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Home My WebLink About1988-02-22 88-133 ORDER88-133 Introduced by Councilor Tilley, February22, 1988 CITY OF BANGOR (TITLE) VIJCbY% .. Authorizing an Issue of $5,95D,000 Aggregate Principal Amount of Bonds and a Tax Lew Therefor By the City ea of PIC City of Danger. ORDERED, TUT Pursuant to Section 8 of Article VI of the City Charter (Private and SpecialLaws of 1931, Chapter 56) and all amendments thereof acts additional thereto, there is hereby authorized the issue and sale at on time or from time to time of Five million nine hundred fifty thousand dollars ($5,950,000) aggregate principal extent 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 for the purchase of equipment, construction of permanent public improvements or for any other purposes authorized by general law special law r hereafter applicable to the City of Bangor, all of which are hereby authorized, to wit; 1) Parking Garage Construction $4,000,000 2) Gas Works Parking Area 500,000 3) School Dept. Rehab. Projects 490.000 4) Library Automation Project 300,000 5). Street Reconstruction 250,000 6) Public Works Building Addition 110,000 7) Sidewalk Reconstruction 75,000 8) Police Dept. Communications Project 75.000 9) Police Station generations 50,000 30) Land Acquisition - Give Capt. 50,000 11) City Ball Boiler Replacement 50,000 The estimated period of utility of each of the improvements, equipment or other items to be financed with the proceeds of said bonds is hereby determined t0 be at least 25 years. THAT the date, maturities, denominations, interest rate or rates, plate of payment and other details of each issue of said bonds, including pro- vision 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 bonds shall be signed by the Finance Director, counter- signed ounte- signed by the Chairman of the City council and be in such form as they&bell determine by their execution thereof. Any issue of said bonds may be so- solidated 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 names Committee and the Chairman of the City ' Council. - - _ in City Council March 14,1988 88-133 In City Council February 22,1988 0 R 0 E R amended as follows y,, aq �A Project;$300,0Title, 84 LibraryAutomation 19 AB OO$100,00p 490,OvC A 7B Celt < Authorizing an Issue of ,(S a956 {OO,Q „ Or ryry The following Added by amendment 4gOW'000 CiFROO. R ^ Sylvan road project $50,000.00 A&�re�ece Principal amount of Bands, b Woodlawd Subdivision $40,000.00 m..io wnsole /colic< and a Tax Leery Therefore Springer Drive $100,000.00 Introduced and filed by Eagan Toad $50,000.00 `l rased Garland St Field $700.000,00 .... .. ....... eflman Cascade Park $100,000.00 _ _ Subdivision Vote 6 yes 2 an Voting yes construction $100.000.00 Vote For: Garland St Field funding Blanrintte,Flankel,Saxl, 5 yes 2 no 2 AbAant voting yes Blanchette, IIn,yrl�s,�,rt�A Frankel S Ivan Voting Nn !� 4W vote 6 yes 2 no voting yes 1 It C tv Clem' Elanchette,Flankel,ing in City Council March 14,1988 Projects Various School Projects 490,OvC -Pass x < SO °o° Vote for passage of Gas N rks Parking vet. w.,st.uaam 4gOW'000 rv,$ead e pg,ki.ry a arended m..io wnsole /colic< ammwucacions 75,w. rased gas A ,ke Parking Area _ _ / Vote 6 yes 2 an Voting yes amend fmn 500,000 to 250,000 Blanrintte,Flankel,Saxl, Shubert Sullivan,Tilley vote 6 yes 2 no voting yes Voting No England Sawyer Elanchette,Flankel,ing NohEngla Sal3ivemTflley, Voting No England v --- Sammer�- Street 250,000 Passed Introduced by Councilor Tp,4187 . CITY OF BANGOR (TITLE.) (OrUra ... Authorizing an issue f $6,90.0. 000 Aggregate Principal . ...... , By the City Conant of the City of Bangor: ORDERED, THAT pursuant to Section 8 0£ Article vI of the City Charter (Private and Special Laws of 1931, Chapter 56) and all amendments thereof and acts additional Mereto, there is hereby authorized the issue and sale at one time or from time to time of Six million nine hundred thousanddollars ($6,900,000) aggregate principal of serial bonds of the City of Bangor. The proceeds derived from the sale of sae id bonds,um less premium, if any shall be used and are hereby appropriated for the purchase of equipment, construction of permanent public improvements or for any other purposes authorized by general law or special law or hereafter applicable to the City of Bangor, all of which ate hereby authorized, to wit: 1) Parking Garage Construction $4,000,000 2) Garland Street Field Rehabilitation 700,000 3) Gas Works Parking Area 500,000 4) School Dept. Rehabilitation Projects 490,000 5) Street Reconstruction 250,000 6) Public works Building Addition 110,000 )) Library Automation Project 100,000 8) Cascade Park Rehabilitation 100,000 9) Springer Road d Sewer Extension 100,000 10) Subdivision Construction - 100,000 11) Sidewalk Reconstruction 75,000 12) Police Communications Project 75,000 13) Police Station Renovations 60,000 14) Land Acquisition - Fire Dept. 50,000 15) City Fall Boiler Replacement 50,000 16) Mogen Brad Extension 50,000 17) Sylvan Road Relocation 50,000 18) woodlawn Subdivision 40,000 The estimated period of utility of each of the improvements, equipment o other items to be financed with the proceeds Of said bonds is hereby determined Co be at least 25 years. MAT the date, maturities, denominations, interest rate or rates, place Of payment and other details of each issue of said bands, 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 COacil, and said bands shall be signed by the Finance Director, countersigned by the Chairmen 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 a 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. CAPITAL PROJECT RATING SUMMARY CUMULATIVE PROJECT RATING RANK COST COST Various School Projects Not Rated -- 490.000 Passed -- Parking Deck Construction 5.00 I _ 250,000 Passed 4,490,000 Radio Console/Police Communications 4.75 2 75,000 Passed 4,565,000 Was Works Parking Area 4.25 3 250,000 Passed 51065,000 Street Reconstruction 4.00 4 250,000 Passed 5,315,000 Cameron Stadium 4.00 5 700,000 Passed 6,015,000 Bailer Replacement -City Rall 4.00 6 50,000 Passed 6,065.000 Sylvan Road Relocation 3.25 7 50.000 Passed 6,115,000 Library Automation 3.00 8 100.000 Passed 6.215.000 Police Station Renovations 2.75 9 60,000 Withdrawn 6,275,000 Put in regular budget Sidewalk Reconstruction 2.50 10 75,000 Passed 6,350,000 Springer Road 6 Sewer Est. 2.50 12T 100768P - 6,450,000 Fire Station Land 2.50 12T 50,000 Passed 6,500,000 Public Works Addition 2.50 12T 110,000 Passed 6,610,000 Weedless Subdivision 2.25 14 40,000 Passed 6,650,000 Began Road Extension 2.25 15 20,000 Passed 6,700,000 Cascade Park 2.00 16 100.000 Withdrawn 6,800.000 Subdivision Construction 2.00 17 100.000 Withdrawn 6.900.000 Delete Amended to Read ---------- 6.510.000 88-133 CAPITAL PKITIXT RATING SL4RAARY CUMULATIVE PRU" PATIW RAM( COST NST various School Projects Not Fated—490,000-4v — JX. o,. Parking Peck Construction 5.00 1 4,90,900-K"p 4,490,000 Radio Console/Police �/ G C unications 4.]5 2 ]5,000 Y/ 4,565,000 dm,r eT� Gas Works Parking Area 4.25 3 508,900: 5,065,000 Street Aecoretraction 4.00 4 250,000fr° 5,315.000 Cameron Stadi= 4.00 5 ]00,000PA"' 6,015,000 .9;Apo L Boiler Replacement -City Hall 4.00 6 50,000eN 6,065,000 Sylvan Road Relocation 3.25 ] 50, 000(A°w 6,115,000 Library Autcaation 3.00 a lo0,00m "tlI 6,215,0000 V Police Statim Renovations 2.75 9 1171.db6,2]�it '�� a p8„6e Sidewalk ReoMstructim 2.50 10 ]5,0001Pw/ fi,350,000 Springer Road s Sewer ext. 2.50 128 100,000 r 6,450,000 Fire Statim L M 2.50 12P 50,0008^s"i 6,500,000 Public Works Addition 2.50 12T 110,0008".•n 6,610,000 Woodlawn Sukdivisim 2.25 14 40, 000 IA"' 6,650,000 20,..• Hogan Road Extension 2.25 15 6,700,000 Cascade Park 2.00 16 6,800,000 Subdivisim Cmstructim 2.00 17 190-;06,900,000)PeUl� 4 000Yfr—/Ps 4 ' THAT i each of the years during Mich any of the bonds a outstanding them shall be levied p tax in at anatunt which, with other revenues, if any, available for that purpose, shall be sufficient to pay the interest on aid bonds payable in such year and the principal of such bonds maturingi such year. THAT pursuant to Section 10 of Article VI of the City Charter and any other enabling 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 thes , foregoing bond i said notesto 'be signed by the Finance Director, countersigned by theChairman of the City Council and otherwise to be in such form as they spall determine by their execution thereof. - THAT a qualified band counsel be requested to render an opinion or opindons approving the validity of the bands authorized by this Order. Vote for Caremn Stadi'm Cost 700,000 Passed Voce 7 yes 1 no voting yes Blanche[te,BDgland,Frankel,5awy ,Sail, Shutee4s011ivan Voting No Tilley - Boiler replacement City Hall - 5D,000 Sylvan Road Relocation _ 50,000 Vete on Sylvan Road. Project 6 yes 2 no voting yes Blanchette, Sawyer,Shuke[t, Sulland,FraN:el, Sullivan - voting no Saxl. Tilley Library Automation 100,000. police. station renovations 60,000 Sidewalk reconstruction 75,000 Vote 7 yes 1 no voting yes Blancxette,Frankel Sawyer,SaxLShuCert, Sullivan,Tilley Voting No EnglaM Fire Sation land 50000 Public corks addition 110,000 - Woodlaen suWivisicn 40,000 Hogan road extension amended fnan 50,000 to 20,000 Cascade Park Withdrawn irate 7 yes 1 no voting yes - ggland,Fiankel,Sawyer,saxl, Shusull, ulliven,lilley Voting no Blanchette Subdivision Construction 100,000 Passed Passed Passed Withdrawn put in to regular budget Passed passed passed passed Passed ._. i Total $6,510,0v THAT in each of the years during which any of the bonds are outstanding there shall be levied a tax 1n an mount which, with other revenues, if my, 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 Section 10 of Article VI of the City Charter and any other enabling authority,. the Finance Director, with the approval of the Figures Committee and the Chairmen of the City Council, is hereby authorized to issue temporary notes in anticipation of the foregoing bond i said notes to be signed by s the Finance Director, countersigned by the Chaireen of the City Council and otherwise to be in such form as they shall determine by their execution thereof. TNAT a qualified bond counsel be requested to render an opinion or opinions approving the validity of the bonds authorized by this Order. Vote for [ n Stsdims Cast 700,000 50,000 passed Passed Vote y yes 1 no 110,000 passer] voting yes 40,000 passed Sax1, to 20,000 Passed SuJoensuBlanchettellivaand,Prankel,5awyer, Votingt,No Tille Voting"No Tilley Boiler replacemnt City Hall 50,000 Passed Svlvan Rood Relocation 50.000 Passed Vote on Sylvan Road Project 6 Yes 2 n 100,000 Ming yes Blanchette, /IDeleted " Sullind,Frwkel.5awyer,5huhert, Soling, Ming, no Seal, Tilley Library Autmation 100.000 Passed Police station renovations 60,000 Withdrawn put in to regular budget Sidwalk remnatrvction 75,000 Passer] Vote ) yes 1 eon voting yes B]arwhette,FraNd Sawysr,5axl,Shubert, Sullivan,Tilley Voting No England Fire S.aticn land 50,000 passed Public works addition 110,000 passer] Woodlawn autrivision 40,000 passed Rogan road crtm,sion mrendel frau 50,000 to 20,000 Passed Cascade Park Witlxlrawn vote ] yes l no VotIN Yes .ati9lsad:FralH:Et;Sawyex,Saxl, to VotingnBlivan,Tilley Voting no Blanchette Subdivision Construction 100,000 /IDeleted 1NAT in each of the years during which any of the bonds are outstanding there shall be levied a tax i unc which, with other revenues, if any, available for that purpose, shall. be n sufficient to pay the interest on said bonds payable in such year and the principal of suchbonds maturing in such year. THAT pursuant to Section 10 of Article VI of the City Charter andany other enabling authority, the Finance Director, with the approval of the Finance Committee and the Chairman of the City Council, is hereby authorized o issue temporary n in anticipation of the foregoing band issue, said notes to be signed by the Finance Director, countersigned by the Chairman of the City Council and otherwise to be in such form as they shall determine by their execution thereof. THAT a qualified bond counsel be requested to render an opinion or opinions approving the validity of the bonds authorized by this Order.