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HomeMy WebLinkAbout1991-08-12 91-312 ORDERAMAMC6G Date a-asc<ro o1 Item No.9 12 Item/6ublect Oer)Br, Autlntixing tAe lame of 617,260,000 Agyalate pc ipal Amamt of Bowls end a Tax levy 1lexasE Responsible Department p+N� Gmmenmryi 'Mis new order l links: 111e iwlividuel bowl ordazs pre axal by ile (lity's Ignrl sound ld; Use Carlad Staaet Sdml Paweti®t pioj t and a c,azctai mxnffi regardtng tic psi asseer xe]aTetl sork. 51e new flg eidaaac' balsa: Garland Stxeat midelle Sclnol p Jj 6495,000 Cmblrad Se,.ee O.arflw Facilities plan and Saes Baswat -Raq� paojta 3,365,000 CLty Mansisg Facanity 1Rpaa1[m 450,000 Airport Tauoiaals6xlansion, 5,750,000 Base pack Calplex Renwatirna and } OW,004 5C1AL 17,260,000 F/ �rCu'V pnpnni nl,md Manager's Comments: 'Oe car: dal Find mdse reeds to be amencesed by mdasr it.wg..n and replaced w1U Tle newly pxepasrel Bond Order. 19e ONet sill bas £frac saandaw and illms be ecFedalat for the xal¢ssed public bmrlsg on 6ep[mber 11, 1991. Associated Information: Budget Approval anttOie[ff Legal Apprwal: West deans will n9wbe w Irm'Aw vwk a/ }wn 9bf..ls of 1+ w4a/e rmtd Ate i l Act .car PA6spya. in AOea.AAAO w.fR Ark,b 7R'. See. Q i sar nom, J,k Baa Cify eAA,*r, 7)v"ilem5 ,+%ll nef lar /A seater At O Ml Pw60wV, ✓nli .. Aa r bl,Y ra lri Absatsv i 4 introduced For O Ponags Per— of _ ® First Reading ❑ Referral Wo have also 5ncbded an itaa for CityN ing Facilitymp ion at an eathoated mat of $450,000. A you all lumw, we are pursuing th expvutian result of the atuAine which base been um� M Uu City Wareing Facility and which LdicaT i Hut m expulsion of this s=e of tlu facilities would allow ue to xsWce the &ficit of the facility fvn� [ Hu City's gveral. £nM. WmR on the list ss tlu ems Bark cmplan xaiwatioru am ingrov®mms. Sus is lnclvrled on the list at this tip m a r t of Hu seas Paxic l�im. Camdttee'a xec®ertlatiwu. It is clear Uut a great dml of xditiorel diso cion w111 be required on t itmi prim to the City Ca31 being rewiy to ca m t itself to this bo mdW. Please keep qn mod t t decga on the vast mount majority of Chia money ave not qn ig Iy rega�aM that the co rc may cMosa to put off oamitting to this eQaurt of nonsy until the spring of 1992. In regard to all of tM funs, it ahold be noted that the vast majority will Le suppnrtsd by revenom frr n ew:zcea oUuc Ulm, Uu general bond. In fact, nono of this bony qng qa dgre:tly related to the gm fwd. The general fold >aal' incor eau liability only m regard to any bonowbgs for Bons Park a possibly for the City eurG Facility, althxngh in H latter inatdlCe we bell Cl L^ qen [ l fVitl liability for the entire City Nosing Facility will acd lly be ndiwd U=ough Clre expaditure. Finally the Czdar also mtrorlxea tlu tram£er of Hu rmmi:dng $50,000 fmn the MoganP t Fim Statim capital e2rnmt to the puriluse of a vagdcle lift at MNur Pool. Tfiis "-- diacuasai at tlu budget pmmes a it qs es am:.: Uut a. new vehicle lift be Pxnclmsn for safety and •*o•+t:^ti+ cros�. 'Ae nonusl pnx:ekne for a tad auUxuisatim is for a first rearing folioed by a ion day p,bli fi period folloxerl m ffml netlm: by the Ctty Counoil. in the interim betaeert fits[ r raw tM foul action, we will eclud,de tl leew approprinte nmatirvls are xequixst for the council to feel omfortable wtth this bmxadn9. 91-312 Asa"toCoamaor Cohen, August 26, 1991 Pts t'o CITY OF BANGOR (TITLE.) Mrbtr, ...._ �irjh�. An leave of $17x260,o00 lelora9atel Pnrcipel Ammm6 Of pude an a Tax levy shereof B9 as cite Couaeit Of Me Cft ofRaaaar. ORDERED, TMT pursuant be Section 8 of A cls H of the any Barter (Private all Special las of 1931, Capfar 56) And all aoenmm[e thereof and acte additiwal tleretox throe as hereby sathexr d the Sssue and sale at one tree or from time to time of SevaRean Million, tea hu akei Agri sixty thousand dollare (17,260,000) aggragate principal mount of serial bords Of the City of Banps. The hate ecla derived from the sale of said bolls, less preot if any, shell be used all are hereby appy gnat i for the purchase of equipment, of icvoaraR public iuquolarenhe or for asy other purposes aatterisal by getmscal law or special lea or hemaft applicable to the City o£ Banger, all of aiiich am hereby autlerizei, to wits Canard Street Mihile School Iffirovat:.... and Pddltim 6,695,000 Combirsd Seder ch arflw Pacilitiec pLan all Seer Projcc a 3,365,000 City hlasing Facility IDgereion 950,000 Airport Ten/�mp�ia�yls Expaeaien 5,750,000 nose Park omp1PA PCIWatiM6 erd IvpxwemRa 1,000100 00m.. _0 17,260x000 The estimated pxrird of ,m: City of each of the Sv¢aweovrts, equip t or other iTaa to be ffraaced with this prvwals of said bade as hereby i°<=+mt men to he at heart 25 years. T the date, matvritfes, demmLatpore, interest rata or rates, Place of payment and other details of each issue of said bands, including provision for thepr eels And award, shall be detenmiretl by ties Film os Mrector with the appawal of the Pinerce Bemdtbse ars! the Clamart of time City Courcil, arcl said bonds shell be aigreri by the Ferace uirector, camtarsignsl by the Cheiman of the City Casicfl Agri be in such frau as they shall dete ' ie by their thereof. OMYI' in each of the }eaxs durtpq Wdch arry of the buds am outstardf tiv:xe shall be levy a Tax Sn an avwrK etdch, with a[fus xeimanwa, if my, available for Uat puxpoae, shall be sufficient to pay Ha intexpat on said buds, payable in such }par and The principal of such b mabwi� in such year. 'H WT [s� to Sstim 10 of A fele W of the City Cheater aM amJ oU¢r ercbliig aut ity, tla Finance Hixnct r, with the appxaml of the Fi a C tree aM the Qainaw� of t City diu U, is hereby au im to issue taigorary notes in anticipatim of tis foxegoiW bond issue, said rotes to be sige by the Finance Director, counu signal by the eaiman of T City C cil and odaxuvise to to in such fom ae they shall de[anWla by their � th xeof. 'HAT a qualified b couael De xequired to x an cpip or opinions eppxwing the validity of the bolls authorlaei by this Ox�x. m w FUIm®t Ci0)Fa®r 'HAT rile rownt of $50,000 be traeaferxsl from Ue slogan Rad Fixe SYatvxi �t in tha capital fwd to a new amwR esTabliel i by the Finance Director for tM pw.lme of purchasing a new vehicle lift for the City rota tool. �f 91-312 N CITY OF BANGOR ORDER AUTHORIZING AN ISSUE OF $ 6,695,000 AGGREGATE PRINCIPAL AMOUNT OF BONDS AND A TAX LEVY THEREFOR By the City Council of the City of Banger ORDERED: THAT, pursuant to 30-A M.R.S.A. §5772, Section 8 of Article VI of the City Charter (Private and Special laws of 1931, Chapter 56) and all amendments thereof and acts additional thereto, and all other authority thereto enabling, there is hereby authorized the issue and sale at one time and from time Six -million, Six hundred to time of and ninery-five Dollars 06.695-000 i thousand aggregate principal amount of serial bonds of the City of Bangor. The proceeds derived from the sale of said bands, less premium, if any, shall be used and are hereby appropriated to pay the Costs (as herein defined) of the acquisition, construction and equipping of an addition to, and the renovation of, the Garland Street Middle School (the "Project"). THAT, the estimated period of utility for the property constituting the Project and to be financed with the proceeds of said bonds is hereby determined to be at least YS_ 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 bonds, payable in such year, and the principal of such bonds maturing in such year. THAT, pursuant to 30-A M.R.S.A. §5772, Section Io 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 -2- 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 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 nates 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 -3- 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. 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 -4- 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 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 heretoforeauthorized, 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, 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 bands and notes as hereinbefore authorized. -5- 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 lab of the Internal Revenue Code of 1986, as amended. THAT, the Finance Director be and hereby is authorized and empowered to take all suchactionas 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, (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, underwriterss fees and costs, legal and accounting fees and costs, application fees and other financing fees, the service cost of reserves for paymetn of future debt related to the financing transaction; and (11) the cost of all other expenses necessary or incident to the Project and the financing authorized hereunder. WPPCEH4541 -7- CITY OF BANGOR ORDER AUTHORIZING AN ISSUE OF $ 3+365,000 AGGREGATE PRINCIPAL AMOUNT OF BONDS AND A TAX LEVY THEREFOR By the City Council of the City of Bangor ORDERED: THAT, pursuant to 30-A M.R.S.A. §5772, Section 0 of Article - VI of the City Charter (Private and Special Laws of 1931, Chapter 56) and all amendments thereof and acts additional thereto, and all other authority thereto enabling, there is hereby authorized the issue and sale at one time and from time Three millionthree to time of h,...n_va a _ _c Dollars (B 3.365.000 ) five thousand aggregate principal amount of serial bonds of the City of Bangor. The proceeds derived from the sale of said bonds, less premium, if any, shall be used and are hereby appropriated to pay the Costs (as herein defined) of reconstruction and improvement of sewer and stormwater drainage facilities to address combined sewer overflow requirements and construction, reconstruction and improvement of sewer facilities and systems at Meadowbrook III, Blanchard Dow Truck, Old Capehart and Everett Street (the "Project").. THAT, the estimated period of utility for the property constituting the Project and to be financed with the proceeds of said bonds is hereby determined to be at least 9 s_ 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 -I- 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 termsand 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., §5792(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, win 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.R.S.A. §5772, Section 10 of Article VI of the City Charter and any other authority thereto enabling, the Finance Director, win 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 -2- 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 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 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 -3- behalf of the City in connection with the offering of the bonds and any notes 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 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 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 Depositary Trust Company Book -Entry Only System, as an alternative to the provisions of the foregoing -4- resolution regarding physical transfer bonds, and the Finance Director be and hereby is authorized and empowered 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 Hoak -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, 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 -5- 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(6) 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 "Costa" 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, Q9 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; (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, (8) 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. NPPCHH4558 -7- V By the City Council of the City of Bangor ORDERED: THAT, pursuant to 30-A N.R.S.A. 55772, Section 8 of Article VI of the City Charter (Private and Special Laws of 1931, Chapter 56) and all amendments thereof and acts additional thereto, and all other authority thereto enabling, there is hereby authorized the i and sale at one time and from time to time o£ FouriEt�n redsand Dollars (s 450,000 ) aggregate principal amount of serial bonds of the City of Bangor. The proceeds derived from the sale of said bonds, less premium, if any, shall be used and are hereby appropriated to pay the Costs (as herein defined) Of acquisition, construction and equipping of capital improvements to the City's nursing facility, as approved by the Finance Director and Chairman of the City Council (the "Project"). THAT, the estimated period of utility for the property constituting. the Project and to be financed with the proceeds of said bonds is hereby determined to be at least 25 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 CITY OF BANGOR ORDER AUTHORIZING AN ISSUE OF $ 450.000 AGGREGATE PRINCIPAL AMOUNT OF BONDS AND A TAX LEVY THEREFOR By the City Council of the City of Bangor ORDERED: THAT, pursuant to 30-A N.R.S.A. 55772, Section 8 of Article VI of the City Charter (Private and Special Laws of 1931, Chapter 56) and all amendments thereof and acts additional thereto, and all other authority thereto enabling, there is hereby authorized the i and sale at one time and from time to time o£ FouriEt�n redsand Dollars (s 450,000 ) aggregate principal amount of serial bonds of the City of Bangor. The proceeds derived from the sale of said bonds, less premium, if any, shall be used and are hereby appropriated to pay the Costs (as herein defined) Of acquisition, construction and equipping of capital improvements to the City's nursing facility, as approved by the Finance Director and Chairman of the City Council (the "Project"). THAT, the estimated period of utility for the property constituting. the Project and to be financed with the proceeds of said bonds is hereby determined to be at least 25 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., 95]]2(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.R.S.A. §5772, Section 10 of Article V1 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 -2- 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. MAT, 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 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 -3- behalf of the City in connection with the offering of the bonds and any notes 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 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 $S,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 authorised 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 Bcok-Entry Only System, as an alternative to the provisions of the foregoing -4- resolution regarding physical transfer bonds, and the Finance Director be and hereby is authorized and empowered 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 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, 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 -5- 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 "Cosign as need herein and a6 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, 6C w 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; (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, (8) the specifications, surveys, engineering, feasibility studies, legal and other professional services; (9) the cost of environmental studies and assessments; (10) the cast 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 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. WPPC&H4559 CITY OF BANGOR ORDER AUTHORIZING AN ISSUE OF $5,750,000 AGGREGATE PRINCIPAL AMOUNT OF LIMITED OBLIGATION REVENUE BONDS (Bangor International Airport Project) AND AUTHORIZING THE BOND DOCUMENTS WHEREAS, Section 8 of Article VI of the City of Bangor Garter and the Finance Authority of Maine Act, 10 M.R.S.A. §1001 gt as . (the "Act") authorize and empower the City to acquire, construct, reconstruct, renew and replace or provide financing for eligible projects within the corporate limits of the City and to make and enter into all financing documents, agreements, contracts and trust agreements and indentures necessary or convenient to carry out such power and authority; and WHEREAS, the Act authorizes the municipal officers of the City to provide, by a resolution adopted by the vote of the municipal officers for the issuance of the City's revenue bonds upon receipt of a Certificate of Approval issued by the Finance Authority of Maine; and WHEREAS,. the Certificate of Approval of the Finance Authority of Maine has been issued and received; and WHEREAS, the Act provides that the City may issue revenue bonds of the City that shall not constitute a general debt or obligation of the City or a pledge of the full faith and credit of the City; but shall be payable solely from revenues of the project for which they are issued and that the issuance of such revenue bonds shall not directly or indirectly or contingently obligate the City to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment; and WHEREAS, the City desires to acquire, construct and equip an expansion to its airport facility (the "Project") and issue limited obligation revenue bonds to finance the Costs of the Project; and WHEREAS, the City Council acting as the "applicable elected representative" of the City held a public hearing on 9-11-91 , 1991 after reasonable public notice was posted and published in the Bangor Daily News on , 1991 about the proposed issue of limited obligations for the Project as required by the Garter and the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA"); NOW, THEREFORE, be it by the City Council of the City of Bangor Ordered: THAT, pursuant to 30-A M.R.S.A. §5772, Section 8 of Article VI of the City Charter (Private and Special Laws of 1931, Chapter 56) and all amendments thereof and acts additional thereto, and all other authority thereto enabling, there is hereby auth d e u and sale at one time and from time to time of lee i ora a napRaars ($ 5,750,000 ) aggregate principal =on of serial bonds or term bonds of the City of Bangor. The proceeds derived from the sale of said bonds, leas premium, if any, shall be used and are hereby appropriated to pay the Costs (as herein defined) of the acquisition, construction and equipping of an expansion to the Bangor International Airport terminal (the "Project"). THAT, the estimated period of utility for the property constituting the Project and to be financed with the proceeds of said bonds is hereby determined to be at least 25 years. THAT, the date, maturities, denominations, interest rate o 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 farm 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 c solidated 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., §5792(6), asamended, as shall be determined by the Finance Director with the approval of the Finance Committee and the Chairman of the City Council. TRAT, the Finance Director and the Chairman of the City Council be and hereby are authorized to execute cute and deliver in the name of and on behalf of the City suchindentures, bond purchase agreements and other bond documents, including agreements establishing such pledges and assignments of revenues from the airport, as may be necessary or, in the opinion of the officers executing the same, appropriate in connection with the financing of the project (the "Bond Documents"), which Bond Documents shell contain such terms and provisions, not inconsistent herewith, as may be approved by the officers executing the same, their approval to be conclusively evidence by their execution thereof. THAT, each bond shall be and shall contain on its face a statement to the effect that the bond is a limited obligation of the City and shall not constitute a debt or liability of the City, the State of Maine, or any municipality therein or any political subdivision thereof, or a pledge of the faith and credit of the City, the State of Maine, or of any such municipality or political subdivision but shall be payable -2- solely from r of the airport, and the i of the avenues contingently bonds shall not directly or indirectly or contingently obligate the City, the State of Maine or any municipality or political subdivision thereof to levy or pany Porro of taxation whatever therefor or to make anyy appropriation iation Eor their payment. THAT, pursuant to 30-A M.R.S.A. 45772, 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 issued in anticipation of the bonds may be issued either as (1) limited obligation revenue notes, or (2) general obligation notes backed by the full faith and credit and ad valorem taxing authority of the City, as the Finance Director, with the consent of the Finance Committee and Chairmanofthe city Council may direct. THAT, any temporary notes (including notes in renewal thereof) authorized to be issued under this Order maybe 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 employment of Fleet Noratar Securities, Inc. a financial advisor for the City with respect to this issue 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 action 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 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. -3- THAT, the Finance Director be and hereby is authorized to appoint the trustee, registrar, paying agent and transfer agent (the "Transfer Agent") for the bonds of the City and contract for their services. 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 aspect 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 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 Hook -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, Chairman of the City of Council, Clerk and ether 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 a may be necessary or desirable in order to effect the issuance, -4- 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 o 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. IMP, 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" o "Costs" asused herein and as applied to the Project, o 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; (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, (8) the specifications, surveys, engineering, feasibility studies, legal and other professional services; (9) the cost of environmental studies and assessments; (10) the cost of financing chargee 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 cost of reserves for payment of future debt related to the financing transaction; and (11) the cost of all other expenses necessary or incident to the Project and the financing authorized hereunder. WPPCM4562 -5- swa,r. CITY OF BANGOR copy ORDER AUTHORIZING AN ISSUE OF $5,750,000 AGGREGATE PRINCIPAL AMOUNT OF LIMITED OBLIGATION REVENUE BONDS (Bangor International Airport Project) AND AUTHORIZING THE BOND DOCUMENTS WHEREAS, Section 8 of Article VI of the City of Bangor Charter and the Revenue Producing Municipal Facilities Act, 30-A M.R.S.A. 55401 eater. (the "Act") authorize and empower the City to acquire, construct, reconstruct, renew and replace r provide financing for revenue-producing municipal facilities, including airports, within the corporate limits of the City and to make and enter into all financing documents, agreements, contracts and trust agreements and indentures necessary or convenient to carry out such power and authority; and WHEREAS, the Act authorizes the municipal officers of the City to provide, by a resolution adopted by the vote of the municipal officers for the issuance of the City's revenue bends; and WHEREAS, the Act provides that the City may issue revenue bonds of the City that shall not constitute a general debt or obligation of the City or a pledge of the full faith and credit of the City; but shall be payable solely from revenues of the project for which they are issued and that the issuance of such revenue bonds shall not directly or indirectly or contingently obligate the City to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment, but does not limit the City's authority to issue general obligation bonds or notes for such purposes; and WHEREAS, the City desires to acquire, construct and equip an expansion to its airport facility (the "Project") and iUe limited obligation revenue bonds to finance the Costs of the Project; and WHEREAS, the City Council acting as the "applicable elected representative" of the City held a public hearing on September 11, 1991 after reasonable public notice was posted and published in the Bangor Daily News on August 28, 1991 about the proposed issue of limited obligations for the Project as required by the Charter and the Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA"); NOW, THEREFORE, be it by the City Council of the City of Bangor Ordered: THAT, pursuant to the Act, Section 8 of Article VI of the City Charter (Private and Special Laws of 1931, Chapter 56) and all amendments thereof and acts additional thereto, and all other authority thereto enabling, there is hereby authorized the issue and sale at one time and from time to time of up to Five Million Seven Hundred Fifty Thousand Dollars ($5,750,000) aggregate principal amount of serial bonds or term bonds of the City of Bangor. The proceeds derived from the sale of said bonds, less premium, if any, shall be used and are hereby appropriated to pay the Costs (as herein defined) of the acquisition, construction and equipping of an expansion to the Bangor International Airport terminal (the ^Project"). THAT, the estimated period of utility for the property constituting the Project and to be financed with the proceeds of said bonds is hereby determined to be at least 30 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 the Act, as shall be determined by the Finance Director with the approval of the Finance Committee and the Chairman of the City Council. THAT, the Finance Director and the Chairman of the city Council be and hereby are authorized to execute and deliver in the name of and on behalf of the City such indentures, bond purchase agreements and other bond documents, including agreements establishing such pledges and assignments of revenues from the airport, as may be necessary or, in the opion of the officers executing the same, appropriate in connection with the financing of the Project (the ^Bond Documents"), which Bond Documents shall contain such terms and provisions, not inconsistent herewith, as may be approved by the officers executing the same, their approval to be conclusively evidence by their execution thereof. THAT, each bond shall be and shall contain on its face a statement to the effect that the bond is a limited obligation of the City and shall net constitute a debt or liability of the City, the State of Maine, or any municipality therein or any political subdivision thereof, or a pledge of the faith and credit of the City, the state of Maine, or of any such municipality or political subdivision but shall be payable solely from revenues of the airport, and no issuance of the -2- bonds shall not directly or indirectly or contingently obligate the City, the State of Maine or any municipality or political subdivision thereof to levy or to pledge any form of taxation whatever therefor or to make any appropriation for their payment. THAT, pursuant to the Act, 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 i 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 issued in anticipation of the bonds may be issued either as (1) limited obligation revenue notes, or (2) general obligation notes backed by the full faith and credit and ad valorem taxing authority of the City, as the Finance Director, with the consent of the Finance Committee and Chairman of the City Council may direct. THAT, any temporary nates (including notes in renewal thereof) authorized to be issued under this Order may be issued in combination with temporary notes (including notes inrenewal 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 with respect to this issue 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 Morstar 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 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. -3- THAT, the Finance Director be and hereby is authorized to appoint the trustee, registrar, paying agent and transfer agent (the "Transfer Agent") for the bonds of the City and contract for their services. 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 awritten 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 Said with aspect 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 o 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 s and any notes issued i 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 into a Letter of Representation or any other contract, agreement or understanding necessary o , 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 o 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, 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 ordesirable in order to effect the issuance, -4- 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 i and sale of the bonds o notes authorized to beissued by thisOrdershall be used, directly or indirectly, to acquire any securities or obligations, the acquisition of which would cause such bonds o notes to be "arbitrage bonds" within them ng of Section 148 of the Internal Revenue Code of 1986, as amended. 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" asused herein and as applied to the Project, o 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 i connection with Project; (4) landscaping, site preparation and modeling 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, (8) the specifications, surveys, engineering, feasibility studies, legal and other professional s (9) the cost of environmental studies and assessments; (10) the cost of financing charges and issuancecosts, 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 cost of reserves for payment of future debt related to the financing transaction; and (11) the cost of all other expenses necessary or incident to the Project and the financing authorized hereunder. WPPCHH4562 -5- F. _ . .. g/_3/2 CITY OF BANGOR ORDER AUTHORIZING AN ISSUE OF $ 1.000.000 AGGREGATE PRINCIPAL AMOUNT OF BONDS AND A TAX LEVY THEREFOR By the City Council of the City of Bangor ORDEREU: THAT, pursuant to 30-A M.R.S.A. §5772, Section 8 of Article VI of the City Charter (Private and Special Laws of 1931, Chapter 56) and all amendments thereof and acts additional Metals, and all other authority thereto enabling, there i hereby authorized the issue and sale at one time and from time to time of One Million Dollars ($1.000.000 ) aggregate principal amount of serial bonds of the City of Bangor. The proceeds derived from the sale of said bonds, less premium, if any, shall be used and are hereby appropriated to Pay the Costs (as herein defined) of acquisition, construction and equipping of capital improvements to be made at Bass Park, as approved by the Finance Director and Chairman of the City Council (the "Project'). THAT, the estimated period of utility for the property constituting the Project and to be financed with the proceeds of said bonds is hereby determined to be at least 15 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 bonds, payable in such year, and the principal of such bonds maturing in such year. 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 -2- 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 employment of Fleet Norstar Securities, Inc. a 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 Director and that the distribution of the preliminary Official Statement and the Official Statement in the name of and on -3- behalf of the City in connection with the offering of the bonds and any notes 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 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 -4- resolution regarding physical transfer bonds, and the Finance Director be and hereby is authorized and empowered 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 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, 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 -5- indirectly, to acquire any securities or obligations, the acquisiticn of which would cause such bonds or notes to be arbitrage bondsO� 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 a6 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, CL 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; (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, (8) 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 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. WPPCEH4560 -7 1122 �.': �.. "All rrm III nAll IFFINVAThICIty"a ow IF FAA � IF „ 7 11 ; ".ofria C�wi a.,.. M CITY OF BANGOR FINANCE COMMITTEE RESOLUTIONS OF FINANCE COMMITTEE APPROVING THE DETAILS OF THE CITY'S $2,750,000 1991 SERIES B GENERAL OBLIGATION BOND ANTICIPATION NOTES The Finance Committee of the Bangor City Council hereby resolves: THAT, pursuant to the ^Order Authorizing an issue of $5,750,000 Aggregate principal Amount of limited Obligation Revenue Bonds (Bangor International Airport Project) and Authorizing the Bond Documents" adopted by the Bangor City Council on September 11, 1991, the Finance Committee of the City of Bangor City Council does hereby approve the issuance of $2,750,000 principal amount of its 1991 Series B General Obligation Bond Anticipation Notes for the purposes of financing a portion of the costs of the project identified in the above -referenced Bond Order. THAT, the Notes bear interest and be priced as follows: Amount Interest Rate Premium Yield $2,750,000 4.85% $5,362.50 4.608 THAT, the 1991 Series B General Obligation Bond Anticipation Notes shall be dated as of December 2, 1991, shall mature October 1, 1992, and shall be issued in minimum denominations Of $100,000. Dated: November d, 1991 Members of the Finance Committee k1l J yR e Date 9 12 q}cn'� Item No. 91-312 Item/Subject: tlRDEM, 1anThorissiM an leader of $]2,065,000 Aggregate Priecipal taoua t of Honda ad a max lay riAm.®£ Responsible Department: Finance refartaent Commentary: gave attactad Order will authorise tho tsectance of bonds Der Idler project; listed w1Wn the [baler. moat of these Projects have bean lasseeotad to and reviewed with Use City Cc ac11 nt various points ever the pat fear lrssrs. 19a sisgle largest project is the expansion of the dowestic and interracioral TaN{IN1s M Eavgor inTn'nx.,mnl Airport. At thyy Lina, PB are LeCvv®diatg ilei $5,750,000 has borrowed for Units ^rte. lI the Airport meld cvsmeivebly lay for these in4rovaaenfs ant of existing reassesses, an expatlitrse of soh a large moont xcvld pet a significant dant into the Airport's cash p ssitian and leave s vubamble in the future skald our nnTe.rwf,..rnt besinss suffer a tucldrar. ante seoorrl Largesse categoty of projects relates to our sever systan and the wntGming reed to areet requixeienes ltiaced pint us by both the State and Fetlerel consent decrees. Funds wi11 be expanded! 1n Primarily Lwv areae. O.apletion of the (NmCi i saner ooerflow. facilities Play re9uirerl IN the EPA wlll mat approximately $1,500,000. Cagslaahan of aliltional asset rvwation and sepn...s.T Projects has a price tag of appawimately $3,365,000. (continues on Rest page) celamnem Din Manger's Comments: cay.uor x" Associated information: Attached Council Order budget Approval: «Dire Legal Approval: �Ssf Cc;itySn,twitn, Introduced For 13 passage Pope _ of C First Reading F-1 Referral LEGALA IS t 7 _ _ BONDS BMW City CNWFIHNIJI holl of Baxam AN LIMIUM ON Internadul AbOurt AN AN MAW w"Al TIN DNA, "IN 10 by financed Will ANN Mi Ind Wrabad M "I MOM,, If AN CAN mom Mill eMAIN � Am!And If an. 11ruld Milbablum, bunds AN Wand Amund In' NN Nal INCity Cal Will "i theMIAMI WfnVWyhAWJAminandfluni full INBut hearing.CRV Hall, Manal hall y£ m „ 91-312 Assigned to Councilor Cohen, August 12, 1991 CITY OF BANGOR Authorizing an Iseue of $12,065,000 Aggregate Prhxoipal Aaewet of Boole and a Taa Iavy Thereof By the Q{rt%tanA% of ad MVODanamn - ORDERED, TEAT foreman: to Section 8 of Article W of the City Chatter (Private and Special leas of 1931, ClmgNar 56) end all momdnmts thessmf and acts allitional Uw to, there me Mmbj autlmsi� the issue and sale at rose time or Sats time to time of Twelve Million, sixty-five thousand dollars ($12,065,000) agryegate the sale mount of aerial bolls of tie City of ll In u The I! Sas ha eALy Ensu the sale to Bald the pu leas lrzf iqu if sty, shell ]a used and are h by epproprieted or as purchase of e@ a ut, ri ecl by gen of plmancnt public ivprvvsa a or for amy other ty of Bs authorized be general law or special emss or sit: r<. applicable to the City of Bangor, all of W:icFt are hereby aucrorized, m wit: CCombin� 6e .r overflow Facilities Plan $ 1,500,000 Sasr Fewation-Separdtisn Projects 3,365,000 City Nursing Facility Expansion 450,000 Airport Tmmdnals Ex[»nsion 5,750,000 now Park Cmplex Npmve otgo; 1.000.000 501AL $12,0651000 TTe period of utility of each of the in4a-wmemRs, equipment or oris itee W be finumcel with the procends of said bolls is hereby do~e^":^a on be at least 25 years. TW the date, interest rate or ratsplate of plaof payment And otter Retails of em ch issue of• Anil bough, including provision for their SAID and mad, shall be lELenml KKI by rte Finance Director with thee- approval of the Finance Cmmittee, and the Chaiaman of the City C aril, all said bmtls shall ba sir]med by the Finances Diractar, cour reigred by the Chaiman of the City Cwrcil end be do SUCK foe ae they Shell determine by their ellocution thereof. Any issue Of said bpels may be consolidated with all rasuel at the same time as any other iseue of lC is authorized lade to their issumdx, at the R onCim of thes Finanre D1rectar, with the approval of the Finance cxmmittee and the CAeiman of the City Council. with or tthebeetle s hereby authorized may he uatle eUb� joct tm Call for .� =y premium, before the date fixed for final payment of bout, as luovided in 304t M.R.S.A.65772, su^"^'^ 6, as mended, and shall he dot=mm: p+ by the Finance Director with the approval of the Finance Comfttae and the Cletirman of the sty oAecss. In City Council August 12, 1991 Refered for PUWic Hearing IN CITY COUNCIL August 26, 1991 Amended by Substitution. Public Hearing for first meeting In He temben. s Lutea ttacnea �ZIt CLERK 91-312 ORDER Title, Authorizing an Issue of $12,065,000 ...................................... Aggregate Principal amount of Ponds and a TAx Lary thereof ........... ...... I............:. Assfiped to .:............... Councilman IN CITY COUNcm 8IPTNdUN1 11, d91 .. Passed as follows 91-312 Passed 9 Yee voting Yes BAldeccl,Bragg, Cohen, SlPamp er, sail, Sosnand Stone, Sullivan,iva .. - 5 91-3128 Passed 9 Yea Voting Yes S PaxI,Sos,Bragg, Cohen, d1ivan ,Sawyer Saxl, Sosnflndr Stone, Sullivan 91-3129 Passed 9 Yes Voting Yes BAldecci, Bragg, Cohen, Frankel, Never 9exl, Sosneud, Stone, Sullivan 91-3120 Passed 9 Yes Voting Yee Baldacci, Brs¢g, Coban, Frankel, Seoyer, Sex)., SoeneudgSCc�re Sullivan 91-31Z Zubstdtuted copy Passed Vote 9 Yea Voting Yes Baltlacci, Bragg, Dodgn. Frankel. Saryer, Saxl, Sos nand, Stone r Sullivan 91-31M Passed Voting Yea Baldaccl, @egg, Cohen. AreNtel '\ Sawyer, Saxl, Soarewlr Stone Sullivan Councilor Bragg request tl Mty'Mgr. bring oP Fde$1 ?b /A Sr�EteS$y°$eaRSC?Br x¢.aa a. ty Clerk