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Home My WebLink About1995-01-23 95-84 ORDERItem W. 95-84 Oats 1-13-95 Itaw/Sab]ect: 0 : au[huizin3 tl Ieaue a $5.000.000 Aggregate P i:aipal moon[ a &:Me aM a 1Wt Ievy'l9tatafox Peaponalble Oepar $ City NamJei order to preserve ellgability for grant budung we � prooeed expeditiously no�oe in � new�er and Us Posting of Idea load order ma �o P&lIc places. �izing hands 1so � a 2/3 � of � City Council. We anticipate� �t a full � Workshop will Is � in Idea � near Want fundmIg. Jc 1, ICity ffana� ,ILI i {^`rr legal AFp�: I 95-84 A ipad to couepor Soucy January 23. 1995 /pp CITY OF BANGOR (TITLE.) $5,000x" Aggregate YSLcipal _..... Mount of floods and a Tan Ievy'Herefar B9 Me ase ca Af ad Caw 044 . ORDERED. TMjI0Lrsuartt m 30-A M.R.S.A. 65)]2, Saction 8 of Article W of the City Chart (Frivata an Special iaras of 1931, Oapter 56) an all aRarD+arcs th°teof ml acts ar tlomal tis^ efn, all all o autbrlty ttaram enablingr ttare is hooeby autlruized the issue an Bale at mie time an fran tip to time of Five Million w1la® ($5,000,000) aggregt fmincipal mamt of gaarel obligation bolls of the City of Bangor. 19re lis derived from ten Rale of said bons, less promhm, if Reny, mall be used all are hsr by apprupriatffi m pay the mets (as herein defLad) of acg i tial, deaelopmnt and mretruction of a new ng facility for dispn of sludge frau its swage traatemt facility (the 'Aoject"). '➢PT, the estimated perlod of utility for the property oro rtimting the Project to le fine d with the proceeds of said betide is ben by to be at falai 20 y . 'MET, the dale, maturit , denomination, irtaxvst rate or ra , place of payv all o details of each issue of said hada, incl+ding pmrfsim for their sale and award all the selection of m ur a riter, shall be by the Finance Director with the approval of the Finuxca Commitee all tla Oafuen of H City council, ani said bons shall be Sigwd by the FSmaa Director, rounmreigmd by ten Maiemn of ten City Council, sealed with the seal of the City, attestsd by its Clerk, an be an such form and maroadm such tes+re ami pcvdsioa as they may aPPrrne, Chir apprcm al to m caclusively a✓ichaned by their emcmtian thou®£. Any isms of bode nay ba m+adlldamd with an issued at tie sere time w Cory othor dasw of brnv authordned pcior to their iBaumr£, anal the bode nary le divided into multiple series an issued in separate plane of firarcing, all w tletenntretl in tie discretion of the Fdnaroe Director, with the approval of t Fdrance Camdttse oN the Oafnren of tie City council. TW, t bonds hereby authorisn may be mMe subject to call for zedeq:mt:m, with or wittmut prmdun, hsfoxe ten dam fimmi for final payment of the bonds, se provided in 3-A M.R.S.A., 65]]2(6), se madad, as shall by the Finance DimYnr with the approval of tt Finance Commitee an the Oairmvn of the City Council. =, in tick of ten yours duiug eddch any of ten tends are mmtandiug, tlreze stall be levied a tax in an wounr aidch, with other uevetvws, if any, avaflahle for that pnapcee, shall m sufficia+t to pay the interest m said bons, payable in such year, an tie principall of such hada mad¢ in such year. SHAT, p rs to 30-A M.R.SA. 957720 Section 10 of Acticle W of tfa City Charts[ an Rory otter auttc ity th ambling, the Ffnwce � with ap{xwal of the Finance Camitme an tie Chazaomn of the City Council, is hereby autMria to issue tmggrary rotes of the City in anticrfatiaa of the fcregoiul hod issue, said rotes to be eigcd by the Finance Director, mmarmigne d by ten Oafmmn of the City Caucil, sealed 95-64 with the seal of the City, anested by IN Clerk, and otherwise m be in such form and contain such terms and provisions, including without limitation, numrities, demmfnmiwns, interest rate or rates, place of payment and other details an they shall approve, their approval in be conclusively evidenced by thew execution thereof. THAT, any temporary acres (including nota in removal thereof) authorized an be Issued under this Ord" stay be issued in combinmio a with temporary mass (including rotes in renewal Manuel) and bonds authorized m be issued by the City Council at any time prior m the data of issuance of the temporary notes. THAT, the Falcone Director be and hereby is authorized to appears 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 am maturity may be exchanged for an equal aggregate principal amount of bands of the same maturity (but not of summer maturity) in the denomination of E5,BD0 or any multiple thereof, upon surrender thereof at the principal office of the Transfer Agent, with a written instrument of ti msfer satisfactory in me Transfer Agent duly executed by to registered owner or his armory duly authorized in writing. THAT, upon each exchange or number of the bonds, the City and the Transfer Agent shah make a charge sufficient re cover any tax, fee or other governmental charge required to be paid with respect m such transfer or exchange, and subsequent to the first exchange or ormsfer, the cost of which shall be Mum by the City, the cost of repairing new bonds upon exchanges or transfers thereof shall be paid by the person requesting the same. TRAT, the Fiwnce Director and the Chairman of the City Council be and hereby are authorized in undertake all acts necessary to provide for the issuance and transfer of die bonds in bookontry form pursuant m the Depository Trust Company Bock-BnVy Onty System, as an alternative m the provisions of the foregoing resolution regarding physical transfer bonds, and the Finance Director be and hereby is awOor'tzed and empowered to mato into a Lefler of Representation or any other contract, agreement or understanding necessary or, in his opinion, appropriate in older m qualify the bonds ler and participate in the Depository Trust Company Book -Burry Only sysem. THAT, the Finance Director and the Chairman of the City Council shall from time m time execute such bonds and races as may be required m provide for exchanges or transfer of bonds and notes u authorized herein, all such bands mid notes in bear the original signature of the Treasurer and the Chairman of the City Council, and in one of any officer of the City whose signore appears on any bond or note shall cease m be such officer before the delivery of such bond or note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained in office until delivery thereof. 95-84 THAT, We promote Ifir" r, Chairman of the City of Council, Clark and other proper officials of me City be, and hereby are, as horired and empowered in its name and on its behalf to do or cause an be done all such acts and Wings as may be necessary or desirable in order to effuY the ismamo, We and delivery of the bonds and mods a hereinbefore auhorized. THAT, We City covenanLr and certifies War no part of rhe proceeds of dte issue and sale of the bonds or votes authorized to he issued by this Order shall be used, direttly or indirectly, in acquire airy securities or obligations, da acquisition of which would cause such bonds or woes in be'arbitrage bonds" within the meaning of Secriw 149 of the Internal Revenue Code of 1986, as amended. THAT, the Finance Director he and busby is euthorizW to covenant and agree on behalf of the City and for the bermit of all the holders of all bands and oras issued hereunder that the City will file any required reports and take any other a don that may be necessary to insure the interest on the bonds and any motes issued in anticipation thereof, will remain exempt from Federal income reaction, and than the City will refrain from raking any whom that will cause interest on the bonds or none to be subject to Pedemi become taxation. THAT, rhe Furnace Director be and hereby is aamorized and empowered in the name of the City and on its behalf 0 devermhn whether the bonds authorized hereunder off be sold through negotiated train or competitive bid. The Finance Diraror be and hereby is authorized and empowered W execute and deliver in We name of and on behalf of the City any and all loan agreements, contracts, certificates and other documents necessary or, in his Opinion, appropriate in connection with the negotiated sale or competitive bidding. THAT, We Finance Director be and hereby is authorized and empowered o take all such action as may be necessary 0 desigmte such of the bonds as qualified tax-exempt obligafiom for purposes of Section 2650) of the Cad; it being the City Council's inantiun that the Finance Director, with advice of bond counsel, make the required Scotion 265(b) election with respect an sucb`bonds to the extent the election may be available and advisable as dorm fined by the Finance Director. THAT, this Order constitute a Declaration of Official Intent by the City pursuant to Treasury Regulation 61.150-2 W reimburse any original expenditures made on the PRoject out of the sewer fund, and Wat the City inmnds to issue the bonds on a tis -exempt basis to the exam they qualify for such trearmenr, and otherwise to issue such bonds on a taxable basis. THAT, the arm "Cost' or 'Costs" as used herein and as applied to the project, or any portion of the Project, includes, but is Out limited an (1) the purchase price or acquisition cost of all or any portion of We project; (2) costa of construction, building, alteration, enlargement, reconstruction, tewvalion, improvement and equipping of the Project; (3) all appurtenances and other facilities either on, above or under me ground which are used or usable in connection with Project; (4) laodsa�smg, sum preparation and remodeling of arty improvements on facilities; (5) the cost of all labor, materials, building systems, machinery Em and equipment (6) The mat of all IAMB, slrucnuea. real property imerem. rights, emom rats and framhisw acquhed in commotion with the Project; (7) the cast of all utility w:tensioour ami site development, (8) the specifimtiow, surveys, engineering, feasibility studies, legal and other profewional servicee; (9) (he cwt of envirmmenlal studies and assessments; (10) the test of financing charges and'usumce casts, inclndiag premiums for iwmaom, hdereat prior to am during construction, underwriters' Iceland cwt, legal hod accounting fees am owls, applimdm lees and other financing fees, the over of reserves for Payment of furore debt service related to the financing transaction; am (11) the test of all other Memos moessary w incident m the Prujoet and the financing mthoriud lsereunder. aiununcw IN CITY COUNCIL January 23, 1994 First Reading Referred to Appropriate IN CITY COUNCIL February 13. 1995 Passed As Amended Amended to Read Chapter 54", in the First Sentence in place of "Chapter 56". Vote: 8 Yes Councilors Voting Yes: Baldacci, Blanchette, Cohen, Frankel, Popper, Saucy, Sullivan d Tyler. rn� CITY UYERN 95-84 O ROER Title AuNoriving an Issue of. P5y000p000. Aggregate Principal Amount of Bonds and a Tax Levy 'therefor. ................. I... ... ... ..... Assigned t .... .......... to .....1... V COMflLran RUTICR OF wHILJC ISARINc BOND ISSUE - CITY OF BANGOR 7:30 4.M., FEBRUARY 13, 1995 COUNCIL RWM. 'THIRD FLOOR HANSON CITY HALF,. 73 BARLOW STREET By the City Conned of the City of Bangor: ORDERED THAT Pursuant to 30-A M.R.S.A. sec. 5772, Section 8 Of the City Charter (Private Article VI of ite and Special Laws Of 1931, acts additiothereto 'd Chapter 54.1 and all amendments thereof andnal Se hereby and all other authority thereto enabling, by the issue and sale at one time and from time to time of Five Million Dollars ($5,000,000) aggregate principal amount of general obligation bonds of the City of Bangor. The proceeds derived from the sale Of said bonds, leas premium, if any, shall be used and are hereby appropriated to pay the costs (as herein defined) of acquisition, development and construction of aew composting facility for disposal of sludge from its sewage treatment facility (the 'Project-). TEATthe estimated period of utility for the property constituting thenedtb rit tobea20 financed with hathe proceeds of said bonds ie hereby e, det A full COPY Of Council Order 95-04 is available for inspection at the city Clerk'a Office, City Hall, 73 Barlow Street, Bangor, Maine. February 3, 1995 , aa0 X0`'4 g5 Russell J. McKenna City Clerk