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.