HomeMy WebLinkAbout1994-06-27 94-301 ORDERDater ......,.6-27-94 Item No, 94-301.
CR r AutLorlaiay an Issue of $1,500,000 Aggoceg t
Pxdnolpal Amami of Bads ad a Tax lmevy Tlpsefor
Item/Subject: for vardnue Se t Pmjecte
Piantxe Dept.
Responsible Department:
Commentary:
Ube attacbal Bond ardl�i a Berri Ieeue rot m exceed $1,500,000
fox a variety of Candsineci See: 0.arflav atd saner xenovsi o pmjsots. gLeee
projelta are outlast on time fixer page of time Bad ostler aM Leve pxmob y
Leat xevdaaed by time BUNofial Cperaitala Caadttea acl a by Caacil.
Please not slut ttu tot 1 estismted cost of t parjat fa $21576r500
Miers we are peposing at assume of $1,500,000. Tlu raoaiMer of time funding
gr l be pmvS fxal earlier pmjmis dnicL Lave been ox soon grill be
caplet i fot: lese than tlwir eetlmated costs. A loser borxoaitel will Lelp
To Imep tbra future inane' inttuust mats to ttme ger a Fad.
give City Chart¢ xetPdrea posting notices of boawdsgs, holding a public
h in.9, ad approval by txaa-ilLLxda of the City Council.
Oepa Mtlln6
Manager's Commads:
S xeco>nend appiwal.
�.
Cify Monger
A ueciated Information:
Cxder
Budget Approval:
Mm ,e Ov
Legal Approval:
Cox SaGtior
Introduced For
O passage
I$First Reading Pap —of—
X,Rderml
94-301
Mugned lo CouneOw Sullivan June 27, 1994
CITY OF BANGOR
(TITLE) MCDeta ...:_ �'`'i°iceanIssue oz.s .500,000 A� Principal
Bythe fi"Cw of the cft OfBawa.:
ORDERED,
TMT
T4PT, putsumR to 30-A M.R.S.A. 55)]21 Section 8 of Article
W of the City Chc (Private mid Special pare of 1931, Chaplet 56) and all
aioart�ns thereof anal acts adiitionel Hereto, anal all other authority
thereto enabldng, Here is herby authorized the issue and sale at one thee
mal fro time to time of m Million Pi Mmvl[ed Thoueaml Dollars
($1,500,000) agnyegate priroipal amount of general obligation bow of the
City of Bangor. The proreeds derit fro the sale Of said bonds, less
prmM1w, if any, shell M used and are Minty appropriated to Fay the Costs
(m henain defined) of the following capital int proje res
Rstfmatsf Cost
Arctic Brook Separation, Phase 4 $244,800
Meatlatrcok Separation, Phase 5 $421,250
Fifteenth St ret Separation Project $017,550
Nastwet¢ Taastamnt Plant fxpvuian $2441800
Yenchielaag Interceptor l ificatiou $ 72,600
Bolling give &suer Replacement $ 34,500
Camels Brook Cunro-tang Pipe $5511000
Preliminary Design for return erojects 190,000
anal $2,576,500
TM
foregoing are collatfvely xe en ed to as He "Projar "
'MPT the estimated period of utility for the property conetitnting the
ProjeLT6 to M financed with the p ocmde of raid bowels is hereby detemmina+
to be at least
separation, ehase 5
20
Fifteenth � Separation Project
20
96-301
' t Ute date, vntuYitiBG, tlmtminatimar interest rate or rates, Place
Of Payment and o[Mr ++t= of each issue of said bonds, including provision
for their sale and award ani the selection of an underwriter, Shall be
ri9tenavad by the FSnmee DSrechor with the approval of the FSnara C ttee
and the Chairman of the City Council, and Said bods shall he Signed by the
Finance Direcmr, camfecsi9red by the tlaiman of the City �, sealed
with the seal of the City, attested by its Clerk, and be in such form and
contain such teres and pmv5 ams as they mry tea, their appnmal to be
cuclueiw_lY evldsced ]y trot. etecutton thereof. Any issue of bow aey be
wxuolidatnd with and iaeusl at Ue same time as amy other fess: of bods
a tlpimed prior to tb:. In
separate
and the bode ream !e dialled unto
= thele series and issued in seDirec plans of theaahrg, all as a Fin noo
5n the discretion of the Fiore Director, with the apprrnlal of the Finance
oaaittee and the Qaivman of the City Gurcil.
MT* the hods hane y anUbor i may be made subject to call for
redemption, with or without prmumy before the date fly for final payment
of the bonds, as prcv d in 30-A M.R.S.A. $5712(6), as madnd, as shall be
detemniied by the Finer» Director with the approval of the PLunce Caadttee
and the Chafrmn of the City Gossip.
TRAT, m each of the years during which any of the bonds are
outztands„ there shall be lev5al a tax in an mount which, with Other
revenues, if any, avail a for that phrpoee, shall be sufficient to pay the
interest on said Lcedsr payable in such year, and the principal of such bode
uwtur g 5n such year.
'DOT, prrsOant to 30-A M.R.S.A. 55772, Section 10 of Article W of the
City anvYer and any other authority thereto enabling, the Fiance Director,
with approval of the PSnaroe C ttee and the Qairoan of the City Coach,
is hereby authorised to issue tmpoary roto of the City in anticipation of
the foregoing bond issue, said notes to be Signed by the Finance DIxectar,
couetersiTwd by the Batman of the City Caucil, sealed with the seal of
the Cbty, attested by its Clerk, and Otherwise to he in scb fort and contain
such terms; and provielos, innlwiirg withal 1=tatioy satuxitiea,
deamination, interest rate or rates, Place Of payaent and otter details as
they shall appxOve, their apprc a to be ccrcluaiaely evidaand by their
emiction thereof.
MT, ay t®geray nates (including rotes le renv61 ther»f)
authmrimed to he issed Lade[ this m may be les i in embirution with
temporary notes (including rotes in rmmuel thereof) and bonds authorized to
be fes ei by the City Caaoil at any thre prior m the date of 5ssnanoe of
the temporary notes.
9 f the Ffraece Director be and hereby 5fl m.tho n to apgohnt the
,, Paying agent e d trmefer apnt (the "Tremfer Agent") for the
MT, the bonds fssund hereunder shall be ttanafexable only upon
registry t books of the City dept by the Transfer Agent, and said B.rMs of
one maturity n he echmged for an Pal aggregate principal momot of
bolds of the flame maturity (bat not Of another maturity) in the daxmination
of $5,000 or any eiltiple thexeof, upon s ieniar thereof er the principa
office of the Trmafer Agent, with a wcittan instrument of transfer
satisfactory to the Transfer Agent dUy ersutai by t e reg5staed wast or
his attorney rbrly authort i in writim.
94-301
THAT, upon each exchange or transfer of fonds, the City and the Transfer Agent
shall make a charge sufficient to cover any tax, fee or other guvernmemml charge required to
be paid with respect to such transfer or exchange, and subsequent to the first exchange in
transfer, the cost of whish shall be borne by the City, the cost of repairing new bonds upon
exchanges or ¢ansfers thereof shall be paid by the person requesting the same.
THAT, the Finance Director and the Chairman of the City Council shall from time to
time execute such bonds and notes as may be required to provide for exchanges or transfer of
bonds and noes a+heretnfore authorized, all such bands and rotes on bear the original
signature of the Treasurer and the Chairman of too City Council, and in case of any officer
of the City whose siganue appears on any bond or note shall cease to be such officer wore
the delivery of such bond or time, such signature shall nevertheless he valid and sufficient for
all purposes, the same as if such officer had remained in office until delivery thereof.
THAT, the Finance Director, Chairman of the City of Council, Clerk and other
proper officials of me City be, and hereby are, authorized and empowered in its mane and on
in behalf to do or cause to be done all such acts and things as may be necessary or desirable
in order to effect the issuance, sale and deliviny of the bonds and notes as hereinbefore
authorized.
THAT, the City covenants and certifies that no parr of the proceeds of the issue and
we of me bonds or nods authorized to be issued by this Order shall be used, directly or
indirectly, to acquire any securities or obligations, me acquisition of which would cause such
bonds or notes to be "arbitrage bonds' within the meaning of Section 149 of the Internal
Revenue Code of 1986, as amended.
THAT, the Finance Director be and hereby 6 authorized as coveter and agree on
behalf of the City end for the beneit of all the holders of all bonds and holes issued
hereunder that the City will file any required reports and mine any other action that may he
.necessary to insure feet Interest on the bomds and any nates issued in anticipation thereof,
will remain exempt from Federal income taxation and mat the City will mffain from taking
any action mat will cause interest on the bonds or notes to be subject to Feieral income
taxation.
THAT, the term "Coat- or "Costs" as used herein and as applied to me Projects, or
any portion of the Projects, includes, but is not limited to (1) the purchase price or
acquisition cast of all or any portion of the Projects; (2) costs of construction, building.
alteration, enlargement, reconstruction, renovation, improvement aM equipping of the
Projects; (3) all appurtenances and omen facilities either on, above or under me ground
which we used or usable in connection with Projects; (4) landscaping, site preparation and
remodeling of any improvements of facilities; (5) the cost of all labor, materials, building
systems, machinery caul equipment; (6) the cost of all lands, structures, real property
interests, rights, easements and franchises acquired in connection wife the projects; (7) the
cost of all utility extensions and site development, (8) the specifications, surveys,
engineering, feasibility studies, legal and other professional services; (9) the cost of
94 -301 --
environmental studies and assessments; (10) be cost of financing charges and issuance costs,
including premiums for insurance, interest prior to and during construction, underwriters'
fees and cows, legal and accounting fees and costs, application fees and other fimming fees,
be cos[ of reserves for payment of fume debt service related to be financing t ansanlion;
and (11) the cost of all other expenses necessary or incident to the Projects and the Bouncing
authorized hereunder.
THAT in order to effect the borrowing and issuance of bonds, or any series thereof,
authorized hereunder and to fitunce be costs of the projects described theorem, the Finance
Director, with the approval of the Finance Commitme and the Chahman of the City Council,
is hereby authorized and empowered in me name of and on behalf of the City to borrow an
amount not m exceed S l_SW,00t1 at any one time accounting from the Maine Municipal
Bond Bank (the "Back") pursuant to the Scare's Revolving Loan Food program established
under 30PA M.R.S.A. §6006-A and administered by be Deparunent of Environmental
Protection and ted Bad and to enter into a Load Agreem m between the City and the Bank
providing for a loan from the Back in a principal amount not is excess of $1,500,000 and the
Finance Director be and hereby is authorized and empowered, in the mine and on behalf of
the City, to execute and deliver, undo the seal of the City atueng by its Clerk, a Loan
Agreement between the City and me Bank providing for a loan from the Beak to the City in
an amount not to exceed such amount said Wan Agreement to be in be usual and industry
form utilized by the Back in connection with the State Revolving Loan Fund which is hereby
approved, and to contain such other bmu and provisions, not contrary to the genual tenor
hereof, as the Flounce Director may approve, his approval to be couthervely evidenced by
his execution thereof.
THAT the Finance Director and the Cbai mm of the Council be and hereby are
individually authorized and empowered, in the route of and on behalf of the City, to execute
and file with the Mane Municipal Bond Bank and/or be Department of Environmental
Protution an application for the City to issue and sell up tot , 500, 000aggregate principal
amount of its bonds to the Main; Municipal Bond Bank pursuant to me State Revolving Loan
Fund program.
THAT the following resolutions required by Section 15E of the State of Maine
Revolving Loan Fund Rules Chapter 593, Department of Eavirnvmemal Protection and
Maim Municipal Bond Bank (the 'SRF Regulations'). and governing the loan to be made to
the City under the Smre Revolving lean Fund Program be and hereby are adopted:
(1) That a Project Account shall be created for be Prujsts which sbal) be
separate from an omen accounts of the City. [f operofiag revenue are to be used eo
retire the debt, a sub -account win be established.
(2) That be Project Account shall be maintained in accordance with standards
art forth by the Maim Municipal Bond Bank and in accordance with generally
accepted government accounting grounds.
94 -ml
(3) That a final accounting shall be made to the Bank of the total oast of the
project upon completion of the Project performance certification as set out in Section
35 of the SRF Regulations and the City acknowledges that the Bank reserves the right
at its sole discretion to be Provided wit a cost certification of the Project as built.
(4) That an avmral audit of to City, prepared by a emitted public accountant
or licensed public accountant be provided to to Bank far to term of to loan.
(5) That to City shell mountain insurance coverage on the Project in an
amount adequate to protat tc Baa's interest for die term of the loan with to Bank
named as loss Payee.
(6) That to City will comply with any special condition specified by to
Department of Environmental Protection's environmental determination unfit all
financial obligations to the State have been discharged.
(7) That to City certify to to Bank tat it has secured all permits, licenses
and approvals necessary and that it has a dedicated source of revenue for repayment.
(8) That to City establish a are, charge or assessment schedule in order to
pay principal and interest. Such raw charge or schedule shalt provide mal operations
and debt service coverage at a level at which the coverage for the Bank is sufficient.
(9) That to City most demonstrate to ability to pay reasonably anticipated
costs of operatihg and maintaining to fattened Project.
(10) That the City abide by the SRF Regulations, as revised and amended and
relevant State stamtcs of the State of Maim.
ttP:ABb I p
IN CITY COUNCIL
June RI, 1994
First Reading Referred to
Appro trate Committee
CITY ERR Title,
94-301
ORDER
IN CITY COUNCIL Authorising an Issue of $1,500,000 Aggregate
w
July 15, 1994 Principal Amot of'9dndd'drid 'a' Yaw Yevy
Notion to Open Public Rearing Tberafox for parlous Sever Projects. _
Made by Councilor Sullivan, 2nd by
Councilor Popper
No one spa" from tTe Cenezal Public
Motion to Close Public nearing made
by Councilor Sullivan, Ynd by Councilor
Raldacci
Ord pr�PasBed
C /TY CL RK
.y[.n�...�.................... ....
Councilman
PUBLIC BEARING
BOND ISSUE - CITY OF BANGOR
City Council Meeting July 25, 1994,
7:30 P.M., Council Room, Third Floor,
Bangor City Ball, 73 Harlow Street.
Thin $1,500,000 Bond issue is intended to in" a
portion of the capital construction costs for
$2,576.500 in stormwater separation projects and
other projects to be undertaken by the City of
Bangor during fiscal 1995. The projects to be
funded are as follows:
Arctic Brook Separation. Phase 4 $244.800
Meadowbrook Separation, Phase 5 $421.250
Fifteenth Street Separation Project $817.550
Wastewater Treatment Plant Expansion $244,800
KeAdunkeag Intercepter Modifications $ 12,600
Bolling Drive Sewer Replacement $ 34,500
Davie Brook Connecting Pipe $551,000
Preliminary Design for Future
Projects
$190,0
Total00
$2.576,500
Annual storawater separation projects and related
sewer improvement projects are required to be
undertaken by the City of Bangor under a 1991 comment
decree with the U.S. environmental Protection Agency.
Py 1995 project costs in excess of $1,500,000 will be
funded out of available Brenta, current appropriations.
and proceeds from prior bond Jeanne.
July 12, 1994 Russell J. McKenna
City Clerk