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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