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Home My WebLink About1996-07-08 96-307 ORDERCOONCIL ACTION Date: 7-8-96 item NO 96-301 Item/subject: ORDER Authorizing an Issue of $2,658,500 Aggregate Principal AnsOUnt Of Bonds and a Tax Levy Therefor for Various Sewer Projects Responsible Department: City Manager Camentary: The attached Order would authorize horde for seven mewor pro)acta, as rated in the attached Order. '[he £icaacing is expected to take place next Spring through the State Revelvinq Llan rosed at aubaidixed rates of interest. Prior to formal action on this Order, a public hearing is required. Additionally, a two thirds majority of the Council mast approve the issuance of this debt. Di Manages I Cowmwenta: -T�A Statu C-0IA� pywy Associated Information: OtCQDC Rudget Apprcval:-)�ga midkQttid .t�.nunA WsSJ{7. Nwuo�*3mu"+' Vgk.+^„wda�puvsQ FINANCE DIRECTOR Legal, Approval: CTTY SOI TCSTO _Introduced For Passage • First Reading Servs Pageo£ • Referral to FLaamce Committee OTdcf 17./69r ! 1,143,000 I years Linden Stmet/Grant Street Sewer Separation Project man I years Clyde Road Area Sewer Separation 288,000 96-307 "IrOdW CamaBor Woodcock July 8, 1996 CITY OF BANGOR (TITLE) (S1rD2ry _AUTHOAIEIHG AN ISSUE OP 11 $2,658,500 AGGREGATE PRINCIPAL AMOUNT OF BONDS AND A TAX LEVY THEREFORE FOR VARIOUS SEWER PROJECTS By Nw Gas Cousmt of 94 Cizy of Bangor: ORDERED, THAT Pursuant to 30-A M.R.S.A. 45772, Section S of Article VI of the City Charter (Private and Special Laws of 1931, Chapter 56) authority thereto enabling, them is hereby authorized the issue up to Two Million Six Hundred Fifty-eight Thousand and Five Hundred Dollars ($2,658,500) aggregate principal amount of general obligation bonds of the City of Burger, plus up to three percent (3t) of the principal amount of each issue orseries to fund issuance costa. The proceeds derived free the sale of said bonds, less premium, if any, will be used and are hereby appropriated to pay the costs (as herein defined) for the sewer projects listed below as follows: Pzaiect Amount Pnoiect Of Utility wastewater Treatment Plant CSO Expansion to 43 MGD 266,000 20 years Eenduskeag Pump Station Upgrade to 28 MGD 425,000 20 years Fourteenth Street Area Sewer Separation Project 1,143,000 20 years Linden Stmet/Grant Street Sewer Separation Project 322,000 20 years Clyde Road Area Sewer Separation 288,000 20 years Preliminary Design-FY98 CSO Projects 153,000 20 years Infiltration/inflow Reduction - Small Projects 61.500 20 years 2,658,500 The foregoing am collecitvaly referred to as the -Projects". IN CITY COUNCIL July 9, 1996 First Reeding Referred to Sever Committee TY CLBRR IN CITY COUNCIL July 22, 1996 Public Rearing Opened No Cements were heard Public Ueatly iClosed Order Nesse iTY CLERK 96-30] O ROER Title, Authorizing an Issue of $2,658.500 Aggregate Principal sant of Bonds and a Tex Levi THeie£ore for V86we $ewet P of eCCH ....................... ............ � SPG W,.......... Councilman PUBLIC HEARING CITY OF BANGOR $2,658,500 in General Obligation Bonds For Various Sewer Projects The Bangor City Council will hold a public hearing at its regular meeting at 7:30 PM on Monday, Jury 22, 1986 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 the proposed issuance of $2,658,500 in general obligation bonds to fund a variety of Sewer Projects as follows: Wastewater Treatment Plant CSO Expansion to 43 MGD ($266,000); Kenduakeag Pump Station Upgrade to 28 MGD ($425,000); Fourteenth Street Area Sewer Separation Project ($1,143,000); Linden StreeVGrent Street Sewer Separation Project ($322,000); Clyde Road Area Sewer Separation Project ($288,000); Preliminary Design - FY98 CSO Projects ($153,000); and InflltrationAnfim Reduction- Small Projects ($61,500). _ A copy of the entire bond 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. 4uly 9. 19961 Gail E. Campbell, City Clerk '00 '= 96viob' / �)Ay ZeTAt Aa a is�un comes- 9uly 9�f9YL /V .a a'r C'o/umN — 1960i p/rcis&' PUBLIC HEARING CITY OF BANGOR $2,658,500 in General Obligation Bonds, For Various Sewer Projects A copy of the entire bond 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. July 91 199& Gail E. Camobell. City Mark 96-30] THAT the estimated period of utility for the properties constitutes the projects to be financed with the proceeds of said bonds is hereby determined to be the period of utility shown above. THAT the date, maturities, denominations, interest rate or rates, place of payment and other details of each issue of said bonds, including the tieing and provision for their sale and award and the selection of an underwriter, shall be determined by the Finance Director, or Acting Finance Director, with the approval of the Finance Committee and the Chairman of the City Council, and said bonds shall be signed by the Finance Director, or Acting Finance Director, countersigned by the Chairman of the City Council, sealed with the seal of the City, attested by its Clerk, and shall be in such form and contain such terms and provisions as they may approve, their approval to be conclusively evidenced by their execution thereof. Any issue of bonds may 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 plane of financing, all as determined in the discretion of the Finance Director, or Acting Finance 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 premium, before the date fixed for final payment of the bonds, as provided in 30-M.R.S.A. Sec. 5]]2(6), as amended, as shall be determined by the Finance Director with the approval of the Finance Committee and the Chairman of the City Council. THAT in each of the years during which any of the bonds are outstanding, there shall be levied a tax inamount which, with other revenues, if any, available for that purpose, shall be sufficient to pay the interest on said bonds, payable in such year, and the principal of such bonds maturing in such year. THAT, pursuant t0 30-A M.R.S.A. 55772, Section 30. Of Article VI of the City Charter and any other authority thereto enabling, the Finance Director, or Acting Finance Director, with approval of the Finance Committee and the Chairman of the City Council, is hereby authorized to issue temporary notes of the City in anticipation of the foregoing bond issue, said notes to be signed by the Finance Director, or Acting Finance Director, countersigned by the Chairman of the City Council, sealed with the seal of the City, attested to by its Clerk, and otherwise to be in such form and contain such terms and provisions, including without limitations, 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 96-307 thereof THAT any temporary notes (including notes in renewal thereof) authorized to be issued under this Order may be issued in combination with temporary notes (including =tea 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 notes. THAT the Finance Director, or Acting Finance Director, be and hereby is authorized to appoint the registrar, paying agent and transfer agent (the 'Transfer Agent") for the bonds of the City. THAT the bonds issued hereunder shall be transferable only upon registration books of the City kept by the Transfer Agent and said Bonds of onmaturity may be exchanged for an equal aggregate principalamount of bonds of the same maturity (but not of another maturity) in the denomination of $5,000 or any multiple thereof, upon surrender thereof at the principal office of the Tranafer Agent, with a written instrument of transfer satisfactory to the Transfer Agent duly executed by the registered owner or his attorney duly authorized in writing.