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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. 9o0", a W. o.. --off.. ,. Will °a._ _ Y^ 1N3UN3d3 4 11.0 MBSII f.." - Illix 11 JO 3l., v9tlf4IM1"1�'33]WtlA are AOtfi IBYMY� That in each of the years during which any of said bonds a outstanding, n 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. 0'(( Qdil