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HomeMy WebLinkAbout1993-06-14 93-311 ORDER..UUFIUII Date 6-14-93 Item No. V 93-311 ftro�: Aurthoriaing m issue of Up to $5,300,000 zg:pegate Pcisc4a114matt of Bootle awd a g8rz Ievy 9 fox Item/Subject: City ilsinger Responsible Department: Commentary: i2fox tv takLxJ action on this itan, the ¢ 11 Oust hold a public lewrin3. 1n adtlitlon, please rete that approval xetpf a 2/3 vete of the IFanil. Attached to the Otter' yms w 1 fL a ratite of public M1earfsg Much details the projects TD be fwded ftp thin bo %tiug. In gen eval, the major purposes i lsx%a attest xrc�xetnotton atd rnsrlay, sitlevslk xeconsttottwt, the local sham of stat itutlei toad projects, clone est of the R£tttedtje fe�laMEill, The pssheae of v epn arch equiprest, pod the centvwation of cur aacer separation projects. Ln aitlit£on ani be have included^ puste ^ur'=ly $200,000 £car t retia court inpmvmans and parric ivprovarenls in Un fes mighborhnotl parlor Much ata not eligible for federal firdv . Please rote Llai the boaadsg has beets at iRitiaed pod ressiced at the $5.3M lash. Tim Cas may, reducas this amwst oc pope, tr for fiva@ between pmjaTa iztc x to adopting the fitml bwvi codec. ib a px, the (bo A mal' rot ireaasse this mwiK wlthwt ping back through the p •flat t.. route post puflA c hearing process. (D 'D -PIC¢' PACE) Depurtmem Omd Manager's Comments:-mils ZFTC(/(( --�egw"s 114 f{ER£(Nfr `� L City Movvge, Aeaciamed. IInnfGornmation: '�% (Wtau Budget Apprmal: Fwn�e Dare Legal Approval: city soi;eaor Introduced For C Passage First floating Page _ of — Referral S9culd tlese boele be fssuei, we estimate t t fixer year debt service coat to tl Geared i mill be appmmimately $75,000. mm:a may vary s®K.what based upon the fired sT 4ne of the boxxvaiai m its omit. Pi=t } caeca include one Principal payonly. Sssast year coat vpuld be alhumdimtely $570,000. Please nota, haver, that a prep m of thin Lcxarse w d fl offset since our existim3 deb[ service schedules call for a drip of aplaromhmtaly $300,000 in debt service imJfta beNem M4 mH MS. In o riem with rte rlpbt service anierLrle cue y in Placa for M4, debt rre world incin M5 by app...at=iy $275,000. 6y M6, nz would return to alp p=ly M4 levels. S9ie City = ralufred to po c with our C®hvad 5§ar Pusc£luv aep-fcation projects• Ps 1 think we all agree, the City also ruedu to deuota significant iesa:mee to street remetxuction aM overlay pro)e . FI.Ma mut la � available to close out Kittredge d laMfill. In atldition, it f infvxtm¢ that we m s our vehicle zeFlacaoeR 1 Fes. Por tTaee reasons, l would xexemeM L t the Caacdl approve all of ttese ii In the pxrposed b issue. In regard to the tam;= t mid pssk lv¢� proJ , tlese projects axe rot as essential. At tle emus time, war Um lmt few }ears, the City has devoted signifl fa3erai resa¢ces as well w local to tlm darelrp Of its park systan. lee xem:lted in eigniflcant i {^tet= in the ma3oxity of ttu Cfty's larlu. Pae igFwM*m: patl amain to be fngmovedx Little City, Pa x Gardens, Stillwater, mtl£'ai000mrc. Given the ®:r t of the work flat nes been lore elsmtara in the pa& eystan, it wand be appropriate for tte City to give stymy cssideration to ccffplet� our park xeimrw:rm pmgrmi. lS9 Assigned to Cmuncilo, Scone, �mne 14, 1993 r CITY OF BANGOR (TITLE.) (®rber, _-- Aucmrpminy. an Tssua. of.$5,300,000. fggregata Principal --- By tM aer Cmuaail Of am atP OfBm : ORDERED, TWT portrait to 30 A M.e.S.A. $5772, 8ectlan 8 of Article W of the City charter (Private mid Specs lame of 1931, Chapter 56) and all moviAmnts thereof aM acts aiditional thereto, a:d all other authority ttemin enabImt, there is hereby authorised the issue and sale at one ti:m and from time to time of Five M liom Three [A,Mrai ataisaM Collars ($5,300,000) agtyegato prin:ipal arounc of general mll9 tlom bands of the City of Bangor plus up to 3% thereof for mats of iseuarce. The Pu>ceede derived from the sale of said bonds, lees premium, if any, shall be used text are hereby appropriats3 to pry the costs (as hereto defiled) of the following capiwl imprv+®ma:t projects: Pmiect estimated Cost M Projeote 14th Street Separation $ 798,000 tndxook Separation 446,000 Arctic Brook Separation 135,000 East Smmmr Street Soatetion 107,000 nneatmvR Plant empansia, 500.000 1bta1 SRP Projects $10986,000 W Projects Street Ravatructia, $1,748,650 Sideelk i+aotmtruction 102,500 hoa3 Projecbs 250,100 1.5dfill Closure 512,500 Vehicles 416,250 Parkviev Avenue 39,000 1trWs Cats lvpxoveientr 75,000 Pad® Svp[vesnCe 125.000 Rbtal Cn+ Project, a $3,314,000 'he B Projects and the Cs Projects are mllmtfvaly refarnei to as the ..Projects ^ A[m rb rr the estLretei perimd of utility for the property conetitut m the Projects to be financed with the paoceels of said bottle is hereby deternibeel to be at levet: Separation 20 yettra fitnsat septratacta 20 years IN CITY COUNCIL June 14, 1993 Passed by the follovivg yes and no votes. Councilors Cacing yes: Blanchette. Bragg. ohen, Frankel, Seal, Soucy Stone and Sullivan. Co la[ vu[ivg no: Shubert. cl CLERK s 93-311 O ROER Title, Apfhuripfpg, pp,?pppp. af. 35,5➢D, 009.. Aggregate Principal Amount of Bonds and p. Te}x.LL.evy. M.e.r[ge/f ff.�../........... Aosiped WItN U �I v .... lvt:rte......an Councilman m � Llk _ Imm 2MIN 12 M, . tea .,• 01 sum N~l Po:SeMall MM min. >,..9� m? mania . r se.Pa:""'0"� ow orm k ,M m i "CTP Projects" Street Reconstruction 12 years Sidewalk Reconstruction 12 years Road Projects 12 years Landfill Closure 20 years Vehicles 10 years Parkview Ave. Reconstruction 20 years Tennis Courts Improvements 10 years Parks improvements 10 years THAT, the date, maturities, denominations, interest rate or rates, place of payment and other details of each issue of said bonds, including provision for their sale and award and the selection of an underwriter, shall be determined by the Finance Director with the approval of the Finance Committee and the Chairman of the City Council, and said bonds shall be signed by the Finance Director, - countersigned by the Chairman of the City Council, sealed with the seal of the City, attested by its Clerk, and be in such form and contain such terms and provisions as they may approve., their approval to be conclusively evidenced by their execution thereof. Any issue of bonds may be consolidated with and issued at the same time as any other issue of bonds authorized prior to their issuance, and the bonds may be divided into multiple aeries and issued in separate plans of financing, all as determined in the discretion Of the 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, as provided in 30-A M.RS.A., $5012(6), as amended, as shall be determined by the Finance Director with the approval of the Finance Committee and the Chairman of the City Council. 11IAT, in each of the years during which any of the bonds are outstanding, there shall be levied a tax in an amount 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. THAT, pursuant to 30-A M.R.S.A. 45712, Section 10 of Article VI of the City Charter and any other authozity thereto enabling, the Finance Director, with approval of the Finance Committee and the Chairman of the City Council, is hereby authorized to issue Lempor ry notes of the City in anticipation of the foregoing bond issue, said notes to be signed by the Finance Director, countersigned by the Chairman of the City Council, sealed with the seal of the City, attested by its Clerk, and otherwise to be in such form and contain such terms and provisions, including without limitation, maturities, denominations, interest rate or rates, place of payment and other details as they shall approve, their approval to be conclusively evidenced by their execution thereof. THAT, any temporary notes (including notes in renewal thereof) authorized to be issued under this Order may be issued in combination with temporary notes (including notes inrenewal thereof) and bonds authorized to be issued by the citCouncil at any time prior to the date of issuance Of the temporary notes. THAT, the Finance Director be and hereby is authorized to prepare, or cause to be prepared, a Preliminary Official Statement and an Official Statement for use in offering the bonds, or any series of bonds, and any notes in anticipation thereof, such preliminary Official Statement and Official Statement to be ift such form and contain such information as may be approved by the Finance Director and that the distribution of the Preliminary Official Statement and the Official Statement in the name of and on behalf of the City in connection with the offering of the bonds and any notes in anticipation thereof be and hereby is approved. THAT, the Finance Director be and hereby is authorized to appoint the registrar, paying agent and transfer agent (the Transfer Agent-) for the bonds of the City. THAT, the bonds issued hereunder shall be transferable only upon registration books of the City kept by the Transfer Agent, and said Bonds of one maturity may be exchanged for aft equal aggregate principal amount of bonds of the same maturity (but not of another maturity) in the denomination of $5,000 or any multiple thereof, upon surrender thereof at the principal office of the Transfer Agent, with a written instrument of transfer eatisf actory to the Transfer Agent duly executed by the registered owner or his attorney duly authorized in writing. THAT, upon each exchange or transfer of Bonds, the City and the Transfer Agent shall make a charge sufficient to over any tax, fee or other governmental charge required to be paid with respect to such transfer or exchange, and subsequent to the first exchange or transfer, the cost Of which shall be borne by the City, the cost of repairing new bonds upon cxchengcs or transfers thereof shall be paid by the person requesting the Same. THAT, the Finance Director and the Chairman of the City council be and hereby are authorized to undertake all acts necesBary to provide fortheissuance and transfer of the hands and any notes issued in anticipation thereof, in book -entry form pursuant to the Depository Trust Company THAT, the Finance Director be and hereby is authorized and empowered to take all such action as may be necessary to designate such of the bonds and/or temporary notes in anticipation thereof as qualified tax-exempt obligations for purposes of Section 265(b) of the Code; it being the City Council's intention that the Finance Director, with advice of bond counsel, make the required Section 265(b) election with respect to such bonds and notes to the extent the election may be available and advisable as determined by the Finance Director. THAT, the Finance Director be and hereby is authorized to covenant and agree on behalf of the City and for the benefit of all the holders of all bonds and notes issued hereunder that the City will file any required reports and take any other action that may be necessary to insure that interest on the bonds and any notes issued in anticipation thereof, will remain exempt from Federal income taxation, and that the City will refrain from taking any action that will cause interest on the bonds or notes to be subject to Federal income taxation. THAT, the term "Coat' or 'Coats" as used herein and as applied to the Projects, or any portion of the Projects, includes, but is not limited to (1) the purchase price or acquisition cost of all or any portion of the Projects; (2) coats of construction, building, alteration, enlargement, reconstruction, renovation, improvement and equipping of the Projects; (3) all appurtenances and other facilities either above or under the ground which are used or usable in connection with Projects; (4) landscaping, Site preparation and remodeling of any improvements Or facilities; (5l the cost of all labor, materials, building systema, machinery and eguipm=nt; (6) the coat of all lands, structures, real property interests, rights, easements and franchises acquired in connection with the -projects; (7) the cost of all utility extensions and site development, (P) the specifications, surveys, engineering, feasibility studies, legal and other professional services; (9) the cost of environmental studies and assessments; (le) the cost of financing charges and issuance costs, including premiums for insurance, interest prior to and during construction, underwriters 'fees and coats, legal and accounting fees and costa, application fees and other financing fees, the cast of reserves for payment of future debt service related to the financing transaction; and (11) the cost of all other expenses necessary or incident to the Projects and the financing authorized hereunder. THAT in order to effect the borrowing and issuance of bonds, or any series thereof, authorized hereunder and to finance the costs of the SRP Projects described therein, the Finance Director, with the approval of the Finance Committee and the Chairman of the City Council, is hereby authorized and empowered in the name of and on behalf of the City to borrow an amount not to exceed $1,986,OOD, plus up to 3% thereof for coats of issuance, at any one time outstanding from the Maine Municipal Bond Bank (the "Bank-) pursuant to the State's Revolving Loan Fund program established under 30-A M.R.S.A. 96006-A and administered by the Department of Environmental Protection and the Bank and to enter into a Loan Agreement between the City and the Hank providing for a loan from the Bank in a principal amount not in excess of. $1,986,000, plus up to 3k for coats of issuance and the Finance Director be and hereby is authorized and empowered, in the name and on behalf of the City, to execute and deliver, under the seal of the City attested by its Clerk, a Loan Agreement between the City and the Bank providing for a loan from the Bank to the City in an amount not to exceed such amount said Loan Agreement to be in the usual and ordinary form utilized by the Bank in connection with the State Revolving Loan Fund which is hereby approved, and to contain such other terms and provisions, not contrary to the general tenor hereof, as the Finance Director may approve, his approval to be conclusively evidenced by his execution thereof. TEAT the Finance Director and the Chairman of the Council be and hereby are individually authorized and empowered, in the name of and on behalf of the City, to execute and file with the Maine MunicipalBand Bank and/or the Department of Envixonimntal Protection an application for the City to issue and sell up to $1,936,000, plus 3% for cost of issuance aggregate principal amount of its bonds to the Maine Municipal Bond Bank pursuant to the 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 Environmental Protection and Maine Municipal Bond Bank (the "ERP Regulations"), and governing the loan to be made to the City under the State Revolving Loan Fund Program be and hereby are adapted: (1) That a Project Account shall be created for the SRF Projects which shall be separate from all other accounts of the City. if operating revenues are to be Used to retire the debt, a sub -account will be established. (2) That the Project Account Shall be maintained in accordance with standards eat forth by the Maine Municipal Bond Bank and in accordance with generally accepted government accounting standards. (3) That a final accounting shall be made to the Sank of the total cost or 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 sale discretion to be crovidedewith ac ost certification of the Project as built. (a) That an annual audit of the City, prepared by certified public accountant or licensed nublic accountant be provided to the Bank for the term of the loan. (S) That the City shall maintain insurance coverage on the Project in an amount adequate to protect the Bank's interest for the term of the loan with the Bank named as lose payee. (6) That the City will comply with any special conditions spacif ied by the Department of Environmental Protection's environmental determination until all financial obligations to the State have been discharged. (a) That the City certify to the Bank that it has secured all permits, licenses and approvals necessary and that it has a dedicated source of revenue for repayment. (8) That the City establish a rate:, charge or assessment schedule in order to pay principal and interest. Such rate charge or schedule shall provide total operations and debt service coverage at a level at which the coverage for the Bank is sufficient. (9) That the City must demonstrate the ability to pay reasonably anticipated costs of operating and maintaining the financed Project. (10) That the City abide by the ERB Regulations, as revised and amended and relevant State statutes Of the State of Maine.