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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. Dpar�tm4e°.ni t Hg euar�tl yanager's Covmentss `kEQU( S PUBOL /G046- C! WnX Associated �7 Uydl.i—. 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 PONaM. Mahar 04101 (2071 W38 11 FAXCOVERSHEET RECEIVED TO: Edward A. Barrett, city Manager JUN 2 1 1995 ORGANIZATION OR FIRM: city Of Bangor CITIMMNGEA'S OFFICE FAX NUMBER: 945-4449 VOIce/CONTACT PERSON (IMPORTANT): 945-4400 NUMBER OF PAGES INCLUDING COVER SHEET: 5/ SPECIAL INSTRUCTIONS: FROM: Marcia A. Metcalf, Esq. DATE: June 21, 1995 TIME CLIENT/MATTER NUMBER: 1531/4707 If you are having difficulties in receiving thin, please call us immediately at (207) 773-5411, Extension 279. Thank you. THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE rapNIDUAL OR ENTITY TO WHICH IT IS ADDRESSED AND MAT CONTAIN IMPORMATION THAT IS PRIVILEGED, CONFIDENTIAL, AND EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAN. IF THE REAUER OF TNIE MESRAGE IS NOT THE INTENGED RECIPIEN'P OR THE EMPLOYEE OR AGENT RESPONSIBLE FOR DELIVERING THE MESSAGE TO THE INTSNDED RECIPIENT, YOU ARE HEEERY NOTIFIED THAT ANY DISSEMINATION, DISTRIBUTION, OR COPYING OF THIS COMMUNICATION IS STRICTLY PROHIBITED. 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