Loading...
HomeMy WebLinkAbout1966-07-11 159-T ORDER159-T Introduced by Councilor Hunt, July 11, 1966 CITY OF BANGOR (TITLE.) (Orber, )--rov'sIng, for .._the Ieeue Of One Million .Four Hundred._ Thousand Dollars Aggregate Principal Amount of Bonds By the City Couwid of tM Citp ofBanpor: ORDERED, THAT pursuant 5 suant to Section 8 of Article VI of the City Charter (Private Special Lava of 1931, Chapter 54), and all acts amend- atory thereof and additional thereto, there is hereby authorized the issuance and sale of one million four hundred thoussud dollars ($1,400,000) aggregate principal amount of Social coupon bonds of the City of Bangor, tobein the denomination of $5,000 each end to be numbered from No, 1 upward with interest, payable semiannually, at such rate as shall be determined by the City Treasurer with the approval of the Finance Committee and the Chairmanofthe City Council. Said bonds shall be dated August 1, 1967, and shall be payable, seventy thousand Colla rs ($70,000) on the first day of August in each of the years 1968 to 1987 inclusive, Said bonds shall be authenticated as to genuineness by Merchants National Bank of Bangor and shall be payable as to principal and interest at said bank, provided, however, that the City Treasurer is author- ized 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 Merchants National Bank ofBangoror, at the option of the holdsr, at such otherbendy if any, as the Treasurer selects. The proceeds derived from the sale of said bonds shall be used and are hereby appropriated for a permanent public improvement, the estimated period of utility of which is hereby declared to be at least 25 years, to wit: the construction and equipping of a Sewage Treatment Plant and Interceptor System in the City of Bangor. That said bonds shall be in substantially the following form: UNITED STATES O F AMER ICA STATE OF MAINE CITY OF BANGOR SEVER BOND No. The City of Bangor, in the State of Maine, for value received, hereby promiself to pay to bearer the sum of FIVE THOUSAND DOLLARS, on the first day of August, 19 , with interest meantime at the 159-T 1966 JUL -`� S 'S OFFICE a g n e a CIiY CLEAx, e Mµ�itle, iti r, Pxovlding for the Issue of One Million ............Thom.................... IN CITY COUNCIL Sour H..undred Thousand Dollars AggFegate July 11, 1966 Principal Amount of Bonds & Tax levy Therefor Amended by deleting the word "promised"....... ........••••......... n the nett to the last line, page one, and substituting therefor the wort' "promises". - Introduced and,filed by Passed Ist reading by the following yes and no vote: Councilors voting yes: Baldacri, Barry, Brountas, Brown, Houston, Hughes, Hunt, NinrsW, Porter. Clerk directed to advertise G�—s4 ...(.7.. �... ... a public hearing to be held July 25. Tabled. Councilmen :�di T.l3 IN CITY CCtNIDIL July 25, 1966 Taken from table, hearing beld, PABBgn by the followlag yes and no vote: Councilors voting yes: Baldacci, Barry, Te„ntse Brown, Hughes, Plushy, Porter. Councilors Houston and Hunt absent. � 11,� E• WIN 0 11 red, tLLINo ..., B.I." by TTIr ,lb,ked be be IN, dreqeLl Nebel III ne u,..t th.. a.... ....., �,Need,:. a.be...S b , 11 AN re nfl.. I 9M City I'Veh.l.r Irk 11. MINN.. a dr. 11t, belled, 1. rellb, Vr,ddld .16 direekof 1. held'. der. I, .., red Verde 'Vel VIVIII I red, be, IN, 111 be dilbbbr, 10 "IN Arkereft, .1 he bad del elth bell here, V4 I 5em the V,rVI It". P.rdleek, Verb ,. .. , .. .... fbeedber �Y. A VIII, IbVLw Mil be ed -re, Olk ON ......a. i.,... ». a ...• MBuw.be Me MI, rate of ( ) per cent per annum, payable semiannually to the bearer of the coupons therefor hereto attached, upon 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 Boston, Massachusetts). This bond is issued pursuant to the City Charter (Private and Special Laws of 1931, Chapter $4), and acts. in addition thereto and in amendment thereof, and by order of the City Council to raise funds for a permanent public improvement to wit: the construction and equipping of a Sewage Treatment dant and Inter - captor System in the City of Bangor, Maine. 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 said City of Bangor. This bond is one of a series of bonds of like tenor, except as to maturities, numbered 1 to 280 inclusive, each in the denomi- nation of $$,000 and payable $70,000 on the first day of August in each of the years 1968 to 1987, both dates Inclusive. The said City of Bangor hereby pledges its faith and credit for the prompt 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 shall be authenticated by the certificate of said Merchants National Bank of Bangor en- dorsed hereon. IN WITNESS FRIEREOF, 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 Chairman of its City Council and the attached coupons to bear the facsimile signature of said City Treasurer, as of the first day of August, 1967. Countersigned: CITY OF BANGOR Chairmen of the City CounCITY cil BY City Treasurer (SEAL) (COUPON) On the first day of 19 , the City of Bangor, Maine, will pay to bearer $ at Merchants National Baa& of Bangor, in Bangor, Maine (or, at the option of the holder, at in Boston, Massachusetts), for six months' interest then due on its Sewer Bond, dated August 1, 1969. No. .. City Treasurer That the City Treasurer, with the approval of the Finance Committee and the Chairman of the City Council is hereby au- thorized 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 a receipt for the payment of the pur- chase price for said bonds 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 bonds. That in each of the years during which any of said bonds 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 bonds payable in such year and the principal of said bonds maturing in such year. FURTHER ORDERED: That Messrs. Ropes and Gray of Boston, Massachusetts, shall be requested to render an opinion approving the validity of the bonds authorized by the preceding order.