Loading...
HomeMy WebLinkAbout1966-10-24 241-T ORDER241-T Introduced by Councilor brown, Oct. 24, 1966 CITY OF BANGOR TL (TITLE,) VvrUr,_--- Authorizing,Issue of $100,000 Aggregate Principal. Amount of Bonds and a Tax Levy Therefor. By the City CowtvU of the City of Basmar: ORDERED, TRAIT pursuant to Section 8 of Article VI of the City Charter (Private and Special Laws of 1931, Chapter 54) and all acts amendatory thereof and additional thereto, there is hereby authorized the issue and sale of One Hundred Thousand Dollars ($100,000)aggregate principal amount of serial coupon bonds of the City of Bangor to be in the denomination of $5,000 each and to be numbered from No. 1 upward with interest payable semi- annually at such rata 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 December 1, 1966, and shall be payable $5x000 on the first day of December in each of the years 1967 to 1986, inclusive. Said bonds shall be authenticated as to genuineness by Eastern Trust and Banking Company and shall 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 Eastern Trust and Banking Company or, at the option of the holder, at such other bank, if any, as the Treasurer selects. The proceeds derived from the sale of said bonds, less premium, if any, shall be used and are hereby appropri- ated for permanent public improvements, hereby authorized to wit: (I) For street construction (West of Hogan Road and South of Interstate 95") - $85,000. (II) For sewer construction (West of Hogan Road and South of Interstate 95") - $15,000. The estimated period of useful life of the said permanent public improvements is hereby determined to be at least twenty-five years. Any premiums received from the sale of said bonds lees the cost of preparing, issuing and 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: 241-T rP C=IVED 1906 OCTA AM 9:20 ORDER S'TY U EhfS OFFICE • ., v,'. if Title, IN CITY COUNCIL Oct. 24, 1966 Passed let reading by the following yes and no vote: Councilors voting yes: Baldacci, Barry, Brountas, Brown, Houston, Hughes, Hunt, Minsky, Porter. Clerk directed to advertise a public hearing to be held Nov. 14, tabled. IN CITY COUNCIL Nov. L, 1966 Taken fry table, public hearing held, PASSED Intl reading by the following yes end no vote: Councilors voting yes: Baldanci, Barry, - Brown, Houston, Hunt, MoKay, Minsky, Porter. Councilor Branches absent. Auth. Iesne of ^$100,000 Aggregate .......pal Aa ......f Bonds and a Tax . Principal Amount of Hands and a Tax .L?y3'.1Tereforh...................... Introduced and filed by Councilmen U N I T E D S T A T E S O F AM E R I CA STATE OF MAINE No. CITY OF BANGOR The City of Bangor, in the State of Maine, for value received hereby promises to pay to bearer the sum of FIVE TROUSAND DOLLARS, on the first day of December, 1969, with interest meantime at the rate of ( ) per cant per annum, payable semiannually to the bearer of the coupons hereto attached, upon surrender thereof as they respectively mature, both principal and interest being payable at Eastern Trust and Banking Company in Bangor, Maine (or, at the option of the holder, at in Boston, Massachusetts). This bond is issued pursuant to the City Charter (Private and Special Laws of 1931, Chapter 54) 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: for street construction - $85,000 and for sewer construction - $15,000. It is hereby certified that every requirement of law relating to the issue hereof has been duly complied with and that this bond is, and the indebtedness evidenced hereby was at the time it was incurred, within every debt and other limit prescribed by the Constitution and laws of the State of Maine, and the Ordinances, Orders and Resolves of the City of Bangor. This bond is one of a series of bonds of like tenor, except as to maturities, numbered 1 to 20 Inclusive, in the denomination of $5,000 and payable $5 000 on the first day of December in each of the years 1967 to 1989, both dates inclusive. The said City of Bangor hereby pledges its faith and credit for the payment of the principal of and interest on said bonds, but neither this bond nor any coupon for interest hereon shall become obligatory until the bond has been authenticated by the certificate of said Eastern Trust and Banking Company endorsed hereon. IR WITNESS WHEREOF, the said City of Bangor has caused its corporate seal to be hereto affixed and this bond to be signed in its name and behalf by its City Treasurer and countersigned by the Chairmen of its City Council and the attached coupons to bear the facsimile signature of said City Treasurer, as of the first day of December, 1966. Countersigned: CITY OF BANGOR BY. (CITY Chairman of the City Council City Treasurer SEAL) (COUPON) On the first day of 19 the City of Bangor, Maine, will pay to bearer $ at Eastern Trust and Banking Company, in Bangor, Maine (or, at the option of the holder, at in Boston, Massachusetts), for six months` interest then due on its Street and Sewer Bond, dated December 1, 1966. That the City Treasurer, with the approval of the Finance Committee and Chairman of the City Council, is hereby authorized and directed to prepare, issue and sell the bonds herein authorized at public sale at not less 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 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 bonds. That in each of the years during which any of the bonds are out- standing there shall be levied a tax in an amount which with other revenues, if any, available for the purpose, shali be suf- ficient to pay the interest on said bonds payable in such year and the principal of such bends maturing in such year. FURTHER ORDERED: That Messrs. Ropes & Gray of Boston, Massachusetts, be requested to render an opinion approving the validity of the bonds authorized by the preceding Order.