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