HomeMy WebLinkAbout2012-10-22 12-339 ORDERCOUNCIL ACTION
Item No -.--1-2--=
Date: October 22, 2012
Item/Subject: Order, Amending Council Order 12-111 to Establish the Period of
Utility of Improvements to be Financed with Proceeds of the 2012
City's Qualified School Construction Bonds
Responsible Department: Finance
Commentary:
While preparing for the upcoming issuance of the 2012 Qualified School Construction Bonds
(QSCB), it was discovered that the period of utility established by Council Order 12-111, was
based on the historical allowable term for these types of bonds. The allowable term of the bond
established periodically, this amendment will reflect the current required term of a QSCB bond
issue.
Department Head
Manager's Comments:
This was reviewed and recommended for approval by the Finance Committee on 10/17/12.
City Manager
Associated Information:
Budget Approval:
Finance Director
Legal Approval:
City Solicitor
Introduced for
X Passage
First Reading Page _ of _
Referral
Assigned to Councilor Durgin
CITY OF BANGOR
12-339
OCTOBER 22, 2012
(TITLE.) Order Amending Council Order 12-111 to Establish the Period of Utility of
Improvements to be Financed with Proceeds of the City's 2012 Qualified
School Construction Bonds
WHEREAS, pursuant to Order No. 12-111 adopted on March 26, 2012, the Bangor City
Council authorized the issuance of the City's general obligation bonds in an amount not to
exceed $2,800,000 to finance the rehabilitation, reconstruction, repair, upgrading and
equipping of school facilities at the following schools (collectively, the "Project'):
• Abraham Lincoln School
• Bangor High School
• Downeast School
• Fairmount School
• Fourteenth Street School
• Fruit Street School
• James F. Doughty Middle School
• Mary Snow School
• dine Street School
• Wfilliam Cohen Middle School; and
WHEREAS, the City Council now desires to establish that the average period of utility for
the Project Is 25 years;
NOW, THEREFORE, by the City Council of the City of Bangor, be it hereby ORDERED:
THAT Order No. 12-111 be amended to provide that the estimated weighted average
period of utility for the property constituting the Project to be financed with the proceeds of
said bonds is hereby determined to be not less than 25 years.
THAT, in all other respects, Order No. 12-111 is hereby ratified and confirmed.
{W3358671.1}
IN CITY COUNCIL
October 22, 2012
Approved
CITY wm