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HomeMy WebLinkAbout2007-08-13 07-265 ORDERnem no 77 265 Date: 8-13-07 Item/Subject ORDER, Authorizing Me fswance of $770,122 Aggregate Principal Amount of General Obligation Bonds, Notes In Anticipation Thereof, and a Tax Levy Therefore. Responsible Department: Finance The attached order will authorize the City to issue up to $770,122 in general obligation bonds or bond anticipation notes for the following projects: Vehicle Replacement project funding in accordance with the CiNs fleet replacement policy In the amountof $670,122 and $100pg0 as the Cil local share of SAM street improvements. A public hearing iiserequired nprior to the vote on the order, yNyru.�NdrruWUMI �'^ . Associated Information: e Passage z First Reading Page _of_ x Referral — Finance Committee of August 20, 2007 D7 265 Assigned to Councilor Farrington August 13, 2007 CITY OF BANGOR (TITLE.) ORDER, AUTHORIZING THE ISSUANCE OF $770,122 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, NOTES IN ANTICIPATION THEREOF AND A TAX LEVY THEREFOR. BE TT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR THAT Pursuant to 30-A M.R.S.A. §572, Section 13 of Article VI of the City Charter (Private and Special Laws of 1931, Chapter 54) and all amendments thereof and acts additional thereto, and all other authority thereto enabling, there Is hereby authorized the issue and sale atone time and from dune to time up to Seven Hundred Seventy Thousand One Hundred and Twenty, w Dollars ($770,12) aggregate princpal amount of general obligation bonds of the City of Bangor. The proceeds derived from the sale of said bonds, including premium, if any, shall be used and are hereby appropriated to pay a portion of the costs (as herein defined) to design, construct and equip or to acquire and install the following project (the "Project"): EsOmated Vehicle Rwlacment $670,122 12 Years HACfSProJecto $100,000 12 Years THAT the estimated welghl period of onhty for the property coresbuting the Project W be Maned with the proceeds of said bonds is hereby dnarnined to be the period of woo Indicated above foreachofthe Project. THAT the dote, notunties (mt to exceed the maximum tam pamhted by low), demmirewom, interest we or rtes (vat to exceed S W k for mum), place of payment, and other details of each issue of mid hoods, including the tinning a l provision for their sale and award and the selection of an unde tcr,, shall be daandved by the Pioevce Itimetor with the approval o£t o Fineme Comminee and Lire CTainvan of the City Coumil. 07 265 THAT the bands hereby aathorizd maybe made subject no call fon redemption. with or without a premium, bef the alis fixed for final payment of the bads, as provided n30 -A M.RS.A§SMU), s amended, as tall be dehram d by the Fomes Dlrentor with the approval athe Foreseen Conmita THAT said bads slant be signed by the Finance Dista, coudasigaed by the Chairman of the City Coumil, sealed with the seal of the City, attested by its Clark and shall be in such form and consent such tams and provisions not ivcommat herewith as they may agrnu , their approval Lobe conclusively m Resat by their execution the r f. A" bass of bonds may he consolidated with and ismd at the eras titan as any other issue of boaals authorized prior to their issua m, std the bads may be divided into multiple sates not issued h separate plass; offimndag, with the approval of the Finance Cotmd msedthe Cheimesnofthe CityCamel. THAT putsuad to AMRSA§5T/2, Session 15 ofAMicle VI of the City Cbsia and try other authority dozen erabfwg the Finance Director, wish approval of the Finanoe Cauminm and the Chdmav of she City Cemcil, is Ussery authorized to them temporary hods or mks of the a" antbiption of the forgoing bond issue, said bonds were sigad by the Finance Director, countersigned by the Chairman of the City Cameil, redhead with the sent of the City, aratd by its Clerk, and otbsaaise to be in smh form and contain sash union and provisions including without transitions, matditia (rota excad 3 years been the issue dee), don mmsti m, heaven rate or does (rot to exceed 5.(0N, w assonant, plana ofpeynwnt, ed other details ar they shall approve, their appmwl in be conclusively evidenced by than execution thereof. THAT my bowls or mks (hdudingbonds or rosea h raewal thereof authorial [obs oersted assign this Other maybe issued in continuation with bowls or notes (vch lft bolls orsets in renewal tbemf) adleriud w be Veavd by the City Council at my time prior w the date of issuance of such hinds or odes. THAT the Furs ee Dirator he and herby vs avthmized to select the ae®tar, paying agent, and interior spent (the "TrevfaAger")for the binds and am" and to execute and deliver easels versions; end a®mnessas ra maybe necossary or appropriate w wean river services. THAT the heads and ata shall be naasf ble holy an the registration books of the City kept by the Transfer Agent in minimumdemadaatiom approved by the Finane Director, and said principal annual of the foods and votes of the same mmrity (but and ofothgn travesty), open surrender theeofat the prmcipJ Office of the Truafs Ager, with awriren invwmmt ofbroader atiasctmyw the Trund Agent My executed by the registered owns or Us or her roomy My authodzd in writing. THAT in lien ofphysical ctaficaves of the bods and votes hceinbefae authorized, the Homer DTrmta bead hereby is authorized to asderseke all acts necessary, to provide for the names and transfer of such bonds and mks at book -entry from pmsumt to the Depository Trac Company Hook -Entry Only System, s an dtarraave on the provaes ofthe f going para®aph regarding physical transfer ofbonda, ed the Fiorms Dilator be and hereby is mrthon N and empowaNw cater into a Defter of Representation or my other contract, a®e®ent or understanding necessary or, hens opinion, appropriate in order to Qualify the bonds for and pamcipew in the Depostay, Tat Conspeny Hook -Entry Only Syrians; THAT the Fiiwne Director and Cbvrmon of the City Council fran time brine sbeR remade such bods or oats as my be requbed to provide fes exchengs or rmnafers of bonds a notes as hersof authorized, all ante boards or notes w base the original stpal m of the Finance transom and Cbaiemao of the City Council, and in use any, otfica ofthe City wlex rigmim appears on ant, band or onto shall ase to Ins such off beforethedeliverof said band w ads, arch signature shill nevertheless be valid and sufficient fin At pmpnaes, the same as if such officer had r®niod to edifice until delivery thereof 07 265 TMT span each exchange or bnsfer of bonds or rota, the Ctity aot transfer agent "I make a charge sufRcimt to cover any Pox, fee, or otbor g0 W INGEamI ebmge required m be (W d mute res V w to such traafa or exclwnw, aot subsegnmt to the fust exchange or naysfer, the Post of which dull be borne by the City, the cost ofgrepariog new bonds or nota upas exchroaps or trout thereof shall be paid by the perem requesting the some. TMT the bonds and notes ismW in anticipation thereof be issu aneitherataxableoram- exempt basis, ora combination draaof, as ddamivW by the Fiouwe Director, with the approval oftbe FinanceC Mkso. TMT, ifthe bonds mnoms, or my Pant atheea are isuol arta tax exempt bmsiq the officers "Ocu igsuch bolls or rotes be and hereby are mdlviAWlyauthorized and dvectWto covmmt aot cattily m behalf of the Cityslut m pan of the procmda of the issue and cele of the boasts ur nils mthorittd W be issued beremder atoll be used directly or budinwtlyto acquire my acmftia or obligations, the acqouftim ofwbich would cause such bonds or notes to be"arbitmge bomld' within the meeting of Section 148 oftho iotemd Revenue Code of 1986, as eat ied(Ne"CJ. TMT, iftbe binds or notes, many pan of Wear, are issnW m a exmmt basis, the a0loers executing such herdsmroars be and hereby arc individually authorized to covenara and aq, cat behalf of the Oty, for tho benefit of We boldin of such binds or was, that the City will file any required reports aot take airy Odra ectim that may be neceaary b ensure that hat on the bonds or rates will rmatn exmmt from federal haone taxation aril that the Qty will refrain from any action that wothd cause Wasson on the bosh or nota toho subject to federal inaom taxation. TMT rho offices exauting We bolls or moss beard bmby am iMisidualty au borized m wvmant, oatify, sot agreo, m behalf of the City, for the benefit of the holders of such bonds or notes, that tine City will file my required repmm, make my'mual fivsncfal mmaterial avast disclosur% and take any other adim that may be necessary to ensure that the disclosure requhemmts imposed by Role I5 -12 of the Seewities and a shuraeCgnmuissim, ifapp] icable, are Pod. TMT, if We bolds or notes, or any pan ofthm,, are issued on tax exempt basis, the Fiance Dhctm be and hereby is authmizad all mpowaedw take all such actim as may be necessary designs the boots or was as qualified tmaxemb obli&tims for pareses ofS¢ction 265(6) oftbe Cade; it bang tot City Council's intention that, to We Wart permuted miler the Code. We boodsor mics be Sctim 265(b) designated and tbzt the Flowne Director wiW advice ofbmd canal, rake the required Section 265(6) election with respect w such bolls to the ebur that the o 1whm may be av ble and advisable as ddmmirred by We Fivavw lNrctm. TMT the tam'w W' or "coda' as used herein and applied m the project, or my potion aherwf, includes, but is not limited m: (1) We purchase price or acguisiriw cost of a0 or any porion of We Project; (2) We cost ofcmematioq building, alteration, eNargement, necm,alructim, rmowation, improvement. and equipping of the Project; (3) the Pon of all appmlertmca surd other fm;ilida after or, above. or under the ground which are used or usable cuma:tim coif tbe Pm w; (4)the coat of landscaping, site pmwaration, and rmodding of my or facilities; (5) the cast 0labor, nunerials, building systmn. naohivay and equilmmt; (6) tbo cost of load, abudarea, rut popery i aerests, rights, msmWs, and franchise acquired in wmctwn wiW the Project; (7) the cost ofa0 utility ext 'ms and she i*nprowanmts and developmme(8) We" ofp4mtiog developing, preparation ofspecificauons, sa veys, amwaring fusibility stores, legal and other professional scrvices socided with the Pnojwq(9) the wa ofuvimmmmW autWe and wsesme (10)the cost of financing cloges and issuance wart, mclaWng premiums for iasmsm ea interest prior to and during wnamatim and, following c Ietion ofconawctiov, for apstiod not to aced 3 yam front tho issue date therm( uvdemmitm' fcs and etas, legal and a=smbing bass azul costs, apphoslion fes, and aha 07 265 f and expenses relating to the fwneivg trarwcrion;dead (11) the war of all other fmaucing artheized hereunder, wheWer related or anrelatd to the foregoing. TEAT to wveemmt ansings on the proceeds of the boards, if my, and the¢mess proceeds of the bods, if any, be ad hereby are apprrprimd for to tbllowing purposes, such proceeds to be held end applied he rhe following order of priority: 1. To my mars oftlse Project w excess of do principal sooner offs bonds; Z Ete bads or mus are issued on asox exempt basis, in accoNavice wit applicable toms and provisima ofto Arbitrage and Use of Proceeds Cotten delivered wvuwtlon with the We of rhe bonds or rates irchading, to the extent parmined gmemdtt. to to City's General Funi. TEAT to Furnace Dirttlor, Calnnao o£t to City Council. Clerk, and corer proper officials the City be, and hereby are, outankd ad eu@owwwd in Its name and on Its behalf to do or ease on be dom all such acts and things as sorry be cecessery or desirable wcolor ro effect to Issuance, sde, and delivery of the bonds and more as hercinbef auderized. TEAT if to Furnace fNutor, Chairmen of the City Council, or Clark are for any reason unaysilableto approve and execute the bonds or any related firanewg to person or persona Nen wring way such capacity, staterw anamiatmt a do", orotowwe, is authorized to act for such official wit the save tome and effect aifsoch official hnd himself or hwzdfpeformed such M. TEAT an ash of the years during which cry of the fords arc oursending, tern "I Ire levied a w wan wrmuvt that, wit ata revenues, if any, available fortat puryow, And be sufficient to pay to intoner on mid bonds, payables ash yema and the principal ofsuctbinds maturing in such vara IH = COMCIL August 13. 2007 First ding and Referred to the ranee C ttee cxxf ¢asg i # 61-265 ORDER I Iii pTTL¢J 1 be a7�1A 122 t p 1 1 1 Amount f On 1 LD CITY COOHCIL Aggregate r vc To August 27. 2007 Obiteation Hood. Dotes in Avtirivatz. Motaon Dade and Secondnd io-Onav thereof and a Tat Levy Thereto _ Public Dearing NO one e from ror �tbe Public Come Motion Made and seconded to �— Close the Public Hearing Public Hearing Closed MDCi'an Hide AAD Seconded for Pfissage Passfid CITY CLAW ,edeeamcoaaemr - I I