HomeMy WebLinkAbout1968-05-27 145-V ORDER105-V
Introduced by Councilor Porter, May 27, 1968
/i. CITY OF BANGOR
(TITLE.) (Orber,--- A Mprizing_ City Manager _.and C1ty Treasurer to Prepare the
........MQUSdLY.kdR2[S_£AL.EOAA3..S9AUS..- Capital 1MXdve#§Pr Fl@A Budget $766,500.
By 9U Oily Couani! of 94 City of Bangor.
ORDRRRD,
TBAT the City Manager and City treasurer are hereby authorized to pre-
pare necessary documents in anticipation of a LVW issue in the amount of $766,500.
to £Saance capital fund project$ for tie torrent year.
A list of the proposed capital enpexiitures is attached.
CEI VED
1568 Mt? 23 IN 3:12
CITY CLERK'S OFFICE
N CITY COUNCIL
May 27, 1968
PABBPD by Ne folloaing fee and n0 vote:
Councilors voting yes; Baldacci, Hance,
Barry, HrHouston, McKay. Minsky,
Porter. Councilor voting n0. Hunt.
CITY C
145-V
ORDER
Title,
AutL. Preparation of Necee9ary Papers
............ 6...... 6............
for Bond Issue -Capital Improvement
. eaaa aeeun P A AgAgpC ....5 E?WPP ...
Intiad�uccedd a�Jnd` fffiffed by
4
Councilman
MEMORANDUM
May 20, 1968
TO: ALL MEMBERS OF THE CITY COUNCIL
FROM: CITY MANAGER
SUBJECT: CAPITAL IMPROVEMENT BUDGET
The Finance Committee has reviewed and recommended the following Items
to be included In the 1968 Capital Improvement Fund Budget:
A,
Ohio Street Sewer
812,000
B.
Traffic Light Improvements
100,000
This project is to bring our traffic light installs -
tions into conformance with the Uniform Traffic
Cade and is supposed to be completed by
January 1, 1968. There are rumors that this time
might be erztended but I see no point in putting
off the matter since it will only cost more at a
later date.
C.
New City Hall Renovations
361,000
D.
Waterfront Development
35,000
This item will provide only for the acquisition of
the waterfront land. Federal and state matching
funds are not available at this time but some funds
will be available after July 1, 1968. It is not
anticipated that any further improvement can be
accomplished during 1968 but we will receive
credit toward the total project coat for the money
spent In land acquisition.
E.
Acquisition of Fairmount Terrace Area
26,000
We do not at the present time have any figures
from GSA as to the cost of acquisition of this
area. However, it now appears that the buildings
will remain and this cannot help but depreciate
the value of the land. It is entirely possible that
To: All Members of the City Council -c- May 20, 1968
we may get the land for little or nothing. This
figure represents one-half of the acquisition
cost since we will be requesting one-half the
cost under the Open Space Program. The Finance
Committee felt some funds ought to be included
for this purpose.
F. Airport Terminal 87,500
It is not definitely known whether we will receive
the funds for a new airport terminal at this time.
However, regardless of whether we do or not,
actual expenditures for this purpose will not be
made until the next fiscal year so that our com-
mitment for a new building will not be required
in 1968. However, in the event that this money
is not forthcoming for the new facility, the funds
originally projected for remodeling at the Base
fire station have been Included in this budget in
order to permit us to carry out the work in the
event this is necessary.
G. Auditorium Addition
No decision has been made on this item pending a
report from the Auditorium Committee as to the
long range improvements which are needed and
whether or not the funds included in 1568 conform
to an overall improvement plan.
Total Amount Approved: $ 726,500
ley, emrYen'tltrt9: /F�01,71 .-% 40,000
The principal payments this year amount to $523,000. It would be desirable
to start reducing the amount of Capital Improvement items in relation to the
Debt Service payments. However, this does not appear to be possible In the
near future because of increasing costs and because of increased commitments
such as Urban Renewal and the Pirport which for a few years will require all
of our current resources. A statement of our existi g debt is Included for your
Information.
MFG/hp
Ali.
STATEMENT OF DEBT LIMIT AND BORROWING CAPACITY
as of May 20, 1968
Assessed Valuation April 1967
$143,586,000.00
Debt Limit (7-1/2% of Valuation)
$10,768,950.00
City of Bangor Liabilities:
Bonded Debt
8.649.000.00
Net Borrowing as at 5/20/68
2,119,950.00
Payments to be made - remainder of
1968 (Plus)
523,000.00
Proposed Bond Issue - 1968
(Minus)
726 000.00
Net Borrowing as at 12/31/68
$ 1.916.950.00
i8 76 �qsa
00
x x
x x x
Outstanding Debt 12/31/68 $ 8,852,000.00
Net Borrowing 12/31/68 1.916.950.00
7-1/2% of April 1967 Valuation $10,768,950.00
Note: 1968 Valuation not available.