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Home My WebLink About2008-09-22 08-310 ORDERItem No, 08 31.0 Date: 9-22-M Item/Subjeet: ORDER, Aumodzing the Issuance of $1,569,000 Aggregate Principal Amount of General Obligation Donds, Notes in Anticipation Thereof, and a Tax Levy Therefore. ResPonsible Department: Finance Commentary: The attached order will authorize the City to issue up to $1,569,000 In general obligation bonds or bond anticipation notes for the following projects: Vehicle Replacement Ponding in aaordance with the Cry's Fleet replacement policy in me amount of $394,000; $275,000 as the City's local share of DAM street improvements; and $900,000 for me construction of a replacement Fire Station #6. {"�u3Uc f}faQjart ZEQUIPKLI A public heading is required prior m one vote on the antler. riMd.ry{ Y�aa ��➢Iltr��`AuW,LLr.Oe*aK� o�Mei City Manager E6F�L'iFfkl Phi Director _ Passage 3_ First Reading Page _ of _ It Referral to Finance Committee, October 6, 2008 @ 5 p.m. 08 310 Assigned to Councilor Farrington September 22. 2008 CITY OF BANGOR (TITLE.) ORDER, AUTHORIZING THE ISSUANCE OF $1,569,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, NOTES IN ANTICIPATION THEREOF AND A TAX LEVY THEREFOR. BE IT ORDERED 6/ THE QTY COUNCIL OF THE CITY OF BANGOR, THAT Pursuant to 30-A M.R.S.A. §5772, Section 13 of Article V1 of the City Garter (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 at am time and from one to Ume up to One Million Five Hundred Sixty -Nine Thousand Dollars ($1,569,000) aggregate principal amount of general obligation bonds of Me City of Bangor. The proceeds derived from the sale of said bands, including premium, R any, shall be used and are hereby appropriated to pay a portion of the mets (as herein defined) to design, construct anal equlp or to acquire and install the following project (the "Projed!o: Estimated Vehicle Replacement $3941Wo 12 Years BACTS Projects $275,000 12 Years Fire Station $900,00 20 Years THAT the estimated weighted period of ability for the property constituting the Project to be financed with the proceeds of said bonds is hereby denammudi to be the Period of time indicated above foreachofthe Pmjent. THAT the dam, maturities (not to exceed the maximum term permined by law), denominations, interest rate or cotes (not to exceed 8.WA par annum), place ofpaymem, and other details of each issue of said bands, including the timing and provision for their sale and award and the selection of an underwriter, shall be determined by the Finance Director with the approval of the Finance Commiaee and the Chairman of rhe City Council. 08 310 Assigned to Councilor Farrington September 22. 2008 CITY OF BANGOR (TITLE.) ORDER, AUTHORIZING THE ISSUANCE OF $1,569,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, NOTES IN ANTICIPATION THEREOF AND A TAX LEVY THEREFOR. BE IT ORDERED 6/ THE QTY COUNCIL OF THE CITY OF BANGOR, THAT Pursuant to 30-A M.R.S.A. §5772, Section 13 of Article V1 of the City Garter (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 at am time and from one to Ume up to One Million Five Hundred Sixty -Nine Thousand Dollars ($1,569,000) aggregate principal amount of general obligation bonds of Me City of Bangor. The proceeds derived from the sale of said bands, including premium, R any, shall be used and are hereby appropriated to pay a portion of the mets (as herein defined) to design, construct anal equlp or to acquire and install the following project (the "Projed!o: Estimated Vehicle Replacement $3941Wo 12 Years BACTS Projects $275,000 12 Years Fire Station $900,00 20 Years THAT the estimated weighted period of ability for the property constituting the Project to be financed with the proceeds of said bonds is hereby denammudi to be the Period of time indicated above foreachofthe Pmjent. THAT the dam, maturities (not to exceed the maximum term permined by law), denominations, interest rate or cotes (not to exceed 8.WA par annum), place ofpaymem, and other details of each issue of said bands, including the timing and provision for their sale and award and the selection of an underwriter, shall be determined by the Finance Director with the approval of the Finance Commiaee and the Chairman of rhe City Council. THAT the bonds hereby, authorized may be made subject to call fn redemption, with or without a premium, befro the date fixed for final payment of the bonds, as provided in 3o -A M.R.S.& §5772(dk m amended, as shall be determined by the Finance Director with the approval of Me Finance Committee. TEAT said bonds shall ba signed by the Finance Director, counwsiued "a Chairman of Me City Council, sealed with the seal ofthe City, mounted by IN Clerk, and sired, be in such frm ad Woods such terms and provisions not inconsistent herewith as buy may approve, then approval to be conclusWy evidenced "air execution thereof Any issue of Nadir may be consolidated with and issued stMe same time as any other issue of bonds auM«imd prior to their Numce, and Me bonds may N divided into multiple series ad issued in commerce plans off ancin& with Me approval of the Finance Committee and Me Chairman of the City Council. THAT pursuant to 30-A M.R.S.A. §5772, Section 15 of Article VI of Me City Charter and any oMe authority thereto enabdin& the Finehrce D'ructor, with approval of Me Finance Committee and Me Chairman of Me City Coastal, is hereby authorized to issue temporary bonds mnmaI of Me City m anticipation ofthe tonguing toad issue, said bands to be signed by Me Finance DireMm, countersigrud by the Chairman of Me City Council, sealed with Me anal ofthe City, aoested by its Clerk and otherwise III be m such frm ad contain such terms end provisions including, without fimitatioq momentum (not to exceed 3 years from Me issue date), denominations, catered rate or rates (not to excmd S 00°/ per annum), place of payment, and other details as they shall approve, their approval to be conclusively evidenced by their execution thereof. TEAT any bonds or rotes (including bonds or notes in renewal therwf) ahhthorired to be issued under this Order may he issued in combination with bonds or notes (including bonds or notes in renewal thereof) auffimizedm be lessen "a City Contact at any time priorto the doe of iasumrc of such bondsornotes. THAT Me Finance Director be and hereby is authoria d to select the maroon, paying agent, aid transfer spent (Me "Transfer Agent') for Me bonds and notes and to axecu[e and deliver such contracts and agreements as may be necessary or appropriate to secure their services. THAT dna bonds and notes shag be Numerable only on the regimetic n books of the City kept "a Transfer Agent in minimum derouhinadons approved by Me Finance Director, and said principal amount of the bonds am notes of the same maturity (but not of other mataity), upon amender thereof at Me principal office of the Transfer Again, with a written instrument oftamsfe satisfactory to the Transfer Agent duly executed by Me registered owner or his or her attorney duly authorized in writing. THAT in lieu of physical cer ifieates of the bonds and notes hereinbefore authoriund, the Charm Director IN aid hereby is authorized to undertake all acts rucessary to provide for IN, issuance and transfer of such bonds and holes in book Barry form pnmuant to the Depository Trost Company Bank -Fray Only System, as an ahemadve to the provisions of the foregoing paragraph regarding physical transfer of home, and Me Famous Director be end hereby is authorized and empowead to anter into a Letter of Representation or any other omMach agreement or understanding necessary or, in his opinion, appropriate in orderto qualify the bonds for and participate in the Depository Trust Company Book -&any Only System; THAT Me Finance Director and Chairman of Me City Council from time to time shall execute such bonds or ones as mmv be required to provide far exchanges or trsmskrs of bonds or notes as heretofore authorized, all such bonds or nova to bear the ori&nal signature of the Finance Director and Unbutton of Me City Council, and in case mry office of the City whose signature appears on any bond or note droll costs to be such officer befre Me deliver of mid bond or note, such sigrwture shall mveMedess be valid and suffoiem for all purposes, Me slum m if surd officer had returned in office, until delivery thereof. 08 31.0 THAT upon each exchange or tlensfer of bonds or notes, the City and transfer agent shall make a charge sufficient to cover any tax, fe%err other governmental charge required m be Paid with magas to such hansNr or exchange, and subsequmtto the first exclange or usages, Oa tong of which shell be home by the City, thecost of preparing new bonds or notes upon exchanges or burden thereof shell be paid by the Person requesting the sane. TMT the bonds vM notes issued m m6cipation thmeofbe issued ne andiras taxable ora mx- exempt basis, or a combination dwrmf, as determined by the Firma Directer, with the approval of me Finance Consumer. sumer. TMT, ifthe bonds or sea, or a" part of Mem are issued on atax exempt basis, the officers executing such bolls Or notes be and hereby as individually authorized snot directed to torment and certify on WMWofthe City that no Pat of the proceeds of the issue and sale of the bonds or moms authorized m be issued hereundamall be used di fly or indirectly to acquire ary securities Or obligations, the aoauisition of which would cause such bonds Or saes to be"arbihage bonds" within the meaning of Section 148 of the brand Revenue Code of 1986, a emended(the"Code). TMT, if Out hands or nates, or any part of Nem, are issued on a rex exempt basis, the officers executing such bonds or notes be and hereby are individually amthoriud to covenant and agree, on behalf ofrlte City, her the benefit of the holders of such beads or notes that the City will file mry sluiced reports all take any Mer action Nat may he necessary to ensure Ma mast on the bonds or antes will main exempt from faderil insane taxation and that the City will retain from any action Na would cause imema on me beds or name to be subject to federal income marine. TMT dm officers executing the bolls or notes be and hereby are individually gathering to coverer, catty, ad none, a behalf of the City, for the benefit of the holders of such bonds or notes, that the City will file any"mind reports, make any grad faunal or mamriel event disclosure, and take any other netion that may he necessary to ensure Mat the discbsute aqummonts imposed by Rule 15a-12 of the Securities and Exclu ge Commission, if applicable am met TMT, if the boMe or nota, or any pmt of them, are issued on a exempt basis, the Finance Director be and hereby is authorized and empowered to take all such abon as may be necessary to designers the bonds or notes a qualified tax-exempt obligations for purpose of Section 265(6) of the Cade; It being the City Came itIsintention that, mthe extent Panama under the Cade, the bonds or notes he Section 265(6) designated and door Ne Finance Director with advice of bad morsel, make the mp ma Section 265(b) election with respect to such bonds to the extent that the elegant may be available and advisable as daurnmed by the Fuente Director, TMT the term"cor' or 'costs' as used herein and applied to the P lett. or any Portion Mmadf, includes, bre is not limited to: (1) the purelmse price or acquisition Cost of all or mry portion Of the Project; (2) the cost ofcongmction, building, a tern m, enlogemem, reconstruction, rermvafon, improvement, end equipping of the Project; (3) the cost of g I appurtenances and other f volifies either m, above, or under dm grand which are used or usable in connection with the Project; (4)dw cat of Imdscaping, site preparation, ad remodeling of my impmvementx or fmi[ai %(5) the cog of all labor, materials, building systems, machinery end abileme t; (6) the cog of Iced, s mctures, red Property hams ,rights,ememena and Ranchixes acquired in connection with the Project;('7) Ne Cost of dl utility emensions and site impmvements all developmern; (8) the cost ofptaardng, developing, preparation ofspecifteati ns,surveys,engineering. feasibility rosdiea legal ad other Profcesiotal smiewsI associated with the Reject; (9) the cost ofenvirom eral stadia and assessments; (10) the cast of fiwteing charges end issuance costs, including Premiums for inmu ence, interest prim no and during emNmNim and, following completion of comrmction, f« a period not to exceed 3 year from the issue debt thaof,mMetwriters' fees and costs, legal and accounting figs and tom, application fee, end other 08 3'0 fees and expenses relating to the financing transaction; mad (11) be cast of all other fmancing ar hosirzd herwMer, whether related or mrelated to the foregdng. TWT the investarmn earnings on the proceeds of the heads, if my, aad the excess proceeds of the bonds, if my, he and hereby arc appropriated fm the following paposes, an& proceeds to be held W app] led in %e following otdm of pnority: I. To any costa of the project in excess of the principal amoun[ofbe bonds; 2. if the horWs or notes are named m a=exempt basis, in aaadmce with applicable terms and provisions of the Arbitrage and Use ofpreceeds Certificae delivered in connection with the sale of the hands or notes imludm& to the extent permitted thereunder, as the City's General Fuod. TWT the Finance Directs, Chairman of the City Council, Clerk and ether proper officials of the City the, and hereby are, undimir d and empowered to its name and on its behalf in do or muse to he done all such acts and things as may he necuenry or desireble in order to of xt the issmme, sale, and delivery of the bonds and notes as haeirdnabre authorized. TWT if the Finance Direser, Chainmen of be City Council, or Clerk arc for any reams "co aileble ra approve and execute the bonds or any related financing documents, the person or persons then acting in my such opacity, whether as an assismnt, adeputy, or otherwise, is authorized to act for such official with the same force and effect as if each oflioal had himself or herself performed such act. TWT in each of the yeas during which any of the bolls are outstanding, there shall he levied a ax in an award that, with other revenues, if any, available fer that purpose, but be sufficient to pay the turned m said home, payable in such years, and the primcipel of such heads naming in such yeas. Ip COURCIL 1 tCinemb ROOK September ' FitsM Reading avd Deferred to in # 08-3I0 d� LAY/CLEXX,l,q .( /KB/ ^v' f11I1 lh eM1^ense of IN CITY COUNCIL $1,569.000 Aggregated Prlvnipal Bdwv[' 6ntabei 15. and Anticipation Meceof avd a Su L�It.. llsae and Seconded to Open IlseMot Ilse Pohlic HeaLag ingOpened _t[.e,sfnr Public Opeved from 0m few cbe Public came Fi ance Forward Finance Director Deb Cyr eapLinee the hold details AydgnMWCoueellot //� 'I Iv to tbe CurrentIf. .. ial m menet /['/'/�A✓�[O'�W'IWt Motion Notion Made and SCo Pub Close the lic HearinHeeding HearClosed MotionMade and secondea i JEviblIc for p Pas i IPYIW i CS >