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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