HomeMy WebLinkAbout1990-11-26 91-20 ORDERDate yVll_>9_gn Item No. 91-20
Nem/Subject: ORDER, entlnrisdrul an Issue of $220000,000 %llsegate
lrienipal Aven[ of Somalia elect a 11r Ievy'Netefox
Responsible Department: MY ldvegaz
Commentary:
Tia attached Lester wJll pxaoitle authoxiaation fox the City W boxxue up to
$22,000,000 fox tnxtion of a Secmctaxy lleataen[ slant. Based on pilar
Cmasil motion, it its the intent of Ile City to bosses, this moray through the
twits ffiW Banc end tie SYata ilesmlvin; Searle pn gr ehich is designed to offer
lower intetea[ tar y to cities which are enpged in txa3a®let plant:
cvnatxucciot projects.
Use M
opened "
of aannagin x 16.5 . 99iexe rose,bbloater, other costs which wst bel
incurred in ngypdet rg� this l oject. rimae mate £rclude agixezxiag am
eM•M+m vwuttorivg as veil Be rte recessexy allaavro for Some com infancy
uld Probl®s arae ug . Ida life a the project.
As fa our pcacrice, we will paledials entire of this proposed bmzwintj in the
leeaepsp� andi also, in axvitlarwn wilds the City Charter, publish notice of the
baxxoxirg;t in varioue location.
No hope be awned the bid for tide pxojeot in Desecober. prior to the time of
aysrd£m bid, an would hope that mue would have autivciaaSi .in
with tin receeeazy finmrcirn.t,,.,,® ..
Defn,O eeedT
Manager's Chmmentn
city Mourne,
ptsociamcl Information:
council Order
Budget Approval:
N/A ff"et Direvror
Legal Approval: OCA. X161
cay soedm,
Introduced For
OPassage
®'First Reacting Paw _of_
.�'Referrai� Fv'Y-nu
f 91-2o
A pedto GmaBar Cohen, novembet 26 1990
CITY OF BANGOR
(TITLE.) (®raer,_...-_-- lartln izl g an 1e of $221000.000 Aeg�� Principal
� of lbmdm and a � Ir Tlerefor
By tU City Cwm of dm City of Da :
ORDERED, .
THAT puramant W 6a:tiw 8 of ARScle W of tla City @ (Private
all Special l of 1931, Cimptee 56) tof all acts
aditr v,..,am tbexeto, Flom Ja bemby auUpLisei Uie issue and Sale at one titin
or foam tire to til® of Tweet - wo million doll ($22,000,000) mate
lsincdpal murrain[ of �bolls of Uu City of Bin . Bbe iia derived
f Un Sale of Said horde, leas premium if m , scull be asap and am bexeby
appoopciat 1 for t dies, ++tom, x.�itim of lurid• ell otbot
associated public iv{sswmeitfs related to upgadin.3 std expa;A n the cape ty
of the City of Barapt {Vast¢gatex Treavmnt Flora.
THAT U estimated period of utility of each of the 3vprovmvus,
eg p® or otlmax iime to be flrurced with the pmc is of said Lrada v
hereby to be at least 25 yaam.
SHAT Us date, maturities, dercmimtiaa, interest rate or rates, place
of payffimt and other details of each issue of said bade, iroluding pmvfsion
for fMi Sala and said, shall be �t2mil vl by Uie Finarc'a BireCWr With t
appmval of U FLevm>= Caadttee and the (%aliIIall of t City Cv U, ani
said bolls shall D sigre by Ua Fitutce Oixa^.tor, ceaRe jgd by the
CFuiarmm of the City 6wmi1 and he in such form m they Shill detenmira by
Ure1r e> uon therm£. Any issue of said bolls may be conso]tdaLed with all
ieausl at ibe Same time w airy oft issue of bads aut ised ps to their
iseuanra, at Uyx disret3m of tM Fimtce Directoz, with the appmval of the
Fbmn:e (kaamfttes of ill City Cammcll.
'1f WT the biMa har&y autlnrizal N be matle eubJect to call for
xedsup�as por rv✓ttlal in 30 6A S5772, 6, 6, as a f t of
as s
dMc.m+*d+ by Ua Finanm Bixector with the approval of the Finmce G ittes
ani tic l?taiaun of the City Cauvil.
THAT in inch of the yeea Asitg Mdch .)try of Ua bo is am outstanding
Thee .)lull he leafed a tax in an aoaarc eddch, With oUra: if any,
available for that purpose, .)ball he Sufficient to pay the interest on said
hada, payable in such year aN the prbsipal of Such horde mataring ins h
lhar.
9 Lwrsant to So:tfrm 10 of A clew of the City Charter aM any
other enabling authority, the euarce Director, with appiwal of the Ffnanoe
Comittee and the Chainoan of the City 6wncllr is hereby authorized m issue
temporary notes in anticipation of the foregoing brad issuer said Mos to he
signed by the Finance r torr waKeensignal by the chairman of the City
Coircil and otherwise to be in such form as they stall detempm by their
easntion thereof.
'II WT a qualify bond counsel be xegoiffi to reorder ao cpfohom or
op=ons apprwirg the validity of the bads authorises by this O .
IN CITY COUNCIL
November 26, 1990
Ref�e'�
ed to Plnp 1[[e¢.
E4nc
4ERK
IN CITY COUNCIL
December 10, 1990
Pe ed
Ciry ahB
91-20
ORDER
Title,
..RYKU4Kiyipg,eg Iseye o{,$??000,000,
Aggregate Principal Amount of Bonds and a
••Tax-Teyv/y•�>Tjherefer^•••••^••••••
Aeeigned to
........���.'..ti............
Councilmen