HomeMy WebLinkAbout1993-03-10 93-191 ORDERmen 03-08-93L V Internee. 93-191
OImRR, Ratifying %:rials of Fierce Hiratgn in Motmefenring
Item/Subject: batl a.,.,'ipatymt Rom Proezeds Hetwagt Aur lsssci
Projects
Responsible Department;
Fse `
GMmeatary: -
141s stint ratl£ies Ue aerione of ile Fdmaccsa Director who txareferxsd $390,000
Of M PbDowde Into the School Project a $195,000 axh tram rte Musing
Facility ared Hass Park p ejaTs. !Miss Mseimc; Facility could not nsxt its cash
flaw •lit= because afT the Stele were issued the project wa chary i to a
design build aM delayed wvtil late spring ]992. Tine Hass Fault projects ever:
dDlayed due to tie chmige la ''p aM the Leri: of atteMlon icon rte
Cc .nal t8na9at. 5lhile int Rha% ssh that tTem was m arbitrage gaoled,
it was Still necessary, Tq male: every attagt to meet the letter art dni cm of
m� by beer
win iadiratier mt ficsl of tie actLmi bf�Ue£ Coe ll wou1L eatiefy
any, queetiat raised duritsj the and t.
�g emlleae
manapppgerr's carnnments:�Aevt uraod/su+ajaia AUAtip
metNi';rJ I�a>w.t 4 ac�F��dr+:r�Ds i % %(gnu+. u.s 4AVA PwT�.
GRU / hr
City mawgama!v
Associated Information: -
@ifen
Budget Approval:
Pies," 1c,,,r
Legal Approval: _
Ciry SWivieer
Introduced For
cfpassa9e
L First Beading Page— of
93-191
A meed to Coum$or Soucy, March 10, 1993
CITY OF BANGOR
(TITLE.) i®riperi...................... Retifyi=g-acciom o£. Pfraacenirsr ia. 4Ysrs£ ing.emyl
By City Caysail of@ City ofBasyor:
ORDERED,
TWT
NHEHfTS, tM City of Bauer auumined and ttyy: issued $12,550,000 of
peasreat fiiuncing for public i,gaoveme,¢s m A g t 1, 1992; and
wmw.+a5, $5,460,000 N ore Tmr sad anticipatim Notes were issued R� Ser
30, 1991 for Lae followingp ejects: .
$clml Project $1,810,000
CSO Pmjeots 3,000,000
Nursing Facility 350,000
Pass Park Pmje 300.000
$5,460,000
g0@4E, Ue a hxSa a cetifictte reTzU the Proceeds to be elpe iai by
Pyrfl 30, 1992 t0 aw an arbitrage rebate fncidmt; n
WHEMAS, tae actual Caen flow for the Eohe01, Nursi,g Facility m H s Park
projects was diffemnt then placed; a
Wlm✓EIS, tae Fi a OSrec Wr tra fe H prc * between pmimrs
without xl= mal of the Counefl to mexinuw cash flow arm
adxWniae Ue risk of an arbitrage relate ixeitlerR;
NW, THEREFORE, BB TT 0� T the scrims 0£ tae F3nmee OSrector in
transferring $390,000 of 1 Precoejs to tae Sc l Project a
$195,000 each furs tae N ixq Facility a Baas Perk projate am
hereby ratiffsi.
93-191
ORDER
Tiuej
ID CITY COUNCIL
attM1 10, 3993
Passed
P
Ratifying Actions of Finance Director in
'
BetweeniAuthorindd Projects�on'tio[e'�roceede
De[een
.6.......d .......
AmgmM to
............
Councilman