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Home My WebLink About1995-06-12 95-264 ORDERC IA seen Mon Date Jens :2 1995 Item No. 95-A4 Item/Subject OFDER, Authorizing an Issue of $2,425.000.00 Aggregate Principal Amount of hands and a Tax Levy Therefor for Various Sever Projects. Responsible Department Finance. Topic. Commentary: The attached Bond Order would authorize a Bond Issue not to exceed '$2,425,000 00 for a variety of Combined Sewer Overflow and sewer renovation projects. Theseprojectsare outlined on the first page of the Bond Order and have previously ban reviewed by the Municipal Operations Commina. A companion order approving these projects is included on the 6/12195 Agenda. The City Charter repu'ves prating aotices of borrowings, holding a public haring, and approval by two-thirds ofthe City Council Deparnt,Matmd Manager's Commenno: ✓ux,rpee a4 wam ry dl l�e p-�p�YnQ. PD txa c;[ym „ase Avociated Information: Budget Approval: Finmr[<Dim[( Legal Approval: ' City aolioieor Introduced For o Pasiagr°s ❑ First Raiding Page _ of— OReferral 95-264 Baseless] to Councilor Blanchette June 12, 1995 CITY OF BANGOR (TITLE.) (or11Prr. uthn l a g an. Issue of $21425e000.00 Aggregaee _ Principal Amount of Bonds and a Tax Levy Therefor for various sewer Projects By the (Baty Oneself Mw Old of near: ORDERED, TWT THAT, pursuant to 30-A M.M.A. S5772, Section S ofMicle IT of the CityCharter (Pdvate end Special Laws of 1931, Cbapter 56) and aU amendmeMs thereof and ams additional thereto, and au other authority thereto Puddling, there is hereby authorized the issue and We of one time and from time to time of $2,425,00000 aggregate principal meant ofgeneal obligation bonds of the City of Bangor. The pmceeds derived from the sale ofsaid bonds, less premium, if any, shall be used and are hereby appropriated to pay am cases (as harem defined) of the following capital improvement projects: I':11 Ytu: Ya Union Street Separation Project $1,320,00000 Fremont Street Separation Project $ 245,000.00 Poplar Street Separation Project $ 240,500.00 Hammond Street Connecting Pipe $ 159,00000 Radcernille Cormecong Pipe $ 250,000.00 Preliminary Design for Future $ 153,000.00 Projects Infilnatto M0ow Reduction- $ 61,500.00 Small projects TOTAL: $2,427,000.00 The foregoing are collectively referred to as the "Projects. 95-264 THAT, the estimated period of utility for the property constituting the projects to be financed with the Proceeds of said bonds is hereby determined to be a least PROTECTS PERIOD OF UTILITY Union Street Separation Project 20 years Fremont Street Separation Project 20 years Poplar Sound Separation Project Myears Hammond Strcet Connecting Pipe 20 years BarkersvJle Connecting Pipe 20 years Prelim. Design for Future Projects 20 years IrShradoMMow Reduction- 20 years Smell Projects THAT, the date, maturities, denominations, interest rate or rates, place of paymem and other details of each issue of said bonds, including provision for thein sate and award and the selection of an underwriter, shall be determined by the Finance Director with the approval of the Finance Committee and the Chairman of the City Counted, and said bonds shall be signed by the Finance Director, countersigned by the Chaimran of the City Council, sealed with the seal of the City, attested by its Clerk, and be in such form and common 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 my tuber issue of bonds authorized prior to their issuance, and the bonds may be divided into multiple sense and issued in separate plans of financin& all as determined in the discretion of the Finance Director, with the approval of the Finance Committee wall the Chairman of the City Council. THAT, the bonds hereby authorized maybe made subject to call for redemption, with or without premium, before the date fixed for final payment of the bonds, as provided in 30.A M. R. S. A. S5772(6X 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 ere outstanding, there small be levied a tax in an warrant 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 to 30-A MR. S.A S57M, Section 10 of Article VI of the City Charter and any other authority thereto =him& the Finance Director, with approval of the Finance Committee and the Chairman of the Chy Council, is hereby authorized to issue temporary notes to the City in anticipation of the foregoing bond issue, mid tortes to be signed by the Finance Director, 95-264 countersigned by the Chairman of the City Council, sealed with the sew of the City, attested by its Clerk, and otherwise to be in such form and contain such terms and provisions, including without timiWies, maturities, denominations, interest rate or rates, place of payment and other details as they shall approve, their approval W be conclusively evidenced by their execution thereof. THAT, any, temporary notes (including notes in renewal thereof) authorized to be issued under tits Order may be issued in combination with temporary news to cluding votes in renewal thereof) and bands authorized W be issued by the City Crowd at any time prior W the date of issuance of the temporary notes. THAT, the Finance Due" be and hereby is authorized to appoint the registrar, paying agent and m offer agent (the "Transfer Agent") £or the bonds of the City. THAT, the bonds issued bereunder shall be tmrwferable only upon registration books of the City kept by the Transfer Agent, and said Bonds of one i maturity may be exchanged for an equal aggregate principal amount of bonds of the same =rarity (but not of another maturity) in the denomination of $5,000 or _ any multiple thereof upon surrender thereof9 the principal office of the Transfer Agent, with a wrmam wstnrmem of transfer satisfactory to the Transfer Agent duty executed by the registered owner or his attorney duly authorized in writing. IN CITY COUNCIL 95-264 Jose 12, 1995 0 R 0 E R First Reading Referred to municipal Title, Authorizing an Issue of $2,425,000.00 Ope oae Co Pittee Aggregate Principal Amount of Bonds and a Tax bw Levy Mercier for Various Sewer Projects. CIT RR IN CI1COUNCIL ................... I.................. �n ^� July I00 , 1995 Public Hearing held. NaComnen Atsgned to from Me General Public Pub11c ORDER Passed by the following a/. .....a.... Vote: 9 yea Councilman VotiCohen, Yee: Beldacci,ppe , Soucy, Cohen, Frankel. POpper.ogoucy, gull Tylgm 6 woo cocb CITY LEM PUBLIC HEARING CITY OF BANGOR $2;425000,,BOND' ISSUE '» FOR SEWER, PROJECTS The City Council of Bangor will hold a Public Hearing at 7:30 P.M. on Monday July IQ 1995 In the Council Room, Third Floor, City Hall, 73 Harlow Street for purposes of hearing public comment on the proposed issuance of $2,425,000 in general obligation bonds to be used to fund the following combined sewer overflow capital improvement projects: Union Street Separation Fremont Street Separation Poplar Street Separation Hammond Street Connecting Pipe Bakersville Connecting Pipe Preliminary Design for Future Projects Infiltration/Inflow Reduction - Small Projects A copy of the entire bond order is available to the public in the City Clerk's Office, Bangor City Hall. All members of the public are invited to address the Council on this proposed bond issue. June 30, 1995 - Russell J. McKenna City Clerk