HomeMy WebLinkAbout1966-07-11 160-T ORDER160-T
Introduced by Councilor Haat, July ll, 1966
ll CITY OF BANGOR
He
(TITLE.) (Drbgr,. Providing for.. Tc:n_)orary...7orloule; of Cob Million Fear
Hundred Thousand Dollars in Anticipation of Money to
be Received from the Sale of an Authorized Bond Issue.
By t •s City Cmr+mR of We 04V of Bangor.
ORDRRRD,
THAT the City Council has authorized the issuance and sale
of negotiable bonds of the City of Bangor in the aggregate principal
amount of one million four hundred thousand dollars ($1,400,000),
the proceeds derived from the sale thereof to be used for a permanent
public improvement, to wit: the construction and equipping of a
Sewage Treatment Plant and Interceptor System in the said City of
Bangor; and
WHEREAS, a contract is about to be lot by said City of Bangor
for such permanent improvement and in accordance with the terms of
said contract, payments are to be made upon bills submitted by the
contractor from time to time.
WHEREAS, in correction with the construction and equipping of
said Sewage Treatment Plant and Interceptor System and to pay such
bills of the contractor and other expenses, it will become necessary
to borrow money in anticipation of the issue and sale of said bonds
for the aforesaid permanent public improvement; and
NOW, THEREFORE, By the City Council of the City of Bangor,
ORDERED, That pursuant to section 10 of Article VI of the City
Charter (Private and Special Laws of 1931, Chapter 54), and all acts
amendatory thereof and additional thereto, the City Treasurer, with
the approval of the Finance Committee, is hereby authorized and
directed to barrow, at one time or from time to time, on the faith
and credit of said City, in anticipation of the sale of one million
four hundred thousand dollars ($1,400,000) aggregate principal amount
of Sewer Bonds, authorized to be issued to raise funds for the
permanent public improvement described in the preamble hereto, the
ucof one million four hundred thousand dollars ($1,400,000), or
h lesser amount as he may deem necessary, and to prepare, issue,
and sell, at public or private sale, at not leas than par and accred
interest, the negotiable note or notes of the City therefor. Each
said note shall be payable as to principal and interest at Merchants
National Benk of Bangor, in Bangor, Maine, shall be signed by the
City Treasurer and countersigned by at least a majority of the
y
Finance Committee, arm shall be dated not earlier than August 1, 1966,
and shall mature not later than one year Prom its date and be payable
on August 1, 1967; and
That the City Treasurer, with the approval of the Finance
Committee, is hereby authorized and directed, subject to the provisions
of this order and applicable provisions of lax, to determine the date
or dates of the note or notes, the interest rate or rates they shall
bear, and all other details of said note or notes not herein provided
for, and to do all things necessary or proper to effectuate the issue
and sale thereof.
FURTHER ORDERED: That Messrs. Ropes add Gray of Beaton, Mases.
chusetts, be requested to render an opinion approving the validity of
nates issued pursuant to the preceding order.
RECEIVED
1966 JUL-6 N". 11: 04
CITY CLERKS OFFICE
III V OF °. A 4GCR. M NN5 Title,
IN CITY COUNCIL
July ill 1966
Clerk directed to advertise a public
bearing to be held July 25th. Tabled.
1'
IN CT TY COUNCIL
July 25, 1966
Takao from table, hearing held,
PASSED by the following yes and no vote:
Councilors voting yea: Baldacci, Barry,
Brountas, Brawn, Hughes, Minsky, Porter.
Councilors Houston and Hurt absent.
16o -T
ORDER
,FrPY1(V4g, Por,T®pora.y,ep{rowing oP One
Million Four Hundred Thousand Dollars in
,Qp$.}y}pykypq; P{,�to{rey. tp be Reyyiyed, food
the Sale of an Authorized Bond Issue.
Inhoauced and filled by
Councilman
CRY 0