HomeMy WebLinkAbout1993-11-22 94-21 ORDERDate y 11-22-93 Item No. 9 31
tammt: mmlusiztnq an Issue of Up m $15,000,000 Apyegmta
Item/Sublea: princfpal roams of Raafmzlissg Braids mal a'lho levy
mlmefor
Responsible Department: Finm¢e Depa went
Commentary:
9ne mtto Bad Oma is m be need m tefund a portion of the City's taswtal
(IDlfgatias wbt. Tia heal issues m m refuzv d ieslude that of Jorge 1, 1989
($13,025,000) and of May 1, 1990 ($9r265,000). It is aM:cipamd th this r
funding wlll :esult in total cuaxart value savings to U City of appaa irately
$450,000 or more over the z®eaiadsg life of tbeae b . m effect, the City
will ba bO=r ing the rafuMisg meat M a leer inte[®t rate marl wlll uee ilea
pax t m pay, the callable portion of the oumtmalutg buds.
We aze able m pmcssi with this mPffiing at Livia time Idx Tea tlea terently
apps d cling® m the City Charter erm m in tic last elation. '1 s w l
allow us m mks advantanys of today's very lav inWtmet rams. Your appmval
is xeuvmtaled.
r xrad
Manager's Comments: _
Blease note that pr m auting on the Hud older, apablic taut be
bell. Given today's iaketeat rates, it so � a g t tl i of ease m go aM1 i
with this s:efurding issue. I mould recvmwMd Your approval.
x
CNJMamgn
Arsociated Information:
audget Approval:
Legal Approval: Plea f e•/z /a✓-�c
y so rziru
Introducer! For 0
Passage arfe/' f PUUri
First Reading Page _ pi
Referral
94-21
Assigned to Counaer Stone November 22, 1993
CITY OF BANGOR
(TITLE.) VY
apCDPC, authorizim on lsea of Up on $15,000,000 Iggregeon
_._. __.. ..... _..
Principal Arount of Rafmdiazl Bads antl a Tae levy Tlexefoc
By the caro cvwnml ofW MY of Ba .-
ORDERED,
THAT @tenant to 30-A M.R.S.A. 55]]2, Broom 8 of Art£cle W of the
City Otartcr (Private aM Spacial Bata of 1931, Chapter 56) and all aoarlcents
thereof ata acts additioal thereto, ani all oboe amiority thereto enablirg,
there is henry authgrized the issue ani sale at one tine and foan rise to time
Of up to Piftsen Million Sollars ($15,000,000) aggegate principal mount of
general obllgatim refumif Loris of the any of Bangor plus up to 38 thereof
for coets of issoame. aM pate is derived fmn She sale of said bo tls, leas
prazirm, if any, shall be usetl ani are hereby a}pr yriated to advance refund Ue
following obligations of the Cftyr
-- $13,025,000 1S mal Obligatiam emtls issued ,Tap 1, 1989 with
maturities in the }ears 2000 through 2009, inclusive; and
$9,265,000 Gopal Obligation Bade issued May 1, 1990 with matuiitiea
in the }Sore 2001 tl¢Ough 2010, i usi .
The fc of g obligations not * nofber mllrLtivety re£eaai to as the "Prior
Bads" and
B8 w F111d}ffiR GRDEO®, THAT tYe eatinatei xaua u v period of utility for
the px<perKy constituting the projects flnmcai with the pontoons of She Prior
Battle is hereby detzmd to ] at least twenty years: and
M 1T FOWRO:R OR®0D, TI WT the data, maturlt s, daxmirotiap, LKerest
rate or rates, place of payment and other details of each issue of said bonds,
=l d; provisim for their sale and avaxd and the se3a^tirn of an
undavriter, shall let detemuned by the Finance Director with the appx of
the Finanrn G tee ami riga Charman of the. City Cowed, az said bade shall
be signed by the Finwee Director, cmintexsign i by the Qaisan of rte City
Cowell, sealai with the seal of the any, attested by its Clerk, and be in such
£oma and contain such isms and provisiam as they nay appxwe, ttpix approval
to be c mclusivaly evidagal by their a cution tttareof. My issp of bwtls gey
be consolidated with sal Issued at tip same then as erg' otter issue of bads
wrtlnrised prior to their issueae, and the hods nay be divi� into nultiple
series and £ssual in separate plans of financing, all as in the
d+«tet+m of the Fiance Director, with approval Of the Finance Cagdttee and
t S epi man of tie any Ca ; i
BE TT FpFIDER Q✓D0✓ED, mi Wmthebonds hereby autlrsimd may be made subject
to call fox rede�@tion. luith of wiUwt pz�unn• Lefoie Ate date £ilei for final
payment of the lords, as prmri in W0 M.R.S.A , 45]]2(6), as amended, as
shall be determined by the Finawe Dfiectox' with the approval of the Finance
Camittee and the CAairean of the City Council; and
ee w in each of the years during etnich any of The
bolaiv are outsta ding• there shall be levied a tax in an amort which, with
otter xevelcee, if any, available for that purpose, Shall be sufficient to pay
tie interest m said boder palable in such grass, and the p mclpel of mrb
hands maturing in such year; ant
BE TT PU[IIf1ER 01m81II9D• 9PT tic Pilaf Dizcctox Le end ]ereliy is auUmtized
to prEp , or cause W be prepared, a Peel imina•y Official .$Y t9f0K and an
Official Statement for use in offervg the binds, or any series of bonds, and
any rotes in anticipation thereof, such Preliminary Official Staff eht and
official Stateffint to be in such form and Main such information as ray he
apprwai by the Finance Director and that the diatrdhrtimr of the Prelindnaxy
Official STateoent and the Official Statsm2 in the name of and of behalf of
the City in connection with the offering of the bads and ary notes in
anticipation thereof be and hereby £s apprvued; and
BE TT F1 , 9AT the Firers Director be and hmelry is autivcin
to aplaint the, registrar, paying agent ant transfer agent (tic •Transfer Agent-)
for the bolls of the City; and
m TT ftkdimi Off, mem the hatls issued IwreimdS.r shall transferable
only upon xegistraTinn boldo Of to City kept by the Transfer Agent, and said
Bonds of one maturity may be elchemhoi for an equal agyegate pxincfpal moot
of bonds of the arae maturity (but rot of arotber maturity) in the damminiation
of 0,000 or any n ultiple thereof, upan deeded thereof at tie principal
Office of the Traafw P4ent, with a written inst• roan of transfer satisfactory
W the Transfer Agan duly executed by the registered owner or his attorney Ary
aut prised in writing: and
BE TT upon each elchange or transfer of Border the
City ant the Transfer Ghent shell nape a charge sufficient to cow. any tax, fee
or other gc� charge repaired to be paid with respect Tn such transfer
or elcba ge, ant subsequent to the first emhange or transfer, the cost of which
alal1 be brae by the city, the cost of repairing new bods upon elsbanges or
transfers thexeof stall be laid by the person a ^^, the same: and
m TT FURRffit Olt , Tian'the Finance DtreLT ant the Cheiman of the
City Cou cil be and hereby are authorised to oderrah® all acts necessary to
prwhde for to issuance and transfer of the bonds in book -entry form pursuant
to the Depository Trust C ngwny Book Entry Only System, as an alternative to the
prvvisiwa of the foregoing xawlutica ra<Prdi physical transfer bonds, and
the Finance Dixectox he and thereby is anrlrnieai ant aopaexed to enter into a
Letter of Fepramam>t rn or any other contract, agreement Or unleratamding
necessary or, in his opinion, appy priate in order to qualify to rods for ant
pexticipate fn the DepoSitory Trust Caryaly Book -Entry Only systan; and
BE TT FD ORDflaD, Ttm1' the Fiance Director and the Chafe an of the
City Camcil shall from tine to time execute such bade as may be OeTxixat to
provide for elchwges or transfers of h oris and notes beretofom autbar�, all
Such boMS to bear the Ori.gLal Sd tuoD of the Finance Director old the
Chafnran of the City Cc mcfl, and in case of any officer of the city Mese
Signature appears on any bond shall cease to he such officer before to delivery.
Of Such hand, such Signature Shall neverdaless he valid and sufficient for all
Purposes, the same as if ash officer had rmie+.na in Office until delivery
thereof; ami
Q4-21
MIT the Finance Director be and hereby is authoria
and en{nweeai in the name of the City and an its behalf to derenn;.e adrerne. the
bads authorized herea der will be sold through negmd ted sale or ccupstftfve
The Finance Director be all hereby is aurlmrizal all egiaiersl to emacuts
and leaver in the nine of and on behalf of the City any and all been
agreements, carRrecfa, certificates and ottam� hx »nts meassaxy or, in his
info n, appropriate in areaa.r on with the m9otiated sols or compatiuve
bidding; and
M W TMf the Fdnmre Director, Chaldean Of the City
Cuuna 1, Clerk and other prole officials of the City be, and hereby ane,
authaizal and ern eted in its nae and on its behalf to do or cause to be dane
all such acts and thongs as nay be necasseey or desirable in oaler to, affect the
issuance, sale ami delivery of the bonds as heoeinbefore authorial; and
M = IT➢ffiF.R Dom, TMT the City cvsabsmts all certifies that m Part of
the proceed, of the issue and sale of the bads authorized to be issued by this
DrrHr shall be used, directly or iMdzectly, to acquire any sevrftdea or
obligatiani, the acquisitim of Much wind cause such bonds to he ••adursage
bade^ wtthin the veandng of 6 Kian 148 of the Internal Pevenue (We of 1986,
as minded; and
M IT FURDffiR cemmo, T the FiSanee Director be and hereby is mlWri
and ®PO..me3 to tale all such action as may be � to d®igate such of
the bands as qualified tax-eamgrt obligations for pupoees of Sectfan 265(b) of
the Cade: it berg the City Co Uls inSatdan that the Finan a Director, with
mlvice of boll camel, metre the roquired Feet'^^ 265(b) el tdrn with respect
to such hands to the agent the election may be available and advdsble as
by the Finarce Director; ald
M IT FWMM �, TMT the Finance Director be and hereby ds autharimd
to covemnt and ayes m b ]ul£
of tM Cityand £or the becefit of all tie
holders of all bolls issued lerewder that the City will file any yuixed
ro2orT and Tallre arty other action that may be necessary to inre a thx intro.est
m rhe bads wiu zamin e®wt � Fe3erol ince w.ar;m, em chlor the ciTy
wi11 refrain fen taking lata action that will cause intsreet w the bolls to ba
subject To Federal av® tanmtian.
In City Council November 22, 1993
Public Hearing was held
No one from the Public Spoke
Passed
C
City Clerk
96-21
ORDER
Title,
Authorizing an xssue of Up to $15,000,000
.............................
antedate Principal Mount of Refunding Bonds
.and. aTaaa,LL.e.vy. TT.h.e.xef^arre......
ABU
eaigkd to
�f
Councilman
94-21
CITY OF BANGOR
LEGAL NOTICE
PUBLIC HEARING
PROPOSED REFUNDING BONDS
The Bangor City Council will be conducting a public hearing on
November 22 1993, for the purpose of discussion the passible
issuance of general obligation refunding bonds in a principal
amount not to
exceed $15,000.000. The proposed bonds would
advance refund the City's $13,025,000 General Obligation Bonds
Issued June 1, 1989 and its $9,265,000 General obligation
Bonds issued May 1 1990. All interested persona are invited
to attend the Public Nearing at the City Hell Council Chambers,
third
third floor. Bangor City Hall, 73 Harlow Street, at
on November 22, 1993.
November 10, 1993 Russell J. McKenna. City Clerk