HomeMy WebLinkAbout1966-08-08 174-T ORDER174-T
Introduced by Cou,,,Ior Hunt, Aug. 8, 1966
CITY OF BANGOR
(TITLE.) ( rba, Authorizing_ Issue of $2100000 Aggregate Principal.
Amount of _Honda and a Tex Levy Therefor.
BY Gu City C=%&U of the City ofBaagor:
ORDERED,
THAT paramount
5 amont to Section 8 of Aticle VI of the City Charter
(Private and
pecial Laws of 1931, Chapter '54), and all acts amen-
datory,thereof and additional thereto, there is hereby authorized
the issue and sale of Two Hundred Ten Thousand Dollars ($210,000)
aggregate principal amount of serial coupon bonds of the City of
Bangor to Is in the denomination of $$,000 each and 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 oI
the Finance Committee akN Chairmen of the City Council. Said bonds
shall be dated September 1, 1966, and shall be payable $10A000 an
the first day of September in each of the years 1967 to 19117,
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 book, 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 to meet in whole or in
part to the extent hereinafter indicated the appropriation included
in the 1966 Capital Budget for permanent public improvements.
(I) For the Fairway Watering System at the Municipal Golf
Course - $30000.
III)
Forcon$35 000on of Sidewalks in various portions athe
city -(III) For street construction (Eastern Maine Vocational
Technical Institute Roadway, Grandview Avenue West,
Grandview Avenue East) - $6$3000.
(IV) For sewer construction (Eastern Maine Vocational
Technical Institute Sewer) - $20,000, (Grandview Avenue
West Sewer) - $30,000, (Ohio Street Sanitary Sewer)
- $20,000, and in various parts of said City - $109000.
n�GF_NED
1966 AUS -2 AM 9:07
CITY CI EAn's OFFICE
IN CITY COUNCIL
Aug. B, 1966
Passed let reading by the following yea
and no vote: Councilors voting yea:
Pillared, Brvuntae, Brown, Houston,
Minsky, Porter. Councilws voting no:
Barry, Hughes, Hunt. Tabled.
IN CITY COUNCIL
Aug. a, 1966
Taken from table, hearing held and PASSED
2nd reading by the following yes and no
vote: Councilors voting yes: Baldacci,
Brountas, Brown, Houston, Minsky, Porter.
Councilors voting no: Barry, Hughes, Hunt.
ORDER
Title, -
. AV:h¢t?sing Issue ogate
Principal Amount of bonds and a Tax Lavy
Therefor.
Introduced and filed by
.................................
Councilman
yL
The estimated period of useful life of the said p3 remnant public
improvements is hereby determined to be at least twenty-two years
for the Fairway Watering System and at least twenty-five years for
all ethers.
Any premiums received from the sale of said bonds less the cost
of preparing, leaning and marketing than 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 O F AMERICA
STATE OF MAINE
No, CITY OF BANGOR
PERMANENT PUBLIC IMPROVEMENT BOND
The City of Bangor, in the State of Maine, for value received,
hereby promises to pay to bearer the sum of FM THOUSAND DOLLARS,
on the first day of Beytember, 1967, with interest meantime at the
rate of ( ) per cent 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 in 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 permanent public improvements in said City, namely; to
provide a Fairway Watering System for the Municipal Golf Course
30,000, street construction - $6 000, sewer construction
- 180,000, sidewalk construction - $3$,000. It is hereby certi-
fied that every requirement of law relating to the issue hereof
has been duly complied with and that this bond is, and the indebted-
ness 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 42 inclusive, in the denomination
of $$,000 and payable $10,000 on the first day of September in each
of the years 1967 to 1987, 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 bondso but wither this bond nor any coupon for interest
hereon shall become obligatory until the bond has been authenti-
cated by the certificate of said Eastern Trust and Banking
Company endorsed hereon.
IN WITNESS WHEREOF9 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 September, 1966.
Countersigned: CITY OF B GOR
By (CITY
Chairman o the City Council City Treasurer SEAL)
(COUPON)
On the first day of , 19 , the City
of Bangor. Maine, will pay to bearer $
at Eastern Trost and Bening Company, in Bangor, Maine
(or, at the option of the holder, at ,
in Boston, Massachusetts), for six monthaT interest then
due on its Permanent Public Improvement Bond, dated
September 1. 1966.
No. ..
City Treasurer
That the City Treasurer, with the approval of the Finance Committee
end Chairman of the City Council, is hereby authorized and directed
to prepare, issue and sell the bonds herein authorized at public
sale at not lees 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 aM 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 mount which, with
other revenues, if any, available for the purpose, shall be suf-
ficiant to pay the interest on said bonds payable in such year
and the principal of such bonds 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,