HomeMy WebLinkAbout1998-09-14 98-362 ORDERCOUNCIL AC[IOD
Dab: 9-14-93 ICs b 98-342
Iten/Subject: ORDER authorizing the issuance of up to $2,000,000 aggregate
principal amount of general obligation bonds and/or Dome in anticipation
thereof and a tax levy therefor.
ReaponaDBle Department: Finance
C®mtery: The attached order would authorize the issuance of debt to food
the renovation of the front two thirds of the former Freese's building.
Such financing will he couposed of up to the following artuuate:
TIF Financing $ 400,000
first sortaaae loan
Total $1,934,300
In addition, there are
several other projects for which bond orders had
previously been passed. These authorizations, and the amounts to be
included in the upcoming bond issue, are as follows:
Amount Anchor to Be
prom ♦g 1
xnrfzed Ieee e..=dfni
CSO projects 97-025 $5,000,000 $1P166,200
Bangor High School project 98-169 350,000 350,000
CNB project 97-411 425,000 425,000
O a me l n�nio�t_ $§jp$ 4,000,400 4,000,400
$9,775,400 $5,941,600
Three, we will be issuing rep to $7,941,600 in debt this year for the atom
Projects. I re dame d your approval.
D2PAROMEWT
Manager' ¢ C®ente:'71t'Nyyws
CITY AUXAOER
aaacciated Iofecmatica:
Order, public notice
eudgst appro.ai:
FINANCE D
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IN CITY COUNCIL
September 14, 1998
First Reading 98-Bfi2
Referred t0 Finance Committee
ORDER
IN CITY COUNCIL
September 28, 1998
Motion to Amend by Substitution
Made and Seconded Passed as
Amended by Substitution
Vote: ] yes, 2 absent
Councilors voting yes: Aube,
Baldecci, Crowley, Farnham,
Palmer, Tyler d Woodcock
Councilor abeam : Leen d Rohman
CITY CLERK
Title, Authorizing the Issuance of up
to 82,000,000 Aggregate Principal Amount
of General Obligation Bonds and/or Notes
in"Ai:Hcp'aCion RT'eireo£'e%d' a Tav Levy
Therefor
..... . .�.-.�. �.I.............................
Aeu''''e''d^^to
Councilman
98-362
98 amended
Assigned to Councilor Tylr.
CITY OF BANGOR
AUTHORIZING THE ISSUANCE OF UP TO 52,000,000 AGGREGATE
(TITLE.) PRINCIPAL AMUUNTOFEENERAL OBLIGATION BONDS ANB/OR
NOTES IN ANTICIPATION THEREOF AND A TAX LEVY THEREFOR
By the City Conniff of the N•'tv of Banyan
ORDERED,
TBAT WHEREAS, a portion ofthe Freese's Bwlding, so-called, Ixatod at 74 Main Street
in downtown Bangor has been vacant for an extended period of time, and has fallen into a some of
disrepair and is in need of substantial renovation, repairs and rehabilitation to make such space
useable for business and commercial purposes; and
WHEREAS, a private developer has expressed interest in undertaking such
renovations, repairs and rehabilitation in order to make the portion of building fit for such uses; and
WHEREAS, the City Council is concerned with the long disuse of the portion of the
building and the adverse impact its physical deterioration and continued disuse has he& and will
have on the downtown area surrounding the building; and
WHEREAS, the City Council finds and declares it in be a public and municipal
purpose to assist a private developer to make such renovations, repairs and rehabilitation to the
building, in order to promote the economic growth of the City;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF BANGOR HEREBY
ORDERS AS FOLLOWS:
THAT pursuant to 30-A M.RS.A. §5772, Section 8 of Article VI of the City Caner
(Private and Special Laws of 1931, Chapter 56) and all amcadmens thereof and acts additional
thereto, and all other authority thereto enabling, there is hereby authorized the issue and sale at oce
time and firma fine to time up to Two Million Dollars 02,000,000) aggregate principal amount of
general obligation bonds of the Cib of Bangor, plus Wto three percent (3%) of the principal me=
of each issue or series to fund issuance costs. The preceeds derived from the sale of said bonds,
including premium, if my, shall be used and are hereby appropriated to pay a portion of the costs
(as herein defined) of the following project (the "Projeco:
To provide financing with a loan or giant of bond proceeds to a private developer for
the acquisition, reconstruction, renovation and development of the front two thirds
of the former Freese's Department Some building in downtown Bangor, to be used
for commercial purposes or for other not-for-profit activities, all as shall be
determined and approved by the Finance Director, with the approval of the Finance
Committee.
THATthe loan m gmnt of bondproceeds for such use saves a mmdcipal and public purpose
to promae ewmmic gowth and m avoid the commixed de[eriomaon ofa porion ofthe downtown
Bangor area.
THAT the estimated weighted period of utility for the properly consimming the Pmject N
be financed with the proceeds of said bonds is hereby detemmed to be at least twenty (20) years.
THAT the date, maturities hmtoexceed 20 years), demmina5ons interest rare ormrespoor
N exceed 8.5% per aurum), place of payment; and other details of each issue of said bonds,
including the timing and provision for their We and award and the selection of an underwriter, shall
be determined by the Phones Director with the approval of the Finance Committee and the
Chairman of the City Council.
THAT the bonds hereby authorized may be made subject to call for redemption, with or
without a premium, before the date fixed for final payment of the bonds, As provided in 30-A
M.R.S.A. §5772(6), as amended, as shall be determined by the Finance Direemr with the approval
of the Finance Committee.
THAT said bonds shall be signed by the Finance Direction, countasigtred by the Chahmam
ofthe City Council, sealed with the sml of fire City, attested by its Clerk, and shall be in such form
arta contain such mans and provisions mat inconsistent herewith as they may approve, thein approval
to be conclusively evidenced by their execution thereof. My issue of bonds any be consolidated
with and issued at the same time as any other issue of bonds authorized prior to their issuance, and
the bonds may be divided into multiple series and issued in separate plans of foaming, with the
approval of the Finance Committee and the Chairman of the City Council.
THAT pursuant to 30-A MRSA. §5772, Section 10 of Article VI of the City Charter and
any other authority, thereto enabling, the Finance Director, with approval of the Finance Committee
and the Chamsen of the City Coancil, w hereby authorized to issue tempormy bonds of the City in
anticipation of the foregoing bond issue, said bonds to be signed by the Finance Dveaor,
countersigned by the Claimant of the City Caused, sealed with the seal of the City, attested by its
Clerk, and otherwise to be in such poor and contain such tens and provisions including, without
limitation, maturities denominations, interest rate or rates, place of payment, and other details as
they shall approve, their approval to be conclusively evidenced by their execution thereof.
THAT any temporary bonds (including bonds in renewal thereof) authorized to be issued
under this Order may be issued in combination with temporary bonds (including bolls in renewal
thereof) and bonds authorized to be issued by the City Council at any time prior to the date of
issuance of the temporary bonds.
THAT the Finance D¢exmo be and hereby is authorized to select the registrar, paying agent,
and transfer agent (the "rraatfor Agent') for the bonds and to execute and deliver such comsat and
agreements as may be necessary or appropriate 0 amore their services.
�D
98-362
As ammdea
determined and approved by the Finance Director, with the approval of the Finance
Committee.
THATthe loan m gmnt of bondproceeds for such use saves a mmdcipal and public purpose
to promae ewmmic gowth and m avoid the commixed de[eriomaon ofa porion ofthe downtown
Bangor area.
THAT the estimated weighted period of utility for the properly consimming the Pmject N
be financed with the proceeds of said bonds is hereby detemmed to be at least twenty (20) years.
THAT the date, maturities hmtoexceed 20 years), demmina5ons interest rare ormrespoor
N exceed 8.5% per aurum), place of payment; and other details of each issue of said bonds,
including the timing and provision for their We and award and the selection of an underwriter, shall
be determined by the Phones Director with the approval of the Finance Committee and the
Chairman of the City Council.
THAT the bonds hereby authorized may be made subject to call for redemption, with or
without a premium, before the date fixed for final payment of the bonds, As provided in 30-A
M.R.S.A. §5772(6), as amended, as shall be determined by the Finance Direemr with the approval
of the Finance Committee.
THAT said bonds shall be signed by the Finance Direction, countasigtred by the Chahmam
ofthe City Council, sealed with the sml of fire City, attested by its Clerk, and shall be in such form
arta contain such mans and provisions mat inconsistent herewith as they may approve, thein approval
to be conclusively evidenced by their execution thereof. My issue of bonds any be consolidated
with and issued at the same time as any other issue of bonds authorized prior to their issuance, and
the bonds may be divided into multiple series and issued in separate plans of foaming, with the
approval of the Finance Committee and the Chairman of the City Council.
THAT pursuant to 30-A MRSA. §5772, Section 10 of Article VI of the City Charter and
any other authority, thereto enabling, the Finance Director, with approval of the Finance Committee
and the Chamsen of the City Coancil, w hereby authorized to issue tempormy bonds of the City in
anticipation of the foregoing bond issue, said bonds to be signed by the Finance Dveaor,
countersigned by the Claimant of the City Caused, sealed with the seal of the City, attested by its
Clerk, and otherwise to be in such poor and contain such tens and provisions including, without
limitation, maturities denominations, interest rate or rates, place of payment, and other details as
they shall approve, their approval to be conclusively evidenced by their execution thereof.
THAT any temporary bonds (including bonds in renewal thereof) authorized to be issued
under this Order may be issued in combination with temporary bonds (including bolls in renewal
thereof) and bonds authorized to be issued by the City Council at any time prior to the date of
issuance of the temporary bonds.
THAT the Finance D¢exmo be and hereby is authorized to select the registrar, paying agent,
and transfer agent (the "rraatfor Agent') for the bonds and to execute and deliver such comsat and
agreements as may be necessary or appropriate 0 amore their services.
9&362 J1
As amendal
THAT the bonds shall be transferable only on the registration books of the City kept by the
transfer agent, and said principal amount of the bonds of the some maturity (but not of other
maturity), upon amender thereof at the principal office of the trey sfier agent, with a written
marromern of weigher satisfactory in five trend£ agent duly executed by the registered owner or his
or her attorney duly authorized in writing.
THAT the Finance Director goal Chairman of the City Council from time to time shall
execute such bonds as may be requires in provide for exchanges or missions of bonds as heretofore
authorized, all such bonds in bear the original signature of the Finspce Dowllor and Chairman of the
City Council, and in was any officer of the City whose signature appears on my bond shall cease
to be such officer before the deliver of said bond, such signature shall nevertheless be valid and
sufficient for all purposes, the same as if such officer had remained in office mail delivery thereof
THAT upon each exchange or transfer ofbonds, the City and transfer agent shaft make a
charge sufficient to cover my tax, fee, mother governmental charge required to be lead with respect
to each marcher or exchange, and subsequent to the fust exchange or transfer, the cost of which shell
be borne by the City, the con of preparing new bonds upon exchanges or transfers thereof shall be
paid by the person requesting the sane.
THAT the bonds and notes issued in antfcipationlheteofhi issued on either a taxable or a
tax-exempt basis, or some combination thereof, as determined by the Finance Director, with the
approval of the Finance Committee.
THAT, if the bonds, or a portion thereof, are issued on a tax exempt basis, the officers
existing the bonds be and hereby are individually authorized and directed to covenant and certify
on behalf of the City that no part of the proceeds of the issue and sale of the bonds mthorized to be
issued hereunder shall be used directly or indirectly to acquire any securities or obligations, lho
acquisition of which would cause such bonds to he "arbitrage bonds" within the meaning of
Suwon 148 of the Internal Revenue Code of 1986, as amended (the "Code'j.
THAT, if the bonds, or a portion thereof, are issued on a tax exempt basis, the officers
executing the bonds be and bereby are individually authorized to covenant and agree, on behalf of
the City, for the benefit of the holders of such bonds, that the City will file my required reports and
take ary, other notion then may be necessary to aware that interest on the bonds will remain exempt
from federal income licamon and that the City will refrain from any action that would caace interest
on the hands in be subject to federal income laxation.
THAT the officers executing the bonds be and hereby are individually authorized to
covenant, certify, and agree, on behalf of the City, for the benefit of the holders of each bonds, thin
the City will file my required reports, make my amus[ financial or materiel event disclosure, and
take my other action dot may be necessary in ensure that the disclosure requirements imposed by
Rule 15c2-12 of the Securities and Exchange Commission, if applicable, are met.
THAT, if the bonds, or a portion thereof, are issued on a tax exempt basis, the Finance
Circular be and hereby is authorized and empowered to take all snob action as may be necessary in
designate the bonds m qualified tax-exempt obligations for purposes of Section 265(6) of the Code;
98-362
7
As mnended
it being the City Council's intention that to the extent permitted under the Code, the bonds be
Section 265(6) designated and that the Finance Director with advice of bond counsel, make the
required Section 265(6) elation with respect to such bonds to the extent that the election may be
available and advisable as determined by the Finance Director.
THAT the term "cost" or "costs" As cared herein and applied to the Project, or my portion
therwf, vicludes, butGnot linuted [o: (1) the purchase price oracquisilion cost of all orany portion
of the Project; (2) the cost of construction, building, alteration, enlargement, reconstructiory
renovation improvement, and equipping of the Project; (3) the cost of all appurtenances and other
facilities either on, above, or under the ground which are used or usable in connection with the
Pmjerd; (4) the cost of landscaping, site preparation, and remodeling of any improvements or
fmilifies; (5)the cost of all labor, materials. building systems, machinery, and equipment; (6) the cost
of land, structures, real property interests, rights easements, and fianchiscs acquired in connection
with the PM ear; (7) the coat of ail utility erections act site improvements and development (8) the
cost of planning, developing preparation of specifications, surveys, engineering, feasibility studies,
legal and other profesoiohml services assuchned with the Project; (9) the cost of enviromnmml
snMies and msesstnevts; (10) the cost rffiravcivg charges and issuance costs, including premiums
for insurance, interest prior to and during conetirdion, underwriters' fees and costs, legal and
accounting fees and costs, application fees, And other fees and expenses relating to the Bouncing
transaction; and (Il) the cost of all other financing authorized hereunder, whether related or
unrelated to the foregoing.
THAT the investment carvings on the proceeds of the bonde, if my, and the excesv proceeds
ofthi bonds, if my, be and hereby are appropriated for the following purposes, such proceeds to be
held end applied in the following order of priority:
1. Tomywmofthe ProjectinexcessoftheprincipalemomtofNebonds;
2. If the bonds are issued on a tae exempt basis, in accordance with applicable terms and
provisions of the Arbitrage and Use of proceeds Certificate delivered in covrcecfien with
the sale of the bonds including, to the extent pent ted thereunder, to the aLy's General
Fund.
THAT the purview Director, Chairman of the City Council, Clark, and other proper officials
of the City be, and hereby are, authorized and empowered in its name and on its behalf to do or cause
to ed done all such acts and things as may be necessary or desirable in order to effect the issuance,
sale, and delivery of the bonds and notes ae hereinbefore authorized.
THAT if the Finance Director, Chairmen of the City Created, or Clerk are for my return
unavailable to approve and execute the bonds or my related financing documents, the person or
permns then acting in my such capacity, whether As an assistant a deputy, or otherwise, is
anthorized to ad for such official with the same force and effect as if such official had 3dmselfor
herself performed such act.
THAT in each of the years during which my, of the bonds are outstanding there shell be
levied a tax in an amount which. with other revenues, if my, available for that purpose, shall be
96362
Asamend
sufficient to pay the interest on said bonds, payable in such years, and the principal of such bonds
maturing in such years.
THAT, if the bonds, or a portion thereof, are issued on a tax exempt basis, this Order
constitutes a Declaration of Official Intent by the City pursuant to Treasury Itegulation
Section 1.150.2 to reimburse my original expenditures made on the project out of the General Fund
or any other hand or account of the City.
98-362
Armed to Councilor T Ler September 16, 1998
CITY OF BANGOR
qApp__ AUTHORIZING THE ISSUANCE OF UP TO $2,000,000 AGGREGATE
(TIRE.) aBfTDPTa ..................PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS AND/OR
NOTES IN ANTICIPATION THEREOF AND ATAX LEVY TBEREFOR
By die City Caua&d oft OitY of Bovine:
OEDEEED,
TBAT Pursuant to 30-A M.R.S.A. §5772, Section 8 of Article VI of the City Charter
(Private and Special Laws of 1931, Chapter 56) and at amendments thereof and acts additional
thamm, and all other authority thereto erablm& there is hereby authorized the issue and sale at one
time and from time to time up to Two Million Dollars ($2,000,000) aggregate principal amount of
general obligation bonds of the City of Bangor, plus up to Rues peraat G%) of the principal smoum
of each issue or series to fund issuance costs. The proceeds derived from the sale of said bonds,
including premium, if any, shall be used and are hereby appropriated to pay a portion of the costs
(as herein defined) of the following project (the "Projecf):
To provide financing for the development of the brant two thirds of the forma Freese's
Department Store building in downtown Burger.
THAT the estimated weighted period of utility for the property constituting the Project to
be financed with the proceeds of said bonds is hereby determined to be at least twenty (20) years.
THAT the date, mamritiesmet to exceed 20 Years), denominations, interest rate or rams (not
W exceed 8.5% per annum), place of paynand, and other details of each issue of said bonds,
including the using and provision for their sale and award and the selection of=underwriter, shall
be determined by the Finance Director with the approval of the Furnace Committee and the
Chairman of me City Council.
THAT the bonds hereby authorized may be made subject to call for redemption, with or
without a premium, before the date fixed for final payment of ted bonds, as provided in 30-A
M.R.S.A. §5712(6), as amended, as shall be detemdned by the Finance Director with the approval
ofthe Finance Commithe.
THAT said bonds shall be signed by the Finance Director, countersigned by the Chairman
of the City Council, sealed with the seal of the City, attested by its Clark, and shall be in such form
and comma such terms and provisions not incoraistant herewith as they may approve, thein approval
to be conclusively evidenced by their execution thereof Anyissueofbonismaybeconsolidated
with and issued at dic same time as any other issue ofbonds authorized prior to their issuance, and
the bonds may be divided into multiple series and issued in separte plans of finarecin& with the
approval of the Finance Committee and the Chairman ofthe City Council.
THATpwsumtto30-A M.A.SA. §5772, Section 10 of Article VI ofthe City Charter ad
airy other authority thereto enabling, the Finance Director, with approval of the Finance Committee
and the Chairman of the City Council, is hereby authorized to issue temporary bonds of the City in
anticipation of the forgoing bond issue, said bonds to he signed by the Finance Director,
countersigned by the Chairman of the City Council, sear with the seat of the City, crested by its
Clerk and otherwise w be in such form and contain such terms and provisions including without
Incitation, maturities, denominations, interest rate or renes, place of payment, and other details as
they shall approve, their approval to be conclusively evidenced by their execution thereof.
THAT any temporary bonds (including bonds in renewal thereof) authorized to be issued
under this Order may be issued in combination with temporary bonds (including bonds in renewal
thereof) and bonds authorized to be issued by the City Council a my time prior to the data of
issuance of the temporary, bonds.
THAT the Furnace Career be and hereby is authorized to select the registrar, paying agent,
and transfer agent (the ' raysfer Agent') for the bmWs and to execate and deliver such contracts and
agreements as may be necessary or appropriate to saws their services.
THAT the bonds shall be transferable only on the registration books of the City kept by the
murder agent, and said principal amount of the bonds of the same maturity (but not of other
maturity), upon surrender thereof at the principal office of the ransfer agent with a written
instrument of transfer satisfactory to the transfer agent duly exavted by the registered owner or his
or her attorney duly authorized in writing.
THAT the Finance Director and Chairman of the City Council from time to time shall
execute such bonds as may be requbM to provide for exchanges or monsters of bonds as heretofore
authorized, all such bonds to bear the origirml signature of the Finance Director and Chairman of the
City Council, and in case any officer of the City whose signature appears on any bond shell cease
to be such officer before the deliver of said bond, such signature shall nevertheless be valid and
sufficient frr all purposes, the same as if such officer had remained in office until delivery thereof.
THAT upon each exchange or transfer of bonds, the City and counter agent shall make a
charge sufficient to cover any tax, fee, or other govemmenml charge required w be paid with respect
to such transfer or exchange, mal subsequent the hot exchange or mmd2s, the cost of which shall
be home by the City, the cost of preparing mew bonds upon exchanges or maroons thereof Awl be
paid by the person requesting the same.
THAT the bonds and notes issued in marap an n thereof be issued an either amxabte or a
tax-exempt basis, as determined by the Finance Dire tor, with the approval of the Finance
Committee.
THAT, if the hunts are issued on a not exempt basis, the officers; exceeding the bonds be and
hereby are individually authorized and directed to covem en and certify on behalf of the City that no
part of the proceeds of the maul and We of the bonds authorized to be issued hereunder shall be used
directly or indirectly to acquire any securities or obligations, the acquisition of which would cause
such bonds to be "arbitrage bonds" within the meaning of Section 148 of the Internal Revenue Code
of 1986, as amended (the "Code').
M-362
THAT, ifthe band are issued on ata t exempt basis, the officers executing the bonds be aM
hereby are individually authorized to wverem and agree, on behalf ofthe City, for the benefit of the
holders of such bonds. that the City will file any required reports sent take my other action that may
be necessary to ensure that interest on the bonds will remain exempt from federal income taxation
and that the City will refrain from my action tied would cause interest on the bonds to be subject to
federal income taxation.
THAT the officers executing the bond be and hereby are individually authorized to
wvenam, certify, and agree, on behalf of the City, forthe benefit of the bolders of such bonds, that
the City will file my required reports, make any amus[ financial or roatenal event disclosure, and
take my other action that may be necessary to ensure that the disclosure requirements imposed by
Rule 15c2-12 of the Securities and Exchange Commission, if applicable, are met.
THAT, if the bond we issued on atax exempt basis, the Finance Director be and hereby is
authorized and empowered to take all such action as may be necessary to designan the bonds as
qualified tax-exempt obligations for purposes of Section 265(6) of the Cade; it being the City
Council's intention that, to the extent pertained under the Code, the bond be Section 265(6)
designated and that the Fiance D'vaYor with advice of bond counsel, make the required
Section 265(b) election with respect to such bonds to the extort that the dectian may be available
and advisable as determined by the Finance Director.
THAT the term "cost" or "costs" as used herein and applied n the Project, or any portion
thereof, includes, but is not limited m: (1) the purchase price oracquisitioncost of all army portion
of the Project; (2) the coal of conduction, building alteration, enlargement, ceoonshucdon,
renovation, improvement, and equipping of the Project; (3) the war of all appurtenances and other
facilities either on, above, or under the ground which are used or usable in connection with the
Project; (4) the cost of landscaping, site preparation, and remodeling of any improvements or
faeitities; (5) the cost of all labor, manuals, building systems, machinery and equipment; (6) the cost
of land, shvcraeR real property interests, rights, easements, and fiencloses acquired in connection
with the Pmjecq (7) the cost of all utility extensions and site improvements and development (8) tile
cost ofphuming, developing, "motion of specifications, surveys, engineering, feasibility studies,
legal and other professional services associated with the Project (9) the rest of mvionmemah
studies and assessments; (10) the cost of financing charges and issuance rests, including premiums
for insurance, interest prior to and during construction, underwrinrs' fees and coats, legal and
accounting fns sued costs, application fees, and other fees and apenses relating to the financing
tmvmction; and (11) the coat of all other financing authorized hereunder, whether related or
unrelated n the forogoing.
THAT the investment earnings an the proceeds ofthe bonds, if my, and the excess proceeds
of rhe bond, if my, be and hereby are appropriate f the following purposes, such proceeds to be
held arta applied in the following ceder of priority:
1. To my coats of fires Pmjca is excess of the principal meant of the bonds;
2. If the bond are issued on a tax exempt basis, in accordance with applicable terns
and provisions of the Arbitrage and Use of Proceeds Coniferous delivered in
connection withthe sale ofthe bonds including, to the exnnt permitted thereunder,
to the City's Genual Fund.
98-362
MAT the Finance Director, Chairman of the City Council, Check, ad other proper officials
of the City be, and busby are, authorized and empowered in its name and on as behalf to do or cause
to be done all such acts and things as may be necessary or desirable in order to effect the issuance,
We, and delivery of the bonds and notes as hereinbefore authorized.
THAT if the Finance Director, Chairmen of the City Council, or Clark are for my reason
unavailable to approve and execute the bonds or my related financing documents, the person or
persons then acting in any such capacity, wbether as an assistant, a deputy, or otherwise, is
authorized to act for such official with the same force and effect as if such official had himself or
herself performed such act.
THAT in each of the years during which any of the bonds are omstandnW, Nae shall be
levied a tax in m amount wLich, with other revenues, if any, available for Nat purpose, shall be
sufficient W pay the interest on said bods, payable in such years, ad the principal of such bonds
marring in such years.
THAT, if the bods are issued on a tax exempt basis, this Order constiNtes a Declaration
of Official Intent by the City pursuant W Treasury Regulation Section 1.1502 to reimburse my
original expenditures made on the Project out of the General Fond or any other fund or account of
the City.
98-362
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98-362
PUBLIC HEARING
CIN OF BANGOR
General Obligation Bonds Not to Exceed
$2,000,000
The Bangor City Council will hold a public hearing at its
regular meeting at 7:30 PM on Monday, September 28,
1888 in the City Council Chambers, on Me third floor of City
Hell, 73 Harlow Street, Bangor, Maine, for the purpose of
hearing public comment on a proposed general obligation
bond of up to $2,000,000. Proceeds will be used to finance
the development of the front two thirds of the former
Freese's Department Store building.
A copy of the entire order is available to the public in the City
Clerk's Office at Bangor City Hall. The public is irwited to
address the Council on this proposed bond issue.
Gail Campbell
City Clerk