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HomeMy WebLinkAbout1997-08-11 97-346 ORDERCOUNCIL ACTION Date: 0-11-97 Item No 9]-346 Item/9uajeat: ORDER Authorizing an Issue of up to $575,000 Aggregate Principal Amount of Bonds Plus up to 36 of Principal Amount to Fund Costs of issuance and a Tax Levy Therefor for Various Capital Projects Responsible Department: Finance Commentary: Me attached Order would authorize bonds to fund the acquisition of the compressorand related equipment at Sawyer Arens, an previously Jdiscuaeed, as well as provide funding for the aspansion, remodeling and renovation of the City Nursing Facility in accordance with the proposal advanced at the workshop on July 29th. It also declares the Council's intent to issue the hands. This adds to the previously approved financing, bringing the total to $5,929,660. The i scheduled for late September. Prior to formal action on this Order, a apublic hearing is required. Additionally, a two thirda majority of the Council met approve the issuance of this debt. �u$ tc ii�l}21tt1G REquiREA REPARTURM READ c s� Manager•a Comments: yTI/�0+sloa - ,lml.n . O LD fin.1�11�'dQA M*Y CAl flibeki AND CITY MANAGER Order, Public to Order. public mti« to he poseed dna publfahea Budget Approved: ' FINANCE DT=2 Legal Approval, b CITY SULK m— Paeans st aa roc • FirefF Reaalneage_oe_ • Deferral to lvmve C®ittee Cuf F�1 1'" 4L kADid dw.w+�e�. L �{ F`"6.��[Qi� � d,f.((�'�P n # P h (aww @ u wx word P=Oxx. ld VO � aid N�rmup 1. ay,'�� A a 66 o�V� "'MQn.d+'�.w7 a�4QtiOf w�.Q. (pmF.rJDea FI¢sT 97-3y4� Su.6s44w� Assigned to Comrdor c '?l CITY OF BANGOR GULF.) VIYCb2r-. AUTHORIZING THE ISSUANCE OF UP TO $150,000 e-.-----AGGREGAW PRINCIPAL.-AMOUNT—OF--GENERAL.. OBLIGATION BONDS AND A TAX LEVY THEREFOR. ,. BY bar MY CaYsnfl of the City of Burgesses ORDERED, nnpp Pursuant to 30-A MRSA.§57M, Section 8 of Article Vl of the City Charter (From and SpeaTiaws of 1931, Chapter 56) and all ammdmmre thmeof and acts additional thereto, add all other authority therm, embling Mere is hereby m unrized the issue and sale at one fime and from time to time up m One Hundred Fifty Thousand Whom (5150,000) aggregate principal amount of Formal obligation bonds of the City of Emor, plus up to three percent (30%) of the principal mount of each issue or is M fund issuance costa. The proceeds derived from the sale of said bonds, including premium, if my, shall be used and are hereby appropriated to pay the costs (as herein defined) of summing a compressor and related equipment at Sawyer Arena (Me "ProjecP). THAT Me estimated weighted period ofad[try for Ne Property constituting MeProject to be financed with the proceeds of said bonds is hereby determinW to be at least twenty (20)years, THAT the date, maturities, denominations, named rate or races, place of payment, and other details of each issue of said bonds, including the timing and provision for their sale and award and the selection of an underwriter, sha]1 be determined by the Finance Direcmr with the approval of Me Finance Comm ince and the Ohainnan of the City Council. THAT the bonds hereby authorized maybe made subject or call for redemption, with or without a premium, before the date fixW for final Reform ofthe bonds, as provided in M-AMASA.§ 5]]2(6), es amended, n shall be determined by Me Finance Director wit the approval ruffles Finance Committee and Me Chair of Me City Council. THAT said bonds shall be signed by Me Finance Director countersigned by the Clear r of the City Council, sealed with Me seal of Me City, atresud by its Clank and shall he -in such form and contain such terms add provisions not inconsistent herewith as they may approve, their approve to be conclusively evidenced by then execution thereof Any issues of bonds may be consolidated with and sued at 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 sommte plans of financing, with Me approval ofthe Finance Committee and Me Chair of Me City Council. 9]-346 Auipmd to funnedm Soucy August 11, 1997 CITY OF BANGOR RITLEJ YdY112T AUTHORIZING THE ISSUANCE OF Dp TO $575,000 1----AGGREGAT$-PRINCIPAL--ANOUNIT OF GENERA 01MLIGRTION BONDS AND A TAX MW THEREFOR. BY lite My Caused of the My ofBmpor. i7:THd;irp QAT pursmm W 30-AM.R.S.A.§,STM,Sorties g of Article Vl of We City Charter (Private and Speonel Laws of 1931, Chapter Sfi) and all amendmems Nveofand acts additional thereto, aM all other authority, Weretd enabling, there is hereby authorized the issue and sale m mu time and from time time up to Five Hundred Seventy Five Thousand Dollars ($575,000) aggregate principal amount of Sm" obligation bonds of the City of Harbor, plus up W three percent (3%) of the principal amomt of each issue or series to fund issuance were. The proceeds derived from the sale of said bonds, including premium, V my, shot[ be used and are hereby appropriated to pay the costs his herein defined) of the following projects (We "Projenaq: Expansion, remodeling and renovation of the skilled nursing unit of line Bangor Nursing Facility and relocation of the facility's 17 -bed resident care therapy department. Acquisition of compressor and related equipment at Sawyer Areas THAT the estimated weighted period of utility for the property contributing the predicts to be Wmoced with the proceeds of said bonds is hereby determined to be at least twenty (20) years. THAT the date, committee, dmmminmions, interest mm or race%place of payment, and other details of each issue of said bonds including the timing and provision for their able and Sword and the selection of an underwater, shall be determined by the Finance Director with the approval of the Finance Committee aM the Chairman of the City Council. THAT the binds hereby maintained may be made subject to call for redemption, wit, or without a premium, before the date fixed for final payment of the bonds, as provided in 30-AM.R.S.A.§ 5]]2(6), as amended, as shall be determined bytbe Finance Direcwr with the approval ofthe Finance Commitee and the Chair of the City Council. THAT said bonds shall be signed by the Finance Director countersigned by the Chair of the City Comcil, sealed with the seal of the City, atested by its Clerk and shall be in such form and contain such terms and provisions not inconsistent herewith As they may approve, their approve to be conclusivelyevidmced by their execution thefmf. Any issues ofbonds maybe consolidated with and issued at the same time as my other issue of Wads authorized prior to Weir issuance, and the bonds may be divided into multiple series and issued in separate plans of financing, with the approval of the Finance Communist and the Chair of the City Council. IN CITY COUNCIL August 11, 1997 First Reading Referred to Finance Committee CI CLBRRR IN CITY COUNCIL August 25, 1997 PUBLIC NEARING: Motion to "an Public nearing made and seconded Motion to sawed by Substitution Passed. No one from the Public spoke. Public Nearing Closed Passed as Amended by Substitution Vote: 6 yea, 3 absent Councilors voting yes: .Aube, Baldacci, Blanchette, Parnham, Soucy a Tyler Councilors absent: Lean, Sullivan 6 Woodcock s 97-346 O A DER Title, Authorizing The Issuance of up to $575,000 Aggregate Principal Amount of General Obligation Bonds and a Tex Levy STYTYT T........... 4.1 ................ ...................................... Q �`A.pe'riltp.�es(d� ro ...... .g! ................. Councilman 97-346 THAT pursuard to 300.A MA.S.A. §5772, Section 10 of Article VI of the City Charter and any other authority thereto eaabling, the Finance Director, with approved of the Finance Committee and the Chair of the City Council, is hereby authorized to issue temporary bonds of the City in anticipation of the ongoing bond issue, said bonds to be signed by the Finance Director, countersigned by the Chan of the City Council, sealed with the seal of the City, attested by as Clerk, had otherwise to be in such form and comain such teems and provisions including, without limitation, maturities, denom undons, interest rote or rotes, place ofpaymenS and other demils as they shall approve, then approval to be conclusively evidenced by their execution thereof. THAT any temporary bonds (including bands in renewal thereof) authorized to be issued order this Order may be issued in combination with temporary bonds (including bonds in renewal thereof) and bonds authorized m be issued by the City Council at any time prior in the date of issuance of the temporsry bonds. THAT the Finance Director be and hereby is authorized in select the registrar, paying agent, aM transfer agent (the "Fransfer Agent") for the bonds and to execute and deliver such contracts and agreements as may be necessary or appropriate to secure their services. THAT the bonds shall be trarisFrable only on the registration books of the City kept by the transfer agent, and said principal amount of the bonds of the same maturity (but not of other motsnity) in the denomination of $100,000 and any integral multiple of $5,000 in excess thereof, upon surrender thereof at the principal office of the transfer agent, with a written instrument of transfer satlsfacmry to the transfer agent duly executed by the registered owner or his or her mormry duly authorized in writing. THAT the Fioence Director sad Chau of the City Council from how to time shall execute such bonds as may be required to provide for eccbanges or transfers of bonds as heretofore authorized, all such bonds to bear the original signanue of the Finance Director and Chair of the City Council, had in case any officer of the City whose signature appears on any bond shall cease to be such officer before the deliver of said bond, such signature shell nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office umil delivery thereof. THAT upon each exchange or transfer of bonds, the City aM transfer agent shall make a charge sufficient to cover amy tax, fee, or other govemmenml charge required to be paid with respect to such transferor exchange, and subsequent to the first exchange or transfer, the cost of which shall be boot¢ by the City, the cost of preparing new bonds upon exchanges or transfers thereof shall be paid by the person requesting the same. THAT the officer; executing the bonds be and hereby are individually authorized and directed to coverer and certify on behalf of the City that no part of the proceeds of the issue and sale of fie 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"). THAT the officers executing the bonds be and hereby are individually authorized to covenant and agree, on behalf of the City, for the benefit of the holders of such bonds, that the 9]-346 City will file any required reports mW take any 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 ordain from any action that would cause interest on the bonds to be subject to federal income taxation. THAT the officers executing the bonds be and hereby are individually authorized to covenant, reality, and agree, on behalfoftha City, for the benefit of the holders of such bonds, that the City will file my required reports, make my annual Mention or material event disclosure, and take any other action that may be necessary to ensure that the disclosure relummants imposed by Role 15c2-12 of the Securities and Exchange Commission, if applicable, are met. THAT the Finance Director be and hereby is authorized and empowered to take all such action as may be necessary to designate the bonds as qualified mx-exempt obligations for purposes of Section 265(b) of the Code; it being the City Council's intention Cut the bonds be Section 265(b) designated and that the Finance Director with advice of bond counsel, make the required Section 265(6) election with respect to such bonds to the extent then the election may be available and advisable as dermnined by the Finance Director. THAT the term `cost" or "cons" as used herein and applied to the Projects, or my portion thereof, Includes, but is not limited to: (1) the purchase price or acquisition cost of all or my portion of the Projects; (2) the cost of construction, building, allocation, enlargement, reconstruction, renovation, improvement, and equipping of the ProjaMs; (3) the con of all appurtenances and other facilities either on, above, or order the ground which are used or usable in connection with the Projects; (4) the cost of landscapin& site preparation, and remodeling of any improvements or facilities; (5) the con of all labor, materials, budding systems, machinery and equipment; (6) the cost of land, structures, real property intgura, rights, easements, and hearings acquired m correction with the Projects; ('n the cost of all utility extensions and site improvements and development; (8) the cost of planning, developing, preparation of specifications, surveys, engineering, feasibility stuthes, legal and other professional services associated with the projects; (9) the cost of environmental studies and assessments; (10) the cost of financing charges and issuance costs, including premiums for insurance, interest prior to and during coushu maA urWecwri[em' fees and costs, legal and accounting fees and cons, application fees, and other fees and expenses relating to the financing tmnaaction; and (11) the cost of all other financing authorized hereunder, whether related or unrelated to the foregoing. THAT the investment earnings or the proceeds of the bonds, if arty, and the excess proceeds of the bonds, if my, be and hereby are appropriated for the following purposes, such proceeds to be held and applied in the following order of priority: 1. To my toss of the Projecs in excess of the principal amount of the bonds; 2. In accordance with applicable terms and provisions of the Arbitrage and Use of Proceeds Certificate delivered in connection with the sale of the bonds including, to the extent permitted thereunder, to the City's Genaal Fund. THAT the Finance Director, Chairman of the City Council, Clerk, and other proper officials of the City be, and hereby are, authorized and empowered in its name and on its behalf 9I-346 to door cause to be done all such acts and things as may be necessary or desirable in orderto effect the issuance, sale, and delivery of the bonds and notes as hereinbefore authorized. THAT if the Finance Director, Chair of %a City Council, or Clerk are for any reason unavailable to approve and execute %e bonds or my related financing documents, the person or persons than acting in my such capacity, whether 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 a d. THAT in each of the years during v4dc1h arty of the bonds are outstanding, there shell be levied a tax in an amount which, with other renes, if my, available for that purpose, shall be sufficient to pay the interest on said bonds, payable in such years, and the principal of such bonds maturing in such years. THAT this Order cunstinnes a Declaration ofWchd Intent by the City pursuant to Treasury Regulation § 1.150-2 to reimburse any original expenditures made on the Projects out of the General Food. x vxrnssx.aaaera o. as PUBLIC HEARING CITY OF BANGOR General Obligation Bonds Not to Exceed $575.000 For Various City Projects The Bangor City Council will hold a public hearing at its regular meeting at 7:30 PM on Monday, August 25. 1997 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 general obligation bond of up to $575,000 to be Issued on or about September 25, 1997. Proceeds will be used to fund the following capital projects: (1) Expansion, remodeling and renovation of the skilled nursing unit of the Bangor Nursing Facility, and relocation of Me facility's 17 -bed resident care therapy department. (2) Acquisition of a compressor and related equipment at Sawyer Arena 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 proposed bond issue. Gail E. Cambpell August 13, 1997 City Clerk 9v 3YF PUBLIC HEARING CITY OF BANGOR General Obligation Bonds Not to Exceed $575,000 For Various City Projects The Bangor City Council will hold a public hearing at its regular maegng at 7:30 PM on Monday, August 25, 1997 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 general obligation bond of up to $575,000 to be issued on or about September 25, 1997 Proceeds will be used to fund the following capital projects:. (1) Expansion, remodeling and renovation of the skilled nursing unit of the Bangor Nursing Facility, and relocation of the facility's 17 -bad resident care therapy department. (2) Acquisition of a compressor and related equipment at Sawyer Arena. A copy of the entire order is available to the public in the City Clerk's Once at Bangor City Hall:. The public is invited to address the Council on this proposed bond issue. Gail E. Cambpell August 13, 1997 City Clerk -_. - WeDAxsd AY ,C>:c�Hc NorrcF -.1 �y '9D- ro 8s JpUhhgAld €-y3-97 PRA!E s AO* -xk 9%ozo7