HomeMy WebLinkAbout1989-03-15 89-116 ORDERLounc
Date 3-15' 88 ion hem No. 89=115
Item/Subjects Authorizing a $12,215,000 Bond Issue for 1989
Responsible DepartmenuFinance Department
commentary:
The attached Order will provide funding for the list of projects as shown on
the first page of the Order. When cmmbinel with the authorizations frau
1988, a total bard issue in the mmunt of $19,125,060 will be necessary.
,7.,a 1ta-.�F.,-t �r.>,:d 9, a..d. � b, b. F-"ZA" G,Mzbtu�
AL
01Q�v" Gw
Deyvr(menlH ad '
Manager's Comments-7-4.1
omments7-4.1
6V. �M PMdppLLL(r.6WL`M' q�yUNyM�AW,M^ju�p6jp�C"FV,tC w•TQ„"^�"1,�Nd1w`441at . nsNII/^r`o[`(�-A^w,�C�/dy�
W ` "4
NIgM'
oA
nr nagcr
A mtciatcd Information:
Council Order and Copies of the 1988 Council: Orders
Budget Approval: y,¢
Ice 0i
Legal Approval: -
rysoroOo.
ln,Woced For
assacre
g page L of
89-116
Aeogned to Canty« Tilley, March 15, 1989
_ryrypp CITY OF BANGOR
(TITLE.) VYrUr........
Authe iztrg an Issue of $12,215,000 Aggregate Principal
...Pson.t .of�and aTar, Therefor
......_.. .nd x
_...
By the City of Oily ofDawmr:
ORDERED,
MT
THAT pursuant to Section 8 of Article VI of the City Charter (Private -
and Special caws of 1931, Chapter 56) aral all amendments thereof and acts
additional thereto, there is hereby authorized the issue and sale at one
time or from time to time of Twelve million, two hundred fifteen thousand
dollars (12,215,000) aggregate princip l amount of serial bo ]s of the City
Of Bangor. The proceeds derived from the sale of said bonds, less pranim,
if any, shall be used and are hereby appropriated for the purchase of
e IPVKat, construction of POODauent public inQxovenents or for any other
purposes authorized by general law or special law or hereafter applicable to
the City of Bangor, all of which are hereby authorized, to wit:
Fifth Street Middle School Renovatioua $5,755,900
Hesdowbrook Sewer
2,500,000
Anditoriwi Roof Repairs
1,000,000
Sec ndary Treatment Plant -land S Survey
700,000
Carr Brook Sewer
383,100
(till Street Scorer
300,000
Dow Trunk Sewer -
250,000
Treatment Plant Climber Screens-
236,000
Pickering Square Roads
225,000
Industrial Park/Olive Street Sewer.
200,000
Catell Street Sewer
190,000
Old Capehart Sewer
150,000
Arctic Brcok Sewer
130,000
Secondary Treatment Plant -Design
100,000
Hancock Street Serer
50,000
Blacehard Street Sewer
95,000
The estfiated period
of utility of each of
the improvarmenents,
equipment
or other items to be financed with the proceeds
of said bonds is
hereby,
determined to be at least
25 years.
t I. IN CITY COUNCIL
March 15, 1989
Referred to Government
Operations 6 finance
Committee
CITY LERK
In City Ca al March 27,1989
Pngnded by deleting $1000,000.00
fry Auditorim roof
Total should nwr be $11,215,000
vats -for passage as arenaei
Eight yes 1 Absent
sating yes
Blanrtntte,Englanlivzn,Till Ebert,
soataaa, stone, snui�a,,Tiuey,
wnecilor /s/ail
Mf
C' clerk
89-116
OR DEN
Title,
Authorizing an Issue of $12.215,000 Aggregate
............ I .........................
Principal amount of Pavia and a Tax Levy
......................................
Therefor -
AWgmed to
...................................
Castellano
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, shall be determined by the Finance Director with the
approval of the Finance Committee and the Chairman of the City Council, and
said boom shall be signed by the Finance Director, countersigned by the
Chairman of the City Council and be in such form as they shall determine by
their execution thereof. Any issue of said bonds may be consolidated with
and Issued at the same time as any other issue of bands 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 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 bands maturing in such
year.
THAT pursuant to Section 10 of Article VI of the City Charter and any
other ambling authority, the Finance Director, with the approval of the
Finance Committee and the Chairman of the City Council, is hereby authorized
to issue temporary notes in anticipation of the foregoing bond issue, said
notes to be signed by the Finance Director, countersigned by the Chairman of
the City Council and other wise to be in such form as they shall determine
by their execution thereof.
THAT a qualified bond counsel be required to render an opinion o
opinions approving the validityof the bands authorized by this Order.