract Company endorsed hereon. IN WITNESS WHEREOF, the amid City of Bangor has caused its corporate seal to be hereto affixed and this bond to be signed in its Game and behalf by its City Treasurer and countereiguea by (the facsimile signature of) the Chairman of its City Council and the attached chances to bear the facsimile signature of said City Treasurer, as of the first day of September, 1967. Countersigned: CITY OF RANCOR By: Chairmen of the City Council City Treasurer (COBPON) On the first day of , 19 , the City of Bangor, Maine, will pay to bearer S at The Merrill Treat Company, in Hangar, Maine (or, at the option of the holder, at n Boston, Massachusetts), for six months, interest then due on its permanent Public Improvement Bond, dated September 1, 1967. That the City Treasurer, with the approval of the Finance Committee and Chairman of the City Council, in hereby authorised end directed to prepare, issue and sell the bands herein authorized at public sale at act lase than par and scorned interest to date of delivery in such supper, 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 cad applicable provisions of law to effectuate the issuance and sale of said basis. That in each of the years during which any of the bands are outstanding there shall belevied a tar in an amount which, with other revenues, if ares, available for the purpose, shall be sufficient to pay the interest on said bonds payable 1n such year and the principal of such bonds maturing in such year. That Messrs. Ropes & Cray of Boston, Massachusetts, be requested to render an opinion approving the validity of the bonds authorized by the preceding Oyler.