HomeMy WebLinkAbout1992-07-27 92-369 ORDER.. Date o 9 2R-92 Item No. 93-369
pmmes Autilocising an Issue of $575,000 AFF ]ata
Item/Subject: P iecipal Ano nt of Bosch and a Tess levy Thereof
Responsible Department Fiawmse Depannismanat
Commentary:
The City was xganrtly aaxtled five tgarta firm the Stene of Haire age a xeault of
the Jobs Brod pmgesson. The total mat of these pxvjecte is $4,158,397. 'Axes of
t1beea p jfsota — Site Hagan Idvd Fixe Station, ttie Public Horlu Catples, aM the
poi icsa Statins — will require local gauaf fiord catch. The foroalt
nod is appanxicaletely $575,000 ad we woultl rid thatthis anosmt be
borvvretl. Tlae attached Diller wlll begin this pmcses.
A nems of this overall effort, over $7 wLll ba area ] le farm other footnotes; for
every $1 boxxvwai. gtda ife an excellent ratio. In acklition, these lrzojecta will
pxwide aamsic stinavtatinn and will msd.t in longaem savings aince all of
tisae pxojeces axe needed asd would o[hmreise neve m be fuMaj in full by local
tarPelexe.
Tis Bald Axles mut receive firet axiLsg anal be pdolishal areal posted prior W
£incl poseeoge.
Scar approval is mamxdad.
Deportment flood
Manager's Comments:
CM
Associated Information:
Budget Approval: V
Finnuee Direelu,
Legal Approval: Voldie/tides 5" IOn
j}e/ CiiY Cha Yria9TMla ¢{.n will ref✓fie s . city m11kh"
apTirn+ah'va p ;r^l ®e$sa�e. ArsorB°Wte
vo i s a 5'0 peq✓iled bock (J"J opss AS prrovia6ed i^_f1d, Ir srcl
Introduced For
Opassage
❑ First Heading Page _ of —
❑ Referral
ASIA, CIRRI,,
92-369
Absigu,dto Connolor Bragg, July 27, 1992
CITY OF BANGOR
(TITLL) (DrUr„...._.__A arizbnq an- Issue, -of-55!5,000-Aggregato Pr ipal a ac
of BOMB earl A Tax levy
By No City Ca of Bu aty ofBamq&r.
ORDERED.
TMT Pursuant to 30-A M.R.S.A. 55772, Section B of Article, K
of the City Charter (Private Pull Special fees of 1931, Cbmpbmr 56) all all
aomdrents thereof all acts atldttirnal thereto, all all otter authority
thereto erabli g, these is hereby aaa M si the hada all sale at cne time
all from time ro ties of Five ihxdcN Seventy -Five T9xxmaM pollard
($575,000) aggregate principal arosit of aerial lurxla of the City of Barger.
The pmcesls derived feu the sale of said beds, less premahmi, if arty, shall
be asst axi are hemby appropriated to lay the ccata (as herein defined) of
acquimitim, amstmctiw all ejnippinq of the follomhrg capital lmproumment
Projects (the •Project"):
Heger Fvai Fire Station $350,000
Pabiic works Complex $165,000
Police Station lvprov®eats $ 60,000
all as mom particularly dmcribsl in the City's 1992 Soda Creation 9vd
Pmgim Application submitted to the Stam of Maine Departaent of 8convdc
and Cvamurity revelopnsat.
A m N Fi11IIERR �, mr the estvmted period of utility for the
Property mrmtitutirg the Project all to be finmzatl with the pxec is of
said bolls is hereby chster imel to be at. least:
Hcapn R Fire Station - 20 }ears
Public marcs Couples 20 years
Police Station A¢rwsments 20 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,
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 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.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 bends, payable
in such year, and the principal of suchbondsmaturing in such
year.
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THAT, pursuant to 30-A M.R.S.A. §5772, Section 10 of
Article VI 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 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 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 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 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.
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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 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 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 exchanges 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
necessary to provide for the issuance and transfer of the bonds
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 and empowered to enter
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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 shall nevertheless be valid and sufficient for all
purposes, the same as if such officer had remained in office
until delivery thereof.
THAT, the Finance Director be and hereby is authorized an
empowered in the name of the City and on its behalf to
determine whether the bonds authorized hereunder will be sold
through negotiated sale, competitive bid or placed with the
Maine Municipal Bond Bank. The Finance Director be and hereby
is authorized and empowered to execute and deliver in the name
of and on behalf of the City any and all loan agreements,
contracts, certificates and other documents necessary or, in
his opinion, appropriate in connection with the negotiated
sale, competitive bidding or placement with the bonds with the
Maine Municipal Bond Bank, including without limitation, the
loan agreements typically required by the Maine Municipal Bond
-5-
Dank in a form to be approved by the Finance Director and
Counsel for the City.
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,
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 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 "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; (1) all appurtenances and other facilities either on,
above or under the ground which are used or usable in
connection with Project; (4) 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, (H) the specifications,
surveys, engineering, feasibility studies, legal and other
professional services; (9) the cost of environmental studies
and assessments; (lo) 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
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financing fees, the cost 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 Project and
the financing authorized hereunder.
WPPCEH6301
In City Council Tuly 27, 1992
First Reading Referred to
appropriate Committee
- lnN(A*/..��
C ty Cler
IN CITY COUNCIL
August 10, 1992
Passed by the folleving yas and
no votes. Councilor voting yes.
Baldatrl. Cohen. Frenkel, 5 xl,
Soucy and Stone. Councilors
absent: Blanchette and Bragg.
Councilor Sawyer abstaining.
92-369
ORDER
Title,
Authorizing an Issue of $575,000 Aggregate
Priorij�l A..... of Bonds sM a Tax tgwy
Thereof....mount......................
.......�.�...,..........................
I
�:/ Councilmen
fes,.
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