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
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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