HomeMy WebLinkAbout1995-06-26 95-293 ORDERCOUNCIL ACTION
Dates 6-26-95
Item No. 95-393
Item/Subject: ORDER, Authorizing an Issue of $975,000 Aggregate
Principal Amount Of Ronde and a Tax Levy
Therefor --Main Street Municipal Development
District and Tax Increment Financing
Development Program
Responsible Department: City Manager
The attached Order would authorize the issuance of up to $975,000 in bonds
for the Main Street Municipal Development District. The bonds to be issued
are Tax Increment Financing bonds which are to be repaid through additional
taxes to be received from development within the District. The Council has
already reviewed and approved the development plan and financing program for
thin district.
Please note that these bonds will only be issued if the proposed Shaw's
Project goes forward.
As with all bond issues, the City Council =at hold a public hearing on this
issue prior to authorizing the bonds. Road authorization requires a 2/3rd's
vote of the Council.
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Order
Budget Approval:
Finance Director. .
Legal Approvals
City Soli r
Introduced For
1.
Passage
_X First Reading page_of_
Referral
Information:
Order
Budget Approval:
Finance Director. .
Legal Approvals
City Soli r
Introduced For
1.
Passage
_X First Reading page_of_
Referral
95-293
Amipud to Cobncdw Tyler June 26, 1995
CITY OF BANGOR
ttIRD MnMr Authoriaing m Ilene of $9]5,000 Aggregate.__.
Principal Amount of Benda and a Tax Levy Therefor
By the MY Cannot! of flu Ctty ofBuagoe:
ORDERED,
TUTPursuant to 30-A M.a.s.A. p 5772, Section 8 of Article VI of the City
Charter (Private and special Laws of 1931, Chapter 56) and all amendments thereof and
acts additional thereto, and all other authority thereto enabling, there is hereby
authorized the issue and sale at one cls and from time t0 time up to Nene Hunched
Semanty-FiVe Thousand Dollars ($975,000) aggregate principal SmOwt Of general
Obligation tax increment financing bonds of the City of Bangor, plus up to three
percent (3B) of the principal amount of each issue or series to fund i costs.
The bonds shall be designated -City Of Bangor 1995 general Obligation T Increment
Financing Bonds J' The proceeds derived from the sale of said bonds, less premium, if
any, shall be used and are hereby appropriated to pay the costs (as herein defined) for
development of certain public improvements including sewer line improvements,
renovation Of the Bangor Gasworka site and street and traffic improvements, and certain
sal estate improvements associated with construction of a supermarket, equipment
tailed in the supermarket and associated developing costs all as more specifically
pt0vlded in the "Main Street Municipal Development District antl Tax Increment Financing
Development Program" (the " velCpment Program") adopted by the city Council on June
12, 1995 (the foregoing improvements are hereafter referred to as the-Pro)xct").
THAT, the bonds shall Consist of registered bonds and shall mature not later than
twenty (20) years following their date of Sasuance. The date, denominations, interest
rate or rates, place Of payment and other details of said bonds, including the timing
and provision for their sale and award and the Selection of an underwriter, shall be
determined by the Finance Director, o acting Finance Director, with the approval of
the Finance Committee and the Chairman of the City Council, and said bones shall he
signed by the Finance Director, o acting Finance Director, c untera£gnea by the
Chairman of the City c cil, sealed with the seal of the City, attested by its clerk,
and be in each Tom antl contain such terms and provisions as they may approve, their
approval to be conclusively evidenced by their execution thereof. Any i of bonds
MY be Consolidated with and issued at the same time a any other issue Ofbonds
uthorized prior to their issuance, and the ma
bontls y be divided into multiple series
and issued i separate plans of financing, all as determined in the discretion of the
Finance Director, o cting 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, a
provided in 30-A M.a.s.A. & 5772(6), as amended, as shall be determined by the Finance
Director, Of acting Finance Director, with the approval of the Finance Committee and
the Chairman of the City Council.
THAT, in each 0f the years during which any 0f the bonds a outstanding, there shall
be levies a tax 1n a Mount 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.
IN CITY COUNCIL
June 26, 1995
First Beading
Referred to Appropriate
Committee 'n w)
�
. CLRP:
IN CITY COUNCIL
July 10, 1995
Public Hearing Held
No Comments from the
General Public
ORDER Passed by the following
vote: 9 Yes
Voting Yes: Ballarat, Blanchette,
Cohen, Frankel, Popper, Soucy,
SulUvan, Wier & Woodcock
CITYUCLERK
95-293
ORDER
Title, A1ltborizing an Issue of $975,000
Aggregate Principal Amount ofBRde azul
a Tac Invy. Therefor.
/`nom/I-✓Arigned to
,M'^I
......V .�.. ...t...
Councilman
207 945 4934 3/ 5
95-293
IHAT, possessor to 30-A M.R.S.A. §5772, Section 10 of Article VI of the City
Charter and any other authority Nemo enabling, the Fimrce Director, of acting Finance
Director, with approval of the Finance Complete and the Chairman of the City Cmmcil, is
hereby authorized to issue wmpomay notes of the City in anticipation of the foregoing bond
issue, said news to be signed by the Pleasure Director, or acting Finance Director,
countersigned by the Chairman of the City Council sealed with the anal of the City, attested
by tk Clerk, and otherwise b be in such fpm snd contain such terms and provisions,
including without Indention, exanaities, denominations, interest Turn of rates, place of
payment and other details as they shall approve, thin approval to be conclusively evidenced
by their execution thereof.
THAT, any temporary rotes (including totes in renewal themot) authorized to be
issued under this Order may be issued in combination with temporary 1100s (Including Hoke
in renewal dmreof) and bonds authorized to be issued by rhe City Council at any than prior
to the date of issuance of fire temporary notes.
THAT, the Finance Director, or acting Finance Director, be ape hereby is authorized
be appoint the registrar, paying agent and transfer agent (the "Transfer Agent') for the binds
of the City.
THAT, the biends issued hereunder shall he transferable only upon regisermon hunks
of the City kept by the ToMder As=, and said bonds of one maturity may he exchanged fou
m equal aggregate principal amount of bolls of the same maturity (bar not of another
maturity) in the denomhalion of $5,000 many multiple thereof, upon seamed" thereof at
the principal office of the Transfer Agent, with a written instrument of tramfer satisfactory to
the Trartsfor Agent duly executed by the feguatered owner or the owner's stormy duly
authorized in writing.
THAT, upon each exchange or transfer of the bonds, the City all the Transfer Agent
shall make a charge sufficient to cover any her, fee or other governmental charge required to
be paid with respect to such transfer or exchange, and subsequent w the fmt exchange or
mender, the cost of which aball be borne by the City, the cost of preparing now' bonds upon
exchanges or tramfers thereof shall be paid by ted person requesting the same.
THAT, the t'inavee Director, or acting Finance Director and the Chairman of the City
Council he and hereby are authorized to undermine all aria nwcssary, to provide for the
issuance and Irumwr of the bonds ut bunk-<ntry form pummaut w the Depository Treat
Company Book -Entry Only System, as an altrmfive m the provisions of the foregoing
resolution regarding physical mummer of bonds, and the Finance Director, or string Finance
Director, be and Mosby is authorized and empowered to enter into a l r of
Repreurnmtion or any other contract, agreement or underaknding necessary or, in his
95-293
opinion, appropriate to order to quality the bonds for and participate in the Depository Trost
Company Book -Entry Only system.
THAT, use Fissure Director, or acting Rareace Director, and the Chairman of the
City Courcil shall from time to time execute such hand and rotes as may be required to
provide for exchanges or transfer of bonds and notes as authorized herein, all such bonds and
pates to boar the original signature of the Firenze Director or Acting Finance Director and
the Chairman of the City Connell, and in case of any officer of the City whose sigsamre
appears on any bund or now shall man to be such officer before the delivery of such bond
or nam, such signature shall nevertheless be valid and sufficient for aB purposes, the same as
if such officer had remained in office until delivery thereof.
THAT, the Finance Director or acting Finance Director he and hereby is authorized
to prepare, or cause to be prepared, a preliminary Official Statement Or Metal Statement
for use in offering the bonds, such materials to be in such form and contain such information
as may be approved by the Finance Director or actrgq Finance Director and that the
distribution of such materials in the vane of and on behalf of the City in connection with the
offering of the bonds and my notes in anticipation thereof be and hereby is approved.
THAT, the Finers a Director, or acting Finance Director, Chairman of the City of
Council, Clerk and other proper officials of the City be, and hereby are, auWmized and
empowered in its seams and on its behalf to do or cause to be done all such acts are] things as
may be necessary or deshable in order W effect the issuance, are and delivery of the bonds
and spates M hereanbotum authorized.
THAT, the Finance Director, or noting Fingers Director, be and hereby is authorized
and empowered in the tame of the City and on its behalf to determine whether the bonds
authorized hereunder will be sold through negotiated sale or competitive bid. The Fiseunce
Director, or acing Finance Director, be and hereby is authorized and empowered W Mama
and deliver in the rase 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 compctitrve bidding.
THAT, The City Coaxial hereby authorizes and approves the negotiation, execution,
and delivery, in the more of and on behalf of the City by the City Manager, of such
contracts, agreements, and other documents, including agr amens, contracts, leases,
instruments, documents and certificates as may be macessary or appropriate as determined by
the City Manager, and approved by the City's compact, in connection with the Retucing of
the Project as described in the Development program, which documents shall be in such form
and wmain sm:h terms and conditions, not inconsonant herewith, as my be approved by the
City Manager, such approval W be conclusively evidenced by his execution thereof.
THAT, any investment easings on bond procceds he and hereby are appropriated for
the following purposes, such proceeds to be applied in the following order of priority:
95-293
1. To any wets of tle Project as described in the Duvelopmem Program in excess
of the principal amount of the bonds;
2. To debt service an the bonds, to the extent not odnerwise provided for by the
City; and
3. For application to dre City's General Fund.
THAT, the war -Cost" or "Costa" as used herein and as applied to the Project, or
any portion of the Project, includes, but is not limited to (1) the purchase price or acquisition
cost of all or wry portion of the Project; (2) costs of construction, building, alteration,
ealargemem, rewns roution, renovation, improvement and equipping of the Pruject; (3) all
appwmnancea and oder facilities eaher on, above or under the ground which are used or
usable in connection with Project; (4) landscaping, site preparation and remodeling of any
improvements or facilities; (5) the cost of all labor, materials, building systems, machinery
mod equipmcm; (6) the cost of all lards, structures, real property interests, rights, easement
and franchises acquired in corm rofim with the Project; (7) the cost of all utility extensions
and site development, (8) the specifications, surveys, engineering, feasibility studies, legal
and other professional acrvicas; (9) the cost of environment) studies and assessments; (10)
the cost of financing charges and issuance costs, including premiums for insunwe, interest
prior to and during construction, underwriters' fees wd costs, begin and accounting fees and
costa, application fees and other flooring fees, the tort of reserves for payment of future
debt service related to the fiwmcing tsansamion; and (11) the coal of all other expenses
necessary or incident m the Project and the rimming authorized hereunder.
207 945 4449;0 1/ 5
95-293
PIERCE, ATWOOD, SCRIBNER, ALLEN, SMITH S LANCASTER
One Monument squaw
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NUMBER OF PAGES INCLUDING COVER SHEET:
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DATE: June 21, 1995 TIME
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