HomeMy WebLinkAbout1992-12-14 93-63 RESOLVEred
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Date WY 12-14-92 Item No. 93-63
R1gg2[Wg:: Ad ptiml m atlm of Official Intent; Issuancae of
Bleeds for Campra an of the Barndary BTaa4 plant
Item/Subject:
Finance
Responsible Department:
Commentary:
Caurcil O 91-20 adoptal m 10, 1990 authorised t issoarce of
$22,000,000 of general obligation bards foo corlstmc[inn of the Secondary
Traatnvrt Burst. Bootle were iesuai tTxwo tda Maino Madill Dad Eank m
March, 1991 for $19,000,000 lend $3,000,000 of awftM izatim for issuarce resaina.
Engineering estimates that final costs for the prajeLt wlll be $20,864,000. We
have applied to the IgaE113 £= an add:L i $1,864,000 to be issued in Jaye or July
1993, with the isamwce of $1,500,000 in BAPS in Decerber 1992. 11se $1,500,000
would be paid fem i final issuaee of tie $1,864,000. If final costs are leas
tlran idle estbmate the fimI bond would be djustal to provide for no euees
pro is.
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AsseciaYted Information:
�, oec a tion of hRant, Ied:oad from istople[ doled
Budget Approval:
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Legal Approval:
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Introtluced For
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�Find Reading Page of
Referral
93-63
Assigned to Councilor Frankel, December 14, 1993
CITY OF BANGOR
(TITLE.) PSOW2,.-Adcpcl.y_Mclasation ofAfficfat._3ntent; �. cf,m
for Completion of the SecoMazy T tenant Plant
DP No Cft CouaN oftke City ofDaa9or
MSOLVBD.
P'1®VTS, by Osler 91-20 finally adopted Ce� 10, 1990, as
avmde i by Order adopted Pebrvary 11, 1991 the City
mKhoriaed the issuance of up to $22,000,000 aggregate
Principal unt of its gmieral obligation bonds for
proposes of £iracirg the cost of design, consirvet '
acquisition of 1a arA othor associated public
mprwaystts relating to upgradi cull expanding the
capacity of tho City of Bangor Wastrster Treataenat Plant;
and
SII0&A„ on Parcrt 21, 1991, this City iss i $19,000,000 aggregate
principal ®amt of its ]991 gxeral cmigation bmtls
Pursuant to the said (#dere; and
%fd+�.i, here reuava authority to issx V to an adiitiaai
$31000,000 aggregate Prirsipal ancmt of gereral obligation
bonds to the City pnsuant to the said 0 ieca; arW
4EffiaEAS, airrx tte date of atlop[ion o£
thesaid Lmited
Star® Treasury uw.a.+.e.r has adopted OYeesury ddagulation
$1.103-18 requiring tint ausmicipality declare its
official intent an reimh¢eing axparditures
with the pxmcceads of tax-exmq)t d»rrowinga, arta the City
desires to c1eclare its official irRmt with respect to
llssrwin� required in m to oIDplste the upgrade ami
ingsw®mR of the City's Wm Utr Tv tzent Plant;
INA, OiIEIt@Dlie, BY TFffi CITY OJOISII.of TI@ CPf4 OP EAlSgllt, Tr
10S' unD, TI WT the UecIaratfon of official rriont paavent
to Treasury deglation 51.103-18 presented to the City
Couch sad opt u as in tin_ vaticn o£ this sesrug he aril
hereby is edoptad as a dentry Ri9u of official intent of
tho City ln¢snarR to mmasurl' Pagans♦:... 61.103-18.
93-63
R E S O L V E
IN CITY COUNCIL Adopting Declaration of Official
December 14, 1992
Passed Intent: Issuance of Bonds for Completion
/ of the Secondary Treatment Plant
`
ciN of
93-63
CITY OF BANGOR, MAINE
DECIA TION OF OFFICIAL INTENT PURSUANT TO
TREASURY REMIATION § 1.103-18
WHEREAS, the City of Bangor (the "Issuer") currently
intends to proceed with continuing upgrade and improvement Of
its wastewater treatment plant (the "Project"); and
wDEREAS, the Issuer intends to finance the costs of the
project through the issuance of bonds and nates in anticipation
thereof; and
WHEREAS, certain of the costs of the Project may be paid by
the Issuer prior to the issuance of nates or bonds and be
reimbursed from the proceeds thereof; and
WHEREAS, Treasury Regulation §1.103-18 requires that a
Issuer declare its official intent to reimburse expenditures
with proceeds Of borrowings prior to the date of expenditure;
NOW, THEREFORE, the Issuer does hereby declare its official
intent as follows:
1. Declaration of Intent. The Issuer reasonably expects
to reimburse expenditures made on the Project with the proceeds
of notes or bonds to be issued by the Issuer in the maximum
principal amount of $3,000,000.
2. General Descriptign Qf RKoperty to which Reimbursement
Relates. An accurate general functional description Of the
type and u of the property with respect to which
reimbursements will be made is attached hereto as Exhibit A and
incorporated herein by reference.
3. Public Availability1 Intent. This
Declaratio of Official Intent shall be maintained as a public
record of the Issuer and shall be maintained and otherwise
supervised by its Clerk on behalf of the issuer. This
Declaration of Official Intent shall be continuously available
for public inspection at the office of the Clerk during normal
business hours of the Issuer onvery business day of the
period beginning no later than ten days after the date hereof
and continuing until the date the bonds or notes are issued t0
reimburse said expenditures. _
4. Treasury Regulations. This is a declaration of
official intent pursuant t0 the requirements of Treasury
Regulation § 1.103-18.
5. Authority for Declaration. This declaration is adopted
pursuant to the following action of the Issuer: Order adopted
by its City Council.
WPPCEH451
93-63
PIERCE, ATWOOD, SCRIBNER,
ALLEN, SMITH & LANCASTER
uw
aMAMM NTmew...nrKNU uw,a„u
awmxommmnsowavo November 11, 1992
John guartararo
Finance Director
City of Bangor
73 Harlow Street
Bangor, Maine 04401
Re: Upcoming SRF Band Anticipation Note Borrowing
Dear John:
I have reviewed the authorizations adopted in connection with
the City's 1991 $19,000,000 borrowing through the SRF Program. As
you know, the bonds authorized at that time totaled $22,000,000 in
principal amount. The authorizations remain in effect and the City
may borrow up to an additional $3,000,000 under those authorizations.
As to further action required, in the event you will be
expending City funds in pursuit of the project prior to drawing down
monies under the SRF bond anticipation notes, you should adopt a
Declaration Of Official Intent at this time. Additionally, the
Finance Committee will need to approve both the bond anticipation
note financing and the final SRP issue.
Out of an abundance of caution, I would recommend the adoption
of a Declaration of Official Intent even though you may not plan to
carry any of the project costs ona pre -BAN basis. To that end, I
enclose a form of Declaration of Official Intent for adoption by the
City.Please note that a functionally accurate description of the
project should be attached as Exhibit A to the Declaration of
Official Intent. I suspect the engineers working on the project can
provide you with a description of the remaining work to be done,
which will be financed with bond proceeds.
I would appreciate your forwarding to m en ion any
commitments you have received from the bo b
very inis,
Ch Howard
CEH/jsg