HomeMy WebLinkAbout1995-06-12 95-255 ORDERCOUNCIL ACTION
Date: 6-12-95 95-255
Item No.
Item/Subject: ORDER, Establishing a Declaration of Official Intent
Pursuant to Treasury Regulation §1.150-2 Relating to
Certain CSO Projects
Responsible Department: City Manager
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 an these projects prior to the
actual borrowing. This statement will cover those CSO projects addressed
elsewhere on tonight's agenda.
This action is necessary to allow us to appropriately time our borrowings and
insure their tax exempt statue.
Department Head
Hanger's Commentsx
(t9dU4IN a"asub—
Y
City Manager
Associated Information:
Order
Budget Approval:
th
j4� FinanceDi ector
Legal Approval
City Solici
Intr&duced For
A_ Passage
First Reading Pege of_
Referral
95-255
Ante" to Caused" Cohen June 12, 1995
CITY OF BANGOR
(TITLE.) Mrbff, _:.Establishing_ a Declaration of Official. Intent.._..
Pursuant to Treasury Regulation 91.150-2 Relating in; Certain CSO
Projects
BP tAe tti+P Cosset of a4 COyKBowoe
OEDEMA
TEAT this Order constitutes a Declaration of Official Intent by
the City of Bangor pursuant to Treasury Regulations $1.150-2 to reimburse
any original expenditures made on the projects listed below out of the
General Pond or the Sewer Pund, and that the City intends to issue bonds on
a tax-exempt basis for these projects to the extent that they qualify for
such treatment, and otherwise to issue such bonds on a taxable basis. The
projects covered by this Declaration are:
Projectsmaw
tedCost
Union Street Separation
$1,320,000
Preemont Street Separation
245,000
Poplar Street Separation
240,500
Hammond Street Connecting Pipe
157,000
Bakersville Connecting Pipe
250,000
Preliminary Design -Future Projects
153,000
Infiltration/Inflow Reduction -Small
Projects 61,500
TOTAL
$2,427,000
IN CITY COUNCIL - 95-255
Tune 12, 1995 O R D E R
Pa N�
Title, Establishing a Declaration of
Official Intenet Pursuant to Treasury
C1T gK Regulation fl.150.2 Refuting to Certain
....../...%.......�......................
ioa i(C �
ea [e
h��<-.Qp........ t.................
'" Couneflmen