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
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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.