HomeMy WebLinkAbout1999-02-22 99-107 ORDERCODRCIL AClIOR
Date, 3-3I-99 Ito an 90-1W
Item/Bnb]ecG CRUDER authorizing the Finance Director to issue the city's
bands in lees chasm $5,000 denominations.
Raepovaibla Dapartemt: Finance
Comantazy: The attached Order authorizes the Finance Director to change the
denominations of the city's recently -issued general obligation bands to
accomodate the fact that theFaramaunt Of the
hood18
sued is not wholly
divisible by 5,000.
DFPAR'1FI8Mf READ
manager's Cents:
CITY NANMI&R
Order
Bulger approval:
FIFANCR DZ
CITY SOLICITOR
IntroduCed For
x • sage
_ First Reading P694 -
of -Referral to Finance Comptes
99-1W
(Suspension of Rules)
A.calpcdto CAuvGdOr Blanchette February 22. 1999
CITY OF BANGOR
(TITLE.) Order, Authorizim the Finance Director to Issue City Bonds in Le� than
55.900 Denominations
By Me Ory Couno7 of ft O'ty of &wW.
ORDERED,
MAT
WHEREAS, the City Council has previously authorized bond Issues of various principal
amounts pursuant to City Council Orders 95-84, 97-25, 97411, 98-169 and 98-
309 for various projects more particularly described In saki Orders; and
WHEREAS, the City Council now desires to authorize the C ty's Finance Director, with the
approval of the Finance Committee, to elect minimum bond denominations as
they, in their discretion, shall approve; and
NOW, THEREFORE, BE IT ORDERED by the City Council of the City of Bangor:
THAT the bonds and notes in antldpation thereof to be issued pursuant to the
foregoing City Council Orders shall be issued In minimum denominations to be approved by
the Finance Director of the City of Bangor with approval of the Hnamct Committee.
I% CITY COBBCIL
February 22, 1999
Hotton t0 Introduce Bader Suspension
of the Rules Bade and Seconded
Kation for Passage Made and Secconded
Passed
99-10]
o BDBB
Title, Autboriziup the Finance Director
to Issue City Bands in Leee Then $5,000
Denominations
CITY OF BANGOR
FINANCE COMIVIFTEE RESOLMONS
APPROVING THE DETAILS OF THE CITY'S
$3,394,00019% GENERAL OBLIGATION BOND
WBF.REAS, purnem to Council Order 97-25, finally adopted December 9,
19%, which Order amends Council Order 95-84, finally adopted February 13, 1995,
Coursed Order r4l 1, finally adopted October 27, 1997, Council Order 98-169, finally
adopted April 27, 1998 and Council Order 98-309, finally adopted August 10, 1998, the
City is authorized to issue its general obligation bonds in an emmmt net to exceed
$3,394,000, to provide funds ferthe below -stated purposes as follows (the'Projects"):
Pureou Amount Issued by doe
Authorized 1998 Bonds
CSO Projects $51000,000 $1,165,300
City Nursing Facility Improvements $425,000 $425,000
High School Renovations $ 350,000 $200,000
Pudding Facility $ 346,100 $ 346,10
Waterworks briprovemenm $ 30,00 $ 300,00
Waterfinm BuRhad $ 350,000 $ 350,00
CityHall Roof $ 203,00 $ 203,00
Armory Improvements $ 184,10 $ 184,10
CTS $ 119,50 $ 119,50
Emergency Dispatch Center $ 10100 $ 101.00
TOTAL $7,378,70 $3,399,00
NOW, THEREFORE, the Finance Committee of the Bangor City Council
hereby resolves:
That $3,394,00 of the City's 1998 Castel Obligation bands dated a of
December 1, 1995 be issued on or about March 4, 1999 for the purpose of financing the
Projects, and that the maturities and interest rates set forth in Exhibit A atleched hereto be
and hereby are approved.
Bonds maturing on or before December 1, M08 ere not subject to redemption
prior to thaw stated dem of maturity. Bonds meaning on or after December 1, 209 are
subject to redemption prior to then ended dates of maturity, a the option of the City, on
or after December 1, 2008, as a whole at any time, or in put in such order of maturity sec
the City, in its discretion, may determine, on arty interest payment date, m the respective
redemption prices (expressed as pencentags of the principal amount of Bonds to be
redeemed) ad forth in the following table, together with imenat accrued and unpaid to
the redemption dee:
Redemption Period
Redemption
(both datm inclas' el
price
Dmemba 1, 2008 to November 30, 2009
101
December 1, 2009 and thereafter
1000/0
Members of the Finance Committee: