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Home My WebLink About2006-08-14 06-292 ORDERItem No. 06 292 Date: 8-14-06 Item/Subject: ORDER, Authorizing the Issuance of $655,000 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 fo $655,000 in general obligation bonds or bond anticipabon notes for the following project: Vehicle Replacement project: funding In accordance with the City's fleet replacement policy. Depar meM Ikad A public hearing is required prior to the vote on the order. nM(- 'rrR�',naX�(x %at .TMarzfa. 0( AT co/&/ jr;sI& If t6 y'fficdd.-- 7�K-�itc�aj/tial2�rv�usJlYlayrzr✓ir/ Z„da.r� city Manager Budget Approval: Finance Director Legal Approval: 6oedmr Passage • Firs[ Reading Page _of _ x Referral—Finance Committee of August21, 2006 06-292 tis.^ A3 AMENDED CITY OF BANGOR (TTPLE.) ORDER, AUTHORIZING THE ISSUANCE OF $655,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, NOTES IN ANTICIPATION THEREOF AND A TAX LEVY THEREFOR. BE IT ORDERED BY THE CITY COUNCIL OF THE CITY OF BANGOR, THAT Pursuant to 30-A M.R.S.A. §5772, Section 13 of Anode Vl of the Ob, Charter (Private and Special taws of 1931, Chapter 59) and all amendments thereof and acts additional thereto, and all other authority thereto enabling, there Is hereby authorized the Issue and We atone time and from time to time up to Six Hundred Fhy-five Thousand Dollars ($655,0011) aggregate principal amount of general oleigation bonds of the ON 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 that costs (as herein defined) to design, cont and equip or W acquire and Install the following project (the "ftjecn: Estimated Vehicle Reishoment $632,834 12 yeas 1655.000 THAT the estimated weigbte ipaiod of Minty for the property concenta ing the Project to be financed with the proceeds of and bonds is hereby detendved to bat the ismod of time indicated above for aschofiM Protect. THAT the date, maimmes (me 0 exceed that maximum term prtmined by law), danmioatiovs, interest We or Wie feet to exocd 8.00% per assume), Place of payment, and other details of ascot issue of and binds, including the noting and pmvitioa 6r thew We sad award and the selection of an mderwritr, shell be deteentr M by the Finance Dvtttor with gu approval of the Finance Committee and thechimme a ofthe City (Comatli. THAT the bonds hereby amisone xi may be made subject to ail for redemption, with or withom apmuum.before she date fixedfordied Payment of the bonds as pfomidW in 3 AM.R.SA.§5712(6), as amended, as sbd) be de[emdned by the Fivance Director with the approval of the Finance Commltlm. 06-292 AS AID;I bane by the City, the east of preparing new beads or Wes upon exchaages or smashers thereof shall be paid by the Person r W aegivg the some. THAT the bends mist rotes issued in anticipation thcrmf be issud an either a tenable or a tax. exeapt basis, ora combination thereof, as determinant by Ne Finance Director, with the approval of the Finance Commitee. THAT, ifthebaels ortmosm ormy, part Ofthemare icwed on tax exernpt basis, the ofEcm executing such bmda or notes be and herabY are itdividuilly mitlwrizai awl dhectd to covenant and certify on behalf of the City that no part of the ptoceds of the Issue and sale of the bands or rotes mihosixed to be issued hereawler shall be used directly or idiady to acquire any securities or obligations, the acquisition of which would canto each bonds or notes to be "storage bonds"within the meaning of Section 148 of the Internal Revenue Coil of 1986, as amadd (Ne"Cde'). THAT, if the bowls or nates, or any fun ofthm, are issued on ares exempt basis, the ofticm accenting Such heads or testes be awl hereby are iwlividuallY autnrized to covmam east agree, on behalf of the City, for the benefit of the buldm of each bolls or Wes, that the City will file any required reports and take any other action that my nxeasaryto ensure that interest on the bonds or votes will rearm exmrye from floral mems wanes sad that the City will refit from my action that wend cause interest on the bonds or Wes to be subject to fdeml income enation. THAT the officers executing the bonds or notes be and hereby are idividually autwnzd to covevad, cosily, awl ages, on behalf of the City, fm the benefit of the bottles of such hotels or notes, that the city will file say retained reports, nuke my meal financial or material even disclosue and take any other nation that may be necessary, to Ware that the I iaclesure requirements imposed by Rule ISc2-12 of Ne Securities mist Fachans Commseom if applicable, are ma. THAT, if the bards or notes, or my pert of than, are issudm ata exempt basis, the Fitaace Director be and hereby is authorized and empowered to take all such action as maybe necessary to deigrate the bonds or We; as qualified tsxexempt obligations for Wposes of Setim M5(b)ofthe Code; it being the aty Council's interim that, to the entad pemuttM under the Code, the boMa or Was be Section 265(6) desigretd and that the Finance Director with advice ofbond amoral, nuke the raluird Section 265(6) election with respect to such bonds 0 the extent that the election my be available ad dviseble as chemist "a Fineroe Direcwr. ther»f,wcl(dw,bwis trot limned to: (buiMi a theaepricemmieraiii, ofail or arryportion of thehaeme; (,)the costofbedding, cost ofgmlmawmt,ac and other sifts impmvacent, and equipping of &a lloject; (3) the cost of all appmdmavice and other facilitie tither of above ander Negmnwlwhich areusdor of my commie withthepmjea;(4) ruecon tl lewlscals,b site Preptents, and avwdeall eofmyim(6)the art or fivland, es; (5)the cost rodhlabor, rmterida, building syeema, machinery, mist equipment; (6) the cost of land, etmc[mes, real Properly it easier awl essessmada: (10) the cost uamo. exceed years and during nod and to excel li Yana front the issue as mist mats, epolicatlm fent ad orbs relaid or unrelated to the foagoin& 06-292 AS 610SY0® TNATsaidbonds shell be signed by the Finance Director, counleaignd by the Chairman ofthe Citycouwil, sealed with the seal of the City, nested by its Clock said shall be in such forra and contain sucb tams and praso uoar not bemvith as they may approve, their approval to be cmrnuslvny addacd by tbev"ecution thereof Anylrsue prior 0errey be cunsolfdntth withmd )eauedat Neantecare asany odes.issue ofbodee; plans primtobirds vri issuanceand ofbindsmay be divided info mvltiPle series card i city oncil, Plana offinanchrg, with the approval of the P,,.,w Caamnd«and the Chairmen of 0w City Council, THATpusuentto 30-AM.RS A §57n, Section 15 ofMicle VI of Ne City Charter and any othaauthonty thereto enabling, the Flnmme Dvtor, withapproval oftbe Firavice Committmevdtbe Chairmm of the City Council, is nearby and onzdto issue tmpoorary bonds or mics of the City in anticipation of ted forgoing bod race, said bonds to be signed by the parents Director, mumadgsed by the Christian of the City Current, add with the ssl of the City, created by its Clock and! othocwdse b be an such turn and contain such tenor ad provisions including, witMm limiation, maturities (nm to exrad 3 years from the ince date), dissociations, Juiciest rate or des fact to aced 8.00% par around, place ofpeymem, and ocher devils as they abed approve, their approval to be conclusively evidcicd bydch "ecutiontbemf. THAT any bells or tWtea( cladm8600ds or notes in renewal tbaeof) authorized to be Issued under tW s Order may be issued in canbitmtion wiN bonds or nota (including bonds or notes in ramaval @amt) randomized izd to be issued by this City Council nt any time primto this date of issuance of such bodsornota. THAT the Phunce Director- be all busby is amhorizd to ant the registrar, paying sense, and hmisfoc about (the "Transfer Agent-) for the bods ad sats and to execute and deliver such cienmacts and agreements as rosy, be necessary or appropriate to secure their services. TEAT the bonds and acres shell be transfusable only on the registration books of the City kept by the Tarvfrr Agent in mirdmum demdtetiods approvd by the Fitmnwe Direction, and aid principal amount of the beds and rotes of the same maturity Nut rot of odwr maturity), upon saturator thamf a the principal once of the Transfer Agent, twirls awrirm instammt oftrarmfer satisfactory to the Transfer Agent duty execu0.d by the re®sMred owner or bin other ettoary duly eudmnzd in wnfing. THATw lies ofphysicel catifmt of the bentls and noteshaeiabe[ authorized, the Finance Director be mrd hereby is authonzd to undertake all acts necessary an provide for tbe issuance and transfer of such binds and rots an bookatry form pnsuavt to the Depository Trost Company Book-Bndy OnY SyAaryananntmmtive totes pmvhsiousofthe forcgovg paa®aph regarding physical transfer ofboods, and the Finmce lverior be and bereby is authorized and empowered to enter into a Letter of Representation many other mntaµ agreement or understanding necessary or, as bur opinion, appropriate nt otdorto qualify the bonds fm and participate nt the Depository Trust Company Book -T try OdY SYaia4 THAT the Finance Museum and Chaitmmh of the City Council from fine to trne"I execute such bods or rots ss may be returned to provide for "changes or counters a bods or nota as b"aofore subsumed, nl such bonds or rotes to bear the original signature of the Finance Director ad Chairman of the City Council, and in case any officer of the City whore signature concert on my, bond or torte shall cease to be such off ca before the deliver of aid band or note, such abrasions: shall nevertheless be valid and sufficient kr all purposes, the core as if sash officer had contended as office rrd delivery thereof. THAT upon each exchange or vmafc of bonds or arises, the City ad tandl agent stand make a charge sufficient to cover my tea, fes, or other govemmWn charge ragired tobe*it with respect to such cnnaf or acluvge, and subsequent to the Bad exchange or broader. the cost of which shall be 06-292 THAT the mvestramt cannabis m the proceeds of the bards, if any, and the excess presents of the bonds, if any, be and hereby are appropriated for the following purposes, such proceds to be held and applied to the kllowing order of priority: 1. To my costa ofthe lhoject in excess of Or principal national of the bonds; 2. If the bonds or notes are issues on a use exempt basis, in accordance with applicable terms and provisions of no Arbitrage and Use ofptmctds Certificate delivered m correction with the ale of the bonds or noise inhaling, to the extort founded 0uuemda, in the City, s (intend Fwd THAT the Ffce Diremor, Chef n of the City Coumil, Clete, and other preper officials of the City be, ant hereby on, au0mriaei and mWowered in its name eM m be behalf he do or come to be done all such oras and things as maybe necessary or desirable in order to effect the issuance, ale, and delivery of the beads and rotes as hvdnbef mdorizd. THAT if the Finance Director, Chairman of the City Cowl, or Clerk are for my naso unavailable to approve and acute the brach or any cabinet f cthg doawm[a, tee person or persons then action in any such capacity, whether as an assistant, a deputy, or mbawise, is authorized b act fir each official with the smtmf and thigh as if such official bad brrodfor berselfperfomid sate act. THAT in each of the years during which my of the bonds are oub coding there shall he levida to to an meant that, with other revenues, if my, available for that puryose, shall be mffrcimt to isay the interest on said binds, payable in such years, and the principal of such brands maturing in such years. 06 292 ang,mt 14, 2006 Assimaut to fuuscaur Farrington CITY OF BANGOR e9 (TITLE.) ORDER, AUTHORIZING THE ISSUANCE OF $655,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, NOTES IN ANTICIPATION THEREOF AND A TAX LEVY THEREFOR. BE IT ORDERED By THE CRY COUNCIL OF THE CITY OF BANGOR, THAT Pursuant to 30-A M.R.SA. §5712, Section 13 of Article VI of the MY Chapter (PrNate 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 a[ one time and from time to time upi Six Hundred Hfty-five Thousand Dollars ($655,000) aggregate principal amount of general obligation bonds of Me City of Bangor. The proceeds derived from the sale of said bonds, inducting premium, If any, shall be used and are hereby appropriated to pay a portion of the <vsro (as herein defined) to design, construct and equip or to acquire and install the follovring project (the "Project"): Estlmeted Deseristlpn AmtOM Life Vamalaltaptaoemmt 5637,831 12yeus THAT theesdmeedwnghtdpmdreby ryfm the property covsdmdng theM aeonmbe fwacaiwithprootheuect. aofsaid bonds shereby detemgndmbe he Mod oftimeindicateabove f each ofthe Project. THAT the data, minorities fear to erred the meximom t® personal 4 tai deoominwiow, Interest rate or one; bas to a 48.00% par assort Place ofpaymmt, and other details of each issue of said bonds, including We tieing and provision for their sale and awam and the selection of an underwriter, shall be dememined by the Fiowroe Director with the approval of the Finance Committee and dee Chewers of the City Council. THAT the bonds hereby authorized may be made stuff cat to out for redemption, with or without a premium, before the date fixed for beat ponnant of the bods, as provided in 30-A MRSA. §SM(5), as amended, as about be doemmwd "a Finance Director with the approval of the Pinarce Cementite. THAT add bods shell be signed "a Finance D'uector, counteaignd by the Common of the City Council, sealed with the seal of the City, sheared by its Clete, and shall be he such form and eontain such trona and provisions rot inconsistent herewith as they may approve, their approval to be 06 292 condasively, evidered by their manned thereof, Any issue or bonds may be wv&olidated with and issued at the some time as any other issue of bonds anrborizetl prior to their tameness, and the bonds may be divided into rladtipl¢ series had land at sepvaze plans of financing, with the approval ofthe pumas Conmdttce had the Clraimmn of Us City Council. TEAT pursuant ro 30.A MR.S.A. §5774 Section 15 of Article N of the City Charter ml any, other authorilythmato enablin& the Finance Director, with approved of the Finmro Conmtitt a and the Chairman of the City Council, is hereby authorized to issue tanpomry bonds or notes of the City W anticipation of the rorgoing boad ismer, said bonds W be maned by the Fierce Director, comtersianed by the Chaimmn of the City Council,seeded with the sal of the City, arrested by its Clerk and othemise to be in such fed and content well term and provisions IMIudN& WIdg1R 1N11tation, trn udifics (nob exceed 3 years been the issue dm¢), demndlwbon, interest ate W rates (" to cumd 8.00% per annum), plana ofpaymed, and enter ddals as they shall approve, dor approval W be conclusively evidelrcd by �heirwmWon thomf. TMT any bonds or does (including bods or who in rml¢mel thereof) authorized W be issued order ends Orem may be issued in moistened with bolds or noes Unduding bonds or notes in renewal thermtj authorized W he brad by the City Cannot a Water prior to the dare of isa mce of such bonds mvetw. TMT the Finance Director be and hereby is authorized to, select the register, paying agent, end bomber agent (the"Transfer Ageddr) for the bands and totes and to exwme and deliver such contacts ate agreements assay be necessary or appropriate to secure then services. TMT the bonds and notes shall be transferable only =the registration hooka of fire City kept by the Transfer Agent fmonsoon deco mi whom approved by the Finance Director, and send prumpal anwuM of U, bonds and noes athe sass authority (but not of other maturity), upon surrender thereof at ted principal office of the Transfer Agent, with a written fi shmaat ofban&frr nfi&aetmy to the Tratemor Agent dWyennatd by themutated owner t bis or br attoaay dtoy amhorized onwriting. TMT in lieu of physical ounficam of the bonds and nom herein men: authorized, the Finance Dir Ror be and hereby is authorized to mndenake all me necessary to provide for the issuance and tmosfer of such bonds and nates W book -entry fm possum W she Depository Tort Company Book-EntryOnly System, as an alternative to the provisions of the foregoing paragraph regarding physical tether of heads, and the Finance Dlrxtt be and hereby is authorized and empowered W enter ant a Inner ofRepasmutim or any other contract, agreement or mdersmding sleemary, or, in his opWio4 appropriate in oder W qualilythe bonds for and participate in the Depositary Ttrt Company Book -Entry Otey System; TMT the Firma Ddrecun and Cbeirmut of the City Comed fiord time W lime &hall execots such bonds or notes as may ba requu led provide for exchanges or tretfers of bonds or now as heretofore netherittd, an such bonds ter notes an been the original signtee of the Fitae Director and Chairman of the City Counted, and f tee any officer of the City whose signature appears on any bond or note roan mean in be such offus rbefore the deliver of said band mole, such UnaNre stall nevertheless be valid had sufficient for an proposes, the more an if such officer tad resulted in once unfildeliverytheeof. TMT upon each exchage errant of bonds or rotes, the City ate banner spent shall make a charge sufficient W cover any tax, fee, or other goveumlevtal charge tepaed ut be paid with respect to such transfer or exehsnga, and subsequent W the firer exchange orunder, the nom of which shall be Won by the City, than ofprepmulg new bads or notes upon exchanges or bansf thermfdWl be paid by the Person raryesting the same. 06 2252 TMT the boards all notes issud in anticipation thermf be issued m either a taxable or a tax- exempt basis, ora corrbimtlm thermf, as determined by Ne Finance Director, with the approval of the Pinance Committee. TMT, if the bolls or notes, wary part of then ere issued on a tax exempt basis, the of ogar ramming such bonds or votes be sed hereby are imlividoally suthorizW and dimmed to covmind and certify on behalf of the City that err pact of the promo W s of the issue end sale of the bolls m rotes anthodzd o be issud heremmer shah be usd directly or ivduwtly to require any securities or obligations, the acquisition of which would cause such bonds or rots to be "arbitrage hordes" wirhir the meaning of2bamion 148 of the brterel Revenue Code of 1986, as amamd pbe-cage ). TMT, if the bonds mm[sq or any part of Wan, are issued an a tax exempt basis, the o6ices "tutting rush bonds or notes be all bemby are individually authpfud to covenant and agree, on bebalf of the City, for the benefit of the battles of such bonds or not", that the City will file my regard reports nerd take arty other action that may be nmessey to mune that inter"[ on the bonds snot" will remain snit from federal income taxation and that the City will refrain from any action brat would rause moment on the bonds or names to be wbject to federal income notation. TMT the officers execwwg the bonds or notes be ad hereby are imbividually zothenzed to covenant, artily, and ages, an behaVofthe City, fw the benefit of me holders of snob bonds or rot", that the City will file my requhd robots, make my normal financial mmnteriel event disclosure, and take my o W er anti= that may be necessary to ensure that We diacloave requi ranmm impact by Me 15c2-12 of ties S"miti"=d Fxcharge Commission, if applicable, are met. TMT, if W e bonds or voles, or any part of dom. are issued on a tax exempt Image, the Fineman D1eem=be and hereby or autbmized and empowers] to take all mob action as may be neceeamy to d"igate the bonds or notes as qualified tax -=amt obligations for puryoses of Section 265(6) ofthe Code it being the City Council's immtion that, to the exert permitted utmer me Code, the berms or notes be Section 265(b) detlg=ted and that the Finamoe Director wild advice of bend usmsel, make the required Section 265(b) ¢loci=wild impact w such bonds to the extort that the electim may be available anal advisable as denominated by the Finuse Director. THAT the term -mw'or"costs" as and hereinaM applied to the Project, or any portion thaeoginchWs, bat is not limited to: (1) the pucheae price or acquisition mat of au or my permit of the Project; (2) the cast ofexammmiion, buticift alteration, edmilement, tmmatructiov, reawao m imp ovemem, and equipping of the ProjW; (3) the cost of all appwvavicea and writer facilities either o% above, rounder the lowered which are usxi or usable in counseling widt rhe Project; (4) the coat of landscaping, site prepenfi=, well remodeling of my improvemmta or fmilibes; (5) the near of dl labor, t=tmas, building systems, macfdnny and a impotent; (6) tbe mast of long, situations, teal property interests, rills, easenonts, and memories acquired in connection wild the PmJed; (7) We cost of all Willy ex[wdom atm site improvements and developing; (8) the coat ofplanvin8 developing, preparation of spsifi"rioma,surveys, emgineenog,feasibility smiles, legal and other professional Services associated wild0o Project; (9)themet ofmvivemom al argues and mannerists; (10) tbe cost of tramming clamber and remorse costs, mcludlug pemims for insurance, interest prior W sod during m=mean=and, following comPleimofcosrsorion fora period nor to nod 3 years from the issue date tletca(underwritems' fees real costa, legal and accounting f and cods, applicafion fees, and other f and expenses relating to We finessing mnsamica;and (11) the case of all other financing rubberized heramdm whether retard or unrelated to do foregoing. TMT the investment easing on the proceeds ofthe brads, if my, and the excess proceeds of the bonds, if my, be all hereby, arc appropriated for the following purposes, such proceds to be held all applied in We fllowivg order of priority 06 252 1. To arty meta of Ilia Project in aseess ofthe Princiwl amoaat of the bolls: 1 If the bonds or notes am ismd on az exempt India, in acmNaace vents applicable terms and provisions of the Arbitrage and Use of Pmceds Cmifiate delivad in mwavonwith Wesile ofthebodswnaves iaclitilm lotheestmt pemdnd Unneanda, m Ne City's Genaal Fad. TEAT the Finance Director, Chnwren of the City Comeal, Clark ad other proper officials of Ne City be, and hereby are, a lionzed adempowered in its come ad m its behalf to do or cause to be done all each son and tangs as maybe nmwmry or desirable intatter m effect rhe issuance, Was ad delivery ofthe bods ad notes as hmwbefom amhmizd. TEAT if the Pimnce D'vmtur, Clammed of line City Council, or Clerk are for any reason unavailable m approve and exceed W e bonds or any relaid financing dormmmts, the prion or persona thin acting wary such equanty, whMv as an assistant, adepWy. or olhawise, is aathoridil W am for such official with the mmef sat eJen as if such offeal led bimaelfor herselfpernioned sds act. TEAT w each of the years during which my of ties bods we outstarWin& then: %ball be lewdl a tax in an amowt that, with other revenues, Jany. datable for that purpose, shall be sufficient W pay Ne wisest on mid bods, payable Is such years, and Use princitral of such bods maturing in such years. CITT COUNCIL vast 14. 2006 IN CIW COUNCIL August 28. 2006 -Notion Made and Secoodea to Open the Public Hearin Public Hearing opened No Otte from the 'Public Cases Forward Motion Bade ami Seconded to Close Public Hearing Public Hearing Closed Motion Made and Seconded for Passage Motion Haae sea Seconded to Amend by Substitution Passed Motion Made and Seconded for Passage as Aseuded C 06-292 a BDNN (PITLHO Autbociting the Isavravice a£ $655.000 aggregate PL]ixipal Assume t of fcoer obligaHw Boade. Notes in Mticioatfou Thereof and a Tax: Levy Therefor FA 06-292