HomeMy WebLinkAbout1964-01-13 35-R ORDER35-R
Introduced by Councilor Barlett, San. 13, 1064
CITY OF BANGOR
(TITLE.) (ffirbBr,... n tnprirrng the. Issuance of 04e5,J-0 Aggregate principal
Amount of Bonds and a tax Levy Therefor.
By the sty Cwura2 of the aty of Bander.
Jg 1i 0 MP 3i71
TUT pursuant to Section 8 of Article VI of the City Charter (private
and Special Laws of 1931, Chapter 54), and all acts amendatory thereof and addi-
tional thereto, there is hereby authorized the Issue and sale of Four Hundred
Eighty-five Thousand dollars ($485,000) aggregate principal ampont of serial coupon
bonds of the City of Bangor, to be in the denomination of either $1,000 or $5,000
each, and to be numbered from No. 1 upwards, with interest payable semiannually,
at such rate as shall be determined by the City registrar, with the approval of
the Finance Committee and the Chairman of the City Council. Said bonds shall be
dated March 1, 1964, and shall be payable Twenty-five Thousand dollars ($25,000)
on the first day of March in each of the years 1965 to 1983, inclusive and Ten
Thousand Dollars ($10,000) on the first day of March 1984. Said hands shall be
authenticated as to genuineness by The Merrill Trust Company, in Bangor, Maine,
and shall be payable as to principal and interest at said bank, provided, however,
that the City Treasurer is authorized to select a co-Faying agent located in the
City of Boston, Massachusetts, in which c said bonds shall be payable as to
principal a interest at The Merrill Trust 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 leas premium, if any, shall be used and are hereby
appropriated in the amounts hereinafter indicated for two permanent public improve-
ments, the estimated period of utility of each is hereby declared to be at least
twenty-five years, to wit:
To complete construction of a municipal golf c on land of the
City, located at Webster Avenue - - - - - - $95u0C.0.
To complete the construction and equipping of the new city High
School ------------------$4o0,eCo.
Any premiums received from the sale of said bonds, less the cost of preparing,
issuing and marketing them shall be applied to the payment of the first of said
bonds to mature. Said bonds shall be substantially Tr the following form:
UNITED STATES OF AMERICA
STATE OF MAINE
No.
CITY OF SAN30R
PERMANENT PUBLIC IMPROVNENT ECND
The City of Bangor, in the State of Maine, for value received, hereby
promises to pay to bearer the sum of Thousand Dollars
($ ) on the first day of March, 19 , with interest meantime at the
REGEI V ED
1964 gi -7 PM ""
CITY CLERKS OFFICE
cjLy OF BANgOR. NhINE
IN CITY COUNCIL
Jan. 13, 1966
Passed 1st reading by the following
yes and no vote: Councilors voting
yea: Bailey, Brountas, Conti, Dinsmore,
Houston, Hughes, Hamlett.
Councilors voting no: Barry B Higgins.
Clerk directed to advertise a public
hearing to be held. January 27th.
Tabled.
CI 'asdRK
IN CITY COUNCIL
Jan. 27, 19W
Taken frqq��,a,t pp hearing held, roeo[ded
2M readF4 fne following yes and
no vote: Counollors voting yes
Bailey, Brountas, Conti, Dinsmore,
Houston, Barlett. Councilors voting no:
Barry, Higgins, Hughes.
ORDER
Title,
35-R
„ AFth.. Issuance, of, $. g5,000, Aggregate
Principal Amount of Bonds 8 Tax Levy
.................................
Therefor.
m^4oduceddaand
/filed by
Councilman
rate of per cent ( %) per scram, payable semiannually to the bearer of
the coupons hereto attached, upon surrender thereof as they respectively mature,
both principal and interest being payable at The Merrill Trust Company, in
Bangor, Maine (oq 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 54), and acts in addition thereto and in amendment thereof, and
by order of the City Council to raise funds for permanent public improvements, it
wit, To complete construction of a municipal golf comas. To conplete the
construction and equipping of the new city High School. 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 w at the
time it was incurred, within every debt and other limit prescribed by the Consti-
tution and Use of the State of Maine, the Ordinances, Orders and Resolves of the
City of Bangor.
This bond is on e of a series of bonds of like tenor, except as to maturities,
numbered 1 to , inclusive, each in the denomination of $ and payable
$25,000 on the first day of March in each of the years 1965 to ISM, both dates
inclusive, and $10,000 on the first day of March 1984.
The said City of Bangor hereby p ledges its faith and credit for the
payment of the principal of and interest on said bonds, but neither this bond
or any coupon for interest hereon shall become obligatory until the bond I$
authenticated by the certificate of The Merrill Trust Camp any endorsed hereon.
N WITNESS WHEREOF, the said City of Bangor has caused its corporate seal
to be hereto affixed and this bond to he 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 tie
first day of March, 1964.
Countersigned: City of Bangor
B
Chairman of City-EM—nen Cncil y City Treasurer $eaT—
(WtIS N)
On the first day of , 19 , the City of Bangor, Maine
ill pay to bearer $ at The Merrill Trust Company in Bangor, Maine
(or, at the option of the holder, at in Boston,
Massachusetts), for six months' interest then due on its permanent Public
Improvement Bond, dated as of March 1, 1964.
No,
City Treasurer
That the City Treasurer, with the approval of Finance Committee a the Chair-
man the City Council, is hereby authorized 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 cancer, at such time and upon
such terms as he shall determine, with the approval as aforesaid, and to give
receipt for the payment of the purchase 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.
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That in each of the years during which any of said bonds a outstanding,
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there shall be levied a tax in a amount which, with other r , 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, Rapes & Gray, of Boston, Massachusetts, shall be requested
to render an opinion approving the validity of the bonds authorized by the
preceding order.
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