HomeMy WebLinkAbout1965-05-10 121-S ORDER1zLs
Introduced b. Councilor Ranletti Hay 10s 1965
a, pp CITY OF BANGOR
(TITLE.) VIYTUXr--_..- ZlibmHting.Legislation for.£Oactirent Rejp,etltutlon of
Principal of H rsey F nd.
By the city Casual of the My of Burger.
ORDERED,
THAT the attached legislation authorizing the City to issue certificates
of indebtedness in the amount of One Hundred Thousand Dollars ($100,000) to
restore the principal of the Hersey Fund be submitted W the Legislature of the
State of Maine for enactment.
e
IN CITY COUNCIL
may 10, 1965
Referred to Flnwce Co®ittee,
tabled.
CITY cam
IN CITY CODUCIL
Adjourned meeting May ll, 1965
Taken f table, amended by
inserting the words:"3o long as
the City shall renin trustee".
As wended, PASSED.
12
ORDER
Title,
EubmStting Le�eleLlon fei Enactment -
ReL�etltntion of Principal of. Reraey.
...................................
Fond
Introduced : end filed by
......... AXrYV ...
Councilmen
r
AN ACT TO AUTHORIZE THE CITY OF BANGOR
TO ISSUE BONDS OR NOTES M TRE AMOUNT OF $1000000 TO
RFSTONE THE FMCIPAL OF THE HFaaw FUND, SO-CALLED
Be it smarted by the People of the State of Maine, as Iollo :
The City of Bangor is hereby authorized to issue its general obligation
Londa or notes in the aggregate primipal amount of $100,000 in accordance
vith the applicable provisions of its charter, the proceeds of which, except
premiumae shall be used to provide money to feature ice principal of the
Hersey Fund, so-called, received by said City in trust under the x111 of the
late Samuel F. Hersey and used in the year IM to construct the Hersey
Memorial Building, more co®on>,y known as the Bangor City Hall. Bo long as
the City shall remain trustee, said funds so restored shall be deposited or
invested in the stainer permitted by lax for the investment of trust funds of
municipalities and the intone therefrom shell be used in accordance with the
provisions of the will of said Samuel F. Hersey. General obligation bonds or
notes issued hereunder may be issued and sold separately or may be outsold -
dated and sold together rrlth any other issue or issues of general obligation
bonds or notes of said city. Any premiums received upon such bonds or notes,
less the coat of preparing, issuing and marketing them, shall be applied to
the peystent of the principal of the first of such bonds or notes to mature.
AR ACT TO AUTHORIZE THE CITY OF BANGOR
TO ISSUE WNW OR NOTES IN THE AMUUNT OF $100 000 TO RESTORE
THE PRINCIPAL OF THE HERSEY FUNDS SO-CALLED
Be it enacted by the People of the State of Maine, as follows
The city of Bangor is hereby authorized to issue its
general obligation bands or notes in the aggregate principal
amount of $100,000 in accordance with the applicable
provisions of its charter, the proceeds of which, except
premiums, shall be used to provide money to restore the princi-
pal of the Hersey Fumd� so-called, ree eived by said City in
trust under the will of the late Samuel F. Hersey and used in
the year 1893 to construct the HeF�nssayy Me rriu@�1 ding, r ev
commonly known as the Bangor City Halm bald �vn so resto48
shall be deposited or invested in the manner permitted by law for
the investment of trust funds of municipalities and the income
therefrom shall be used in accordance with the provisions of
the will of said Samuel F. Hersey. General obligation bonds or
notes issued hereunder may be issued and sold separately or may
be consolidated and sold together with any other issue or issues
of general obligation bonds or notes of said city. Any premiums
received upon such bonds or notes, less the cost of preparing,
issuing and marketing them, shall be applied to the payment
of the principal of the first of such bonds or notes to mature.