HomeMy WebLinkAbout1999-10-25 99-351 ORDERCopN471L ACTION
Date: 10-25-99 Item NO -99-351
Item/Subject: ORDER Amending Order No. 98-309 to Reallocate bond Proceeds.
Responsible Department: Fimnce
Gmentary: The attached order would authorise the reallocation of
$1,060,000 in bond proceeds left unused from a December, 1998 borrowing to
other projects, all of which had been authorized in the above -referenced
order. These projects are ahown in the attached order.
In December, 1990, we borrowed $2.4 million from people's Heritage Bank a
an interest rate of 3.88 for three years. Proceeds were to have been used
for the purchase of )1) the Randolph Drive housing ($1.3 million) and (2)
the Sylvan Road building currently owned by SHED ($1.0 million).
The Randolph Drive housing eye subsequently purchased with bond proceeds,
but subsequent developments have made it highly unlikely that Proceeds will
he needed for the Sylvan Road project. Given that we have funds available
at a relatively low interest rete, and also that we are running up against
IRS regulations as to the disposition of bond proceeds, we requesting
that the unspent proceeds be allocated to several projects (as enumerated in
the attached order) for which xe Were scheduled to sell bonds this year.
Thus, we can reduce our East borrowing by $1,060,000.
Please be advised, however, that these projects will need to be refinanced
in December, 2001 when the PHB note is due. At that time, we will issue new
bonds for the remainig lives of the pertinent projects in the amounts than
outstanding.
Needless to say, I recommend your approval.
Order, public notice
Budget Approval:
FINANCb DIRECTOR
CITY SOLICITOR
_passage
First Reading page of
Referral to Finance committee
As igoedtoC uor Palmer Octubex 25. 1999
CITY OF BANGOR
(TME.)Order, Amending C•ncil Order No 28-10 bO Rmllmba BODd PrOCINk
by the City CWW/ of one Ory ofBangor.
ORDERED,
xeAx
WHEREAS, on August 10, IM the Oty, Council of Me City of Bangor adapted Older 98-309
autjroriang the issuance of the ONS general obligation bonds In an amount nwt M
exceed $9,000,900, $1,026,700 of which was W be used W purchase the Affiliated
Healthcare Building on Won Road; and
WHEREAS, the qty has decided not W proceed with Mat project at this point; and
WHEREAS, the proceeds of the bads issued %fund won project have been received by the
City ant must be reallocated to additional qualifying projects so as to be expended
appropriately;
NOW, THEREFORE, BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF
BANGOR, THAT the proceeds of the CWs general obligation bonds issued under
Order 98,309 to Wrchase the Affiliated Heahheare Building be and hereby are
reallocated for some or all of the following purposes, which projects were
previously authorized by Order 99-281:
Acquire Motor Pool Vehicles
$ 575,000
Bas Park Facility Needs Assessment
15,775
Armory Boiler
39,500
seal B Waterproof Mansfield Stadium
23,000
Re mamtto West Side Pool
18,200
C50 Projects
388.525
$1,060,000
AND, BE IT FURTHER ORDERED, THAT in all other respects Council Order 98-309 is hereby
ratified and wnfirmed.
IN CITY COUNCIL
October 35. 1999
First Reading
Warred to Ffuance Committee
TY c
7—)
1N CITY COUNCIL
November B. 1999
Public Hearing Opeam"
No one frw the Public Cane
Forward
Public Hearing Closed
Notion for Passage made add seconded
99-351
ORDER
Title, Ameodiag Cowcil Order 98-309 to
Reallocate good Proceeds
Assigned
Geu- Pjv� Coundlor
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PUBLIC HEARING
CITY OF BANGOR
R&ALLOCATION OF BOND PROCEEDS
The Beggar City Cowell will hold a public hearing at its regular meeting at 7:30 p.m. on
Monday, Novenb,, 8, 1999 in the City Caused Chambers on the 3`° flaor of City Hall, T1
Barlow Street, Barger, Maine, f the purpose of hearing public comment on a proposed N -
allocation of Proceeds of general obligation time the City previously issued parsoaut to Ord,,
1,10.98-309. Appravch ately$1,04,000 of the proceeds ofee general obligation time (including
investment eamhsgs) will be used to fwd the following capital Projects:
Pros t
Acquire Motor Pool vehicles
BP facility needs assessment
Armory boiler
Seal and waterproof Mansfield Stadium
Re-Marcite west side pool
CSO projects
A copy of the entire Order is available to the public in the City Clerks office at Bangor
City Hall. The public is invited to address the Council on this proposed bond issue.
PUBLIC HEARING
CITY OF BANGOR
Reallocation of General Obligation Note Proceeds
The Bangor City Ca l will hold a public hearing at its regular
meeting at 7:30 PM on Monday, November 8, 1999 in the City
Council Chambers, on the third floor of City Hall, 73 Harlow
Street, Bangor, Maine, for the purpose of hearing public
comment on a proposed reallocation of the proceeds of a
general obligation note previously issued pursuant to Order
No. 98309.
Approximately
$1,060,000 of the proceeds
of this general
obligation
note (including investment earnings) will be used to
finance the following, previously authorized projects:
Acquisition of Motor Pool vehicles
$575,000
Perform a facility needs assessment at
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Bass Park and remediate
15,775
Replace Armory boiler
39,500
Seal and waterproof Mansfield Stadium
23,000
Re-Marcite interior lining at West side pool
18,200
Combined Sewer Overflow moiants
388,525
Total
$1,060,000
A copy of the entire order is available to the public in the City
Clerk's Office at Bangor City Hall.
The public is invited to
address the Council on this proposal.
lift btober 25,1999
Gail E. Campbell
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City Clerk
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