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HomeMy WebLinkAbout1992-05-27 92-268 ORDERGate yV V'5 27-92 Item No. 92 9 j =R, AutFmxizin9 an lsaue of $1,700,000 AOgt br ftem/Subject: Ari ipal N t of Harvie aral a Tax Levy Tumf i Resporsible Department: pdnasce DalarGrerK commentary: 1g.:o bartl cm a vats prelaiei by M CoaricilChris Ib tin Sul., Pie , A1zmi, Scxlbnot. MS Orv#i author up ro $1,700,000 fox tits 1992 tM Cmetxsx:tiat Pre9rml v.•lrtch will Start do Jure, 1992. Tte O der incluthea tM_ necessary Oxl cn of Official Infant' per M � which states that arry mats inouxxerl by Ure City prior to the desuarce of the bmrle or notas will be xvr+^'>"+� rile b ac rote pxocceds. Thin itan atvuld be xavl! ed fox a pilalic leering at the rat lburcdl Meetu (Jure 8, 1992). Afbex tlse public hm , action on itle ONet will ba talmn. P,e y rw,• Eey.ewemxme Manager's Comments:AM1 '(h9. oa*ren bz pa -qua? � �dKP 44 4A l oat c yKZ= . - Auppiatuliniwmatinm � Budget Approval: £imnce Erector Legal Approval: Ciry Sotivitw V Introduced For op oarge First Reading No _ of — Referral Assigned to Counedor Bragg bay 27, 1'12 02-253 CITY OF BANGOR �® (TITLE.) Mn)grr, _..._........... . a t, u„eriziN an issue o. Principal Nso nt of Bonds and a Tan levy Tharefor BY Ole City C"nol of W City OfBmyur: ORDERED, THAT pRBVMt W 30-A M.R.S.A.55772, Section 8 of Article W of bbe City Charter (PrivLW am Special Sawa of 1931, Chapter 56) aM all aoendrents thereof ani acre additional tM1ereto, eW all other authority thereW eneblixg, them fs hereby authorized the issue and sale at one time am fxas time W tine of Ore Million Seven Murdred Thousand Dollars (51,700,000) aggregate principal m of aerial boofo of the City of Ba pr. !Che pooceeds darived five bbe'sale of said bohBa, less pr ha, if any, shall be used anti hereby appropriated W pay the Casts (ea herein defined) of cons[nctim., rarnistmcticn and irxwaient of sewer and St boor drainage facilities as described m the 1992 Seer Piograro-P Jecc Descriptions attached as Exhibit A W the D lzration of Official intent adop[ed herewith (ibe 'Project"). T`mT, the estimated perial of utility for the property conatiWting the nrojact arcl tohe financed wlth the proceeds of said Nntls .is hereby detensinei to he at least 25 years. =, the dale, maturities, den inatinns,. fnrcerzat rate or rates, Place Of payment and otter dstai16 of each issue of said bonds, including prevision for their Sale aryl aoatd and the selection of an underwriter, shall be by the Finance Dixxtor with the approval of iba Fiance Cmmittee and the A 6PMto C.m ar Bragg May 27,1992 92-268 CITY OF BANGOR (TITLE) w rUr... h=lziog a n. leeuer . of.'$lrMDW ate e.................. .Aggreg By the City Cnumit 6f City ofBaayyr: ORDERED, - TWT puryuvnt to 30-A M.R.S.A.$5772, Section 8 of Article W of tM City Charter (Private and Spiral laws of 1931, Okps 56) and all anenrb�2e tbeceof and acts azMitiow th¢ato, ani all oder auttt$rty LhereL> enebluvl tM a is Hereby author the issue ani sale at one tine tad 8 time to time of Oto trillion Seeert-Mvrlrffi1-1te�ard-pollars—�— ($1,700,000) aggregata principal arount of serial hada of tle City of Bangor. The proceeds derived f tte sale of said boMe, lees prsoLmi, if emy, shall Le used aM 1 try appmpriatatl to F the Costs (as � defrost) of cons r ion, �on and ivprweoenrc of esxer az .emmuecar drat g facilrtres as �ibst in ttc 1992 Sewer amgraarmojent Deacrrpty affected m IoddMt A to the Declaration of Official fno n adopog he2E ith (the °Pmjs:t") a'mT, the eatlmated period of utility for the pxcperey m Ut ting tM Project a to bo fio n wiN the Prroc ie of saiA bo]s is hereby dote...tnw to ba at least 25 yavra. - TtmT, tte date, madn:itlm, it.w interest rate or room, plea of pay a and oder details of each issue of said buds, including Provision for thew sale aM msN and the selection of an urclervriter, shall be deizmdned by the FLiaria nirectts with the approval of H Fronts Camdttee and the 92 2a& 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, chair approval to be concibsively evidenced by their execution thereof. Any issue Of bands may be consolidated with and issued at the same time as any other issue of bonds authorized prior to their issuance, at 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 nay 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.R.S.A., §5772(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. THAT, 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.A.S.A. §5772, Section 10 of Article W of the City Charter and any other authority thereto enabling, the Finance Director, with approval of the Finance Committee and the Chairman of the City council, is hereby authorized to issue temporary notes Of the Cityinanticipation -2- 92 259 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 mate 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) and bonds authorized to be issued under this order may be issued in combination with temporary nates (including notes in renewal thereof) and bonds authorized to'be issued by the City Council at any time prior to the date of issuance of the temporary notes. THAT, the employment of Fleet Norstar Securities, Inc. as financial advisor for the City is hereby ratified, confirmed and approved, and the Finance Director of the City be and hereby is authorized and empowered to execute and deliver in the name of and on behalf the City such contracts Or agreements as may be necessary or appropriate in connection with Fleet Norstar Securities, Inc. serving in such capacity. 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 and any notes in anticipation thereof, such Preliminary Official Statement and Official Statement to be in such farm and contain such information as may be approved by the Finance -3- 92 268 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 nates 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 transferableonly Upon registration books of the City kept by the Transfer Agent, and said Bonds of one maturity may be exchanged for An 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 satisfactory 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 cover any tax, fee or other governmental charge required tobe 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 prepairing new bonds upon exchanges or transfers thereof shall be paid by the person requesting the same. THAT, the Finance Director and the Chairman of the City Ccuncil be and hereby are authorized to undertake all acts necessary to provide for the issuance and transfer of the bonds -4- 52 2^,ill and any notes issued in anticipation thereof, in book -entry form pursuant to the Depository Trust Company Book -Entry Only System, as an alternative to the provisions of the foregoing resolution regarding physical transfer bonds, and the Finance Director be and hereby is authorized andempowered to enter into a Letter of Representation or any other contract, agreement or understanding necessary or, in his opinion, appropriate in order to qualify the bonds or notes for and participate in the Depository Trust Company Book -Entry Only system. THAT, the Finance Director and the Chairman of the City Council shall from time to time execute such bonds and notes as may be required to provide for exchanges or transfer of bonds and notes as heretofore authorized, all such bonds and notes to bear the original signature of the Treasurer and the Chairman Of the City Council, and in Case of any officer of the City whose signature appears on any bond or note shall cease to be such officer before the delivery of such bond or note, such .signature Shallneverthelessbe valid and sufficient for all Purposes, the same as if such officer had remained in office until 'delivery thereof. - THAT, the Finance Director, Chairman of the City of Council, Clerk and other proper officials of the City be, and hereby are, authorized and empowered in its name and on its behalf to do or cause to be done all such acts and things as may be necessary or desirable in order to effect the issuance, -5- (.L. 92 268 sale and delivery of the bonds and notes as hereinbefore authorized. THAT, the city covenants and certifies that no part of the Proceeds Of the issue and sale Of the bonds or notes authorized to be issued by this Order shall be used, directly or indirectly, to acquire any securities or obligations, the acquisition of which would cause such bonds or notes to be "arbitrage bonds" within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended. 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 authorised 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 -7- 92 23534 refrain from taking any action that will cause interest on the bondsornotes to be subject to Federal income taxation. THAT, the term "Cost" or "Costs" as used herein and as applied to the Project, or any portion of the Project, includes', but is not limited to (1) the purchase price or acquisition cost of all or any portion of the project; (2) costs of construction, building, alteration, enlargement, reconstruction, renovation, improvement and equipping of the Project; (3) all appurtenances and other facilities either on, above or under the ground which are used or usable in connection with Project; (a) landscaping, site preparation and remodeling of -any improvements or facilities; (5) the cost of all labor, materials, building systems, machinery and equipment; (6) the cost of all lands, structures, real property interests, rights, easements and franchises acquired in connection with the Project; (7) the cost of all utility extensions and site development, (a) the specifications, surveys, engineering, feasibility studies, legal and other Professional services; (9) the cost of environmental studies and assessments; (10) the cost of financing charges and issuance costs, including premiums for insurance, interest Prior to and during construction, underwriters' fees and costs, legal and accounting fees and costs, application fees and other financing fees, the service related to the financing transaction; and (11) the cost of all other expenses necessary or incident to the Project and the financing authorized hereunder. -7- iq� 92 268 THAT, the Declaration of Official Intent Pursuant to Treasury Regulations §1.103-18 attached hereto be and hereby is adopted as though more fully set forth herein. [CRH/5942] - IN CITY COUNCIL Hay 27, 1992 Referred to Appropriate Committee L�✓L! a E ` CITY LERR- In City Council June 22,1992 fuaended by changing the figure $1,700,000 to $1,040,000 Vote for Passage as amended 8 Yee 1 Absent Voting Yes Psldecci, Blanchette, Bragg, Cohen pranRel Saxl,Soucy,Stone, Absent Sawyer Pv�Heanng Held �� JJ ty�ic`errt 92-268 ORDER Title, Authorizing an Issue of $1,700,000 Aggregate Perd ol Amo of Bb and a Tax LevTh y Therefefor Uf � ciLvan iS 92 268 DECLARATION OF OFFICIAL INTENT PURSUANT TO TREASURY REGULATION §1.103-18 WHEREAS, the City of Bangor (the "Issuer") currently intends to proceed with the project (the "Project") described in Exhibit A attached hereto; and WHEREAS, the Issuer intends to finance the costs of the project through the issuance of bonds and notes in anticipation thereof; and WHEREAS, certain of the costs of the Project 'may be paid by the Issuer prior to the issuance of notes or bonds and be reimbursed from the proceeds thereof; and WHEREAS, Treasury Regulation 51.103-18 requires that an Issuer declare its official intent to reimburse expenditures with proceeds of borrowings prior to the date of expenditure; NOW, THEREFORE, the Issuer does hareby declare its official intent as follows: 1. Declaration Intent. The Issuer reasonably expects to reimburse expenditures made on the Project with the proceeds Of notes or bonds to be issued by the Issuer in the maximum principal amount of $1,700,000. 2. General Description of Pr=RztV to which Reimbursement Relates. Attached as Exhibit A is an accurate general functional description of the type and use of the property with respect to which reimbursements will. 3. Public Availabilit F FFI i 1 This Declaration of Official Intent shall be maintained as a public record of the Issuer and shall be maintained and otherwise supervised by its Clerk on behalf of the Issuer. This Declaration of official Intent shall be continuously available for public inspection at the office Of the Clerk during normal business hours of the Issuer onvery business day of the Period beginning no later than ten days after the date hereof _ and continuing until the date the bonds or notes are issued to reimburse said expenditures. 4. Trees t' This is a declaration of Official intent pursuant to the requirements of Treasury Regulation § 1.103-18. 5. Authority for Declaration. This declaration is adopted pursuant to resolution of the City Council of the Issuer. WPPCEH5943 92 268 1co. 14�e 1992 seen pxt m > a oL t}.g CbY•s sexes al5tea as xa-.:..,r by the ffiA t' '-1•'�4 iamxw�;t twee starred to Lea, mel nave the ot] ° aee�t'e .tate tF ea c she a of t .tafitemttoa oL Fad , sacitatl. ard atOYID aeat svat®s is those ateaa 0P the Ci a�aeatioa of ide:t1,.iaiai th=gh o:¢ saw soniteriaq P�Fam, ze tY 4ach have b� BtaX811�tog 3 m santta'Y imnk tum eliminate +^4i t' 1992 will M. WA ieclnde the This a J= w , Iry whalf cmpthe 0letsi ?n C2xdts a f�inr Pmjaera /P 3Rais• 7 P J% vitt iawlve Tm�4 Oesd¢u aHs the pest tao salLLtaty ee .r ir..ry 200 Brea, £tet ogf31400 Linml fx t of �r manitols. Ptlditiorai PxaJZKs will be ,{e t�, and 21 naw k �� � m 1�a1- Kith L.R ClJJ3ti<B O£ 9Lu the Avm is Awk cm w P`�'1 Stix is 1995. $423,000. k =I. Ef _L_ lhts also a fig Xwdm&ak Sutaemtica. Wak LarFL9 W11 sepacstton HmJa in existing asDinai serves oa g1m SGcst ad g .0 i vclu sePetat . of ec of tC s to tffi rcv W�p 21slPs, enl lx t3�0 INivi� lwse 3atgmtaucaec lines. 'ffie .�uie within tM C1. tha Sts c� an Sa cite oP 6� i^� Of ffiJei P�j� t11 eP, 9and,, will IKg1i{Q 52VBLa1 Sa cwPlBFai, a anis. c,mplete the saa-t= +.,.�, wts xi11 >» a.;.,r.._ w � theme xy of Safiltat+ml c: �ewss aatm Sata1 est!matad o ; $100,000. �3H.. gem ftlL groj h immles''l, pL vima� B" aaeater ®tile suw:...� of P 1,000 feet oL ¢xLstiW ,y.i... rt"'•,•••••'• a ditiai svi baa 11vd�vate nth of I-395,. whit^. is 1`� P=J= Will also i.. -+W0 C i m xareat 3,000 j4 _• faac of evatiaq 1g• � of ar. a3ditiaaal arnitlt oL I-395, n c m"t ws ma t m the of �attl- ss is Ftoja ca 0dltu!>osz. plaxmed ffi1j)• 2tTy eat±m C - $415,000 - 0 92-234 1,. This im =T replacs�E of � - y 900 Lbml feet of eatr�Q 268 detsli0Las81 seat; lire ® i'�e laz. secGiOe 0E Birch Street tetw Btflffi Stvest and v=..-r.•*� Sheet. This seat lice also cantribe � deal of ^a^ earecr std figs Jo Peiluses in the last 19 nontils. 09iese fmlua T siltal in Lesmtst flrodin4 in tAe reit. MEMAM 1 . -» . 'ictal ccnir 1992 s prcj ts: $117401000' CITY Of BANGOR PURCHASING DEPT BANGOR ME 04401 TYPE r r sue I M,f .00 LEGAL I50746 -GEN OLIGATIONSI 2.00 118.49 MONTE CURRENTRENT 6R0553 AR6.GUN TOUI 77=�HORJ�TION Low Ts" CIN OF MAINE Rlowl McKenna, City Cle,k TEL. xoinaeuoo anuat 4, 1992 To Whom It May Concern Re: General obligation Bonds CERTIFICATION OF PUBLIC HE RING TUNE 22, 1992 .COUNCIL ORDER - 92-269 1, Russell T. MCPawa, City Clerk, City of Bangor, Main certify a Public Hearing was opened on Council Order 92-268 by Councilor Burl, seconded by Councilor Bragg. Chairman Cohen asked if my member of the Cenral Publicwished -to speak on the Bond Isan. No one from the General Public came forward. Motion to close the Public Nearing IN Councilor Saxl,. seconded by Councilor Bragg. Tape recording ording of Public Bearing. on file in the City Clerk's Office, City of Bangor, Maine. Tape recording will be kepeon file for a two year period. Russell I. Holcombe City Clerk