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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.