HomeMy WebLinkAbout1996-06-24 96-299 ORDERCOUNCIL ACTION
Date: 6-24-96 Item No. 96-299
Item/Subject: ORDER, Declaration of Official Intent Pursuant to
Treasury Regulation Seo. 1.150-2 SRF Relating to
Certain LSO Projects, $2,655,500
Responsible Department: City Manager
Commentary:
Treasury Regulations require that the City formally adopt a
Declaration of Official Intent prior to the issuance of any bonds
which authorizes the City to reimburse itself for any
expenditures made on these projects prior to the actual
borrowing.,
This action is necessary to allow us to appropriately time our
borrowings and ensure their tax-exempt status.
!tanager's Comments:
4t( 1
CITY
Associated Infonmtion: (7r P..:.d
Budget Approval:
FTNAMr
Legal Approval:
"I,
_Introduced For T
Passage
First Reading Pageof
Referral
96-299
ARdped to fumic0w Woodcock June 26, 1996
:✓ CITY OF BANGOR
(TITLE.) QOrber oeclaratlon o£ official intent pursuant to
Treasury Regulation Sec. 1.150-2 SER General Obligation BOMB,
$2,658,500
By e1e City CwWslt of Me My ofBengor:
TEAT
WHEREAS, the City of Bangor (The "Issuer") currently intens to
proceed with the following project (the "Project"): sewer
separation projects as shown on attached listing; and
WHEPEAS, the Issuer intends to finance the coats of the project
through the issuance of bona and notes in anticipation
thereof; and
WHEREAS, certain of the costs of the Project may be paid by the Issuer
prior to the issuance of notes or bonds and be, reimbursed
from the proceeds thereof; and
WHEREAS, Treasury Regulations Sec. 1.150-2 requires that an Issuer
declare its official intent to reimburse expenditures with
proceeds of borrowings prior to the date of expenditure;
NOW, THEREFORE, the Issuer does hereby declare its official intent as
follows:
1. Declaration Of Tntegt The Issuer reasonably expects to
reimburse
original expendituresmade n the Project with the proceeds of
notes ors
bonds to be issued by the Issuer in the maximum principal
amount of $2,658,500.
2.
Relates,_ The following is asnably accurate general functional
s
description of the type and a of the property with respect to which
reimbursements will be made: Sewer Separation Projects.
3. Fund Accounting. Any original expenditures made on the
Project to he reimbursed with proceeds of the issue identified in
Paragraph 1 hereof will be made from the Issuer's Sewer Fund,
9. Public Availability of Official Intent This Declaration
of Official Intent stroll be maintained as a public record of the Issuer.
5.au Regulations. This is a declaration of official
intent pursuant to the requirements of Treasury Regulation Sec. 1.150.2.
6.A hurt vyt i�eor ne�Fa.ar� This declaration is adopted
pursuant to the following action of the Issuer: Order adopted by its
City Council.
IN CITY COUNCIL
June 24, 1996
Passed
£.
TY EPK
96-299
O R UBR
t.
Title, Declaration of Official Intent
Pursuant to Treasury Regulation Sec.
I.I50-2 SM General 06A anon Bonds,
$2,658,500
...................................... i.
.... Tom..Qa�e 1�c.........
Councilman
96-299
FY 97 CSO PROJECTS
WASTEWATER TREATMENT
PLANT CSO EXPANSION
M 43 MGD
80
FISCAL AND I. P, C.AI,
S 5,000
86
SURVEY & DESIGN (ADDMONAL)
S 15,000
90
ENGINEEROM ADAUNISTRATION
S 6,000
92
TESTING &INSPECTION
$ 20,000
95
CONSTRUMON
$200,000
99
CONTINGENCY
S 20,000
$266,000
KENDUSEEAG PUMP STATION
UPGRADE TO M MGD
80
FISCAL AND LEGAL
S 8,000
86
SURVEY & DESIGN (ADDITIONAL)
S 30,000
90
ENGINEERING ADMPILSTEATION
$ 9,000
92
TESTING & INSPECFION
S 20,000
95
CONSTRUMON
$325,000
99
CONTINGENCY
S 33.000
$425,000
SEWER SEPARATION PROJECT
80
FISCAL AND LEGAL
$ 22,500
86
SURVEY & DESIGN (ADDMONAL)
S 54,000
90
ENGINEERING ADMINISTRATION
S 9,000
92
TESTING&INSPECTION
$ 67,500
95
CONSTRUCTION
$ 9W,000
99
CONTINGENCY
$ 90.000
$1,143,000
96-299
LINDEN STREET / GRANT STREET
STREET SEWER
SEPARATION PROJECT
80
FISCAL AND LEGAL
S 6,250
86
SURVEY & DESIGN (ADDITIONAL)
$ 18,750
90
ENGINEERING ADNM41STRATION
$ 2,000
92
TESTING & INSPECTION
$ 20,000
95
CONSTRUCTION
$250,000
99
CONTINGENCY
$$ 25,000
S
50,000
$322,000
CLYDE ROM AREA
S
SEWER SEPARATION
PROJECT
$
61,500
80
MCAL AND LEGAL
S 6,000
86
SURVEY & DESIGN (ADDITIONAL)
S 18,000
90
ENGINEERINGMMINISTRATION
$ 2,000
92
TESTING & INSPECTION
$ 20,000
95
CONSTRUCTION
$220,000
99
CONTINGENCY
S 22,000
=88,000
PRELINEPIARY DESIGN -FY 98
CSO PROJECTS
80
FISCAL AND LEGAL
5 3,000
86
SURVEY & DESIGN (MDMONM)
S150000
$153,000
I;laIdjr Y(IYMiTu I.Tn l; MiiTw�i.'I
80
FISCMANDLEGAL
$
1,250
86
SURVEY& DESIGN(MDITIONM)
$
3,000
90
ENGINEERING ADMINISTRATION
S
750
92
TESTING & INSPECTION
$
4,000
95
CONSTRUCTION
S
50,000
99
CONTINGENCY
S
25W
$
61,500
FY W TOTAL
52,658,500