HomeMy WebLinkAbout2004-04-12 04-112 ORDERItem No 04-112
Bate: 4 -12 -04
[tem/Subject ORDER, Authorizing Me Issuance of $5,470,000 Aggregate Principal Amount of General
Obligation Refunding goads and a Tax Levy Therefor
Responsible Department: Finance
Consensual
The attached order will authorize the City to Issue up to $5,470,000 in general obligation bonds to refund
on a current basis $5,435,000 of general obligation bonds Issued in 19%. Due to the conbnu al favorably
interest rate emironment Me City will be able to realize approximately $910,000 in savings over the nM
seven years.
Zai
Department Heu!
Managers Comments: C A
}acM.vo/p WWtlp
City Manager
Associated Information:
A Public Hearing must be held prior to action on this item. Six of nnath a votes are required for passage.
Budget Approval:
Finance Di�
City Still
Introduced for
Passage
XFirst Reading Page _of_
X Referral -to Flnance Committce
06-112
AadgnwroCowcib Allo April 12, 2006
K r,n
b CITY OF BANGOR
(TITLE.) ORDER, Authofl2lrg the issuance of $5,470,000 Aggregate Principal Amount of
General Obligation Refunding Bonds and a Tau Levy Therefor
By ire Ory Cwh w Nthe Qry o fterga:
ORDERED, THAT
WHEREAS, m November 22,1993 ore City Council adopted Usher No. 9121 which contained Be
ismanct of As Ciys gamy obligation refimdMg local in an mount rot to exceed 515,000,000 to refund ocrim
of am Ciys 1989 and 1990 gonad obligation land; and
WHEREAS, on or nm Jmuary 20,1994 the city council issued in gmoal obligation refunding boys Ra
the foregoing purposes in At cadmium Nominal amount of 811,155,000, such Wish being dated aofJimmy 1,
199: (tl,a"1990 RefwWinBBord¢'y
WHEREAS, AmAa shop in iMaeu rets, Ons Llty Council now chines to sentence befcou As
outsleMing pnmipel of An 19% Refunding Bonds in order 1,ieve interest savings W At Cary;
NOW, THEREFORE, by 0e City Council of the City of Bangor, it is hereby
ORDERED:
THAT Pmemntm 30,A M.R.SA. 071 Section 13 ofArtada VI of the City Cmter(Private ad Spmial
Lw of 1931,Chalnef 54) and all anom meas moms' and acts additional domes, and all other mAOdV Neth
mataft Nae is hem ey aumimd the issue and sok: one tins and fiom done to time up to Pius Million Four
Bananas! Bosomy maumrd Dol am scumante principal mourn of pound obhBalm nonan of At Oty
ofBangm(da "BOwd7. The postal domed nom At sit ofyJnaws, unison; premium, ifany, shall W and
and ere Mmbyappopriand to pay for the refunding ofNe principal audlmtlim, plus premium, if my. scam 1994
Ramding Bows;
THAT tla cuumated retaining weighted period of mil RV the 1994 amusing Bonds is hereby
automated m W hot Ra Am 8 Kars:
MAT An date, manages (nth 0exceed 8years from At aeras cash denominations, mare: ma so miss
Am to caused 5.0014 pay mouth plme ofpganam, and other di ofeach War of said Bmds, mind As
timing ey prevision W Neo can and avmd, Ash W stimulated! by Be Flnmm Dim mr with At approval ofMe
Fmancef.Olnmllme;
THAT As Bonds hereby summand may W made subject to call ma rMemptiay with or whboma
commit, Whose the date fixed fur foal payment of As omss, as provided in 30-A M.KS.&§5712(6), as ammdw.
as"I W deteminetl by tW Hnanm Dimamwith theapproval ofNe Finance Commiu«.
THAT mid Bonds shall W signal by the FLmce Darman.mmtnaignw by Ne t] m mofAt City
Cmncil•aeled will Be.xel of As City aMand by its Cleric and shall W in such from and count such terms and
previsions not imonsistm haewiN a day my approaa, their appmvd m W conclusively evismced by their
eationthereof. Any Want of Bods may W consolidated with and issuis At sane time as my oyer Was of
As Ciys bands whorml prier m their issuance, and As Bonds may be divided am multiple turns W iamd in
eepmate plans of f nancin& wdh Na approval ofNe Flnanm CamnBtet
IN
CICT 0009CIL
April 26, 2004
Notice Hada end Secwded
to open Public Hvearleg.
Public Rearieg Opened. No
oae from the Public came
foresrd. Notion Rade and
Seconded to Close Public
Hearing. fublie Hearing
Closed. Marion Rade and
Seconded for Passage
Passed
a
p 04-112
i (TITLE) A,uLorisioe ties Issuance of
$5,670.000 Aggregate PrfociVal 1100et of
CeTeral Obligation Refunding Hoods and a
maligned to Councilor
THAT Me Heads shall be mnsfmble only on the registration books ofMe Ory kept by Be mnafd agent,
Audi mid p^nniwl Mount ofMe Benda ofMe alone maWriry(W nn ofoMermeturityx spm wrtma«Mereurn Me
principal once of Me transfer month, with awrinot monument OfumsfermtimMerory he MA murder Agent duly
twoutai by Me regakred owns of his or her wancy duly comment in cur mill
THAT Me hlowe Director be And hereby is command] n select the noticed, payhng amen. and nensf
agent (At'"fmnsMr Agan-, fidanelal dvistr and undwmiter Bar the BOMB and to assume and deliver such
comment and operators in may be necessary, o appmpow to secure Meir services.
THAT Me Firms Changer ad Chairman ofde City Council from time to time shall mtaub sud Bonds
ans maybe require] w provide fm«changes orttemhrs of Bonds as hamoMre authorized, all such Bonds robes
Me origin aigrnve of me Mnmce Director and Chairman of Me City Courell, and in was my o1Fem ofMe City
whoce slimmest appmra r my BOM shall sane to be such officer before Me delivery of said Brod, such signmure
shall canna lea be vend and wRcent for at pegoua,Me some As if such officer had remaind in office until
delivery thereof.
THAT upon each exchange or motor of Honda, Me City and trmsW Ages shall make a charge wtficient
to cover my ran,fee, or other government charge required to be paid with rem est w such versAr or excbmge, and
subsequent be Me fim exchange or transfer, Me cot of which shall be home by Me City, An w9 of preparing new
bods most mchm sad orbenafrs MdwfMet I he paid by Ad pmaon requesting Me same.
THAT, the Oman' exxmmg mob Buds be and hammy me individually auMoidd and directed le
venom and "mi"an behalf of the City Mom pmt of Me precasts of Me home and ale of Me HondamMwizd
toIts howl Wandler All be ded directly or indirectly w squire my adsm id or obligations, Me"isifist of
which much some such Bunds to be'i ftrage[ands"wisin the memaq; of Session 148 of Me humnal Revenue
Cdeof ISol as mended (Me"Cde'�.
THAT, the officers assuming such Honda be and hereby are individual ly authorized to rvmast and agree,
r behalfoff City, for As benfit ofMe holders of such bonds minces, Mm Me City will file my required repots
and take any other action that mor be to use Most modest on Me Bonds will remain exempt hem federal
Income w al and Md Me City will refrain hem my with Md wwld care formed on An Bonds n be subjectto
Ahad inwane twticn.
THAT Me offends maturing Me Bonds be ed hareby are individually embodied! wmvttl sent ft, and
aBu. on behalf of Me Ciry, for Me bandit of Me bode of such Bow%Md the Ciry will file my reTdred relent,
make aor annual firsedial or covered even Muclwme, and oke my ata when Ad may he monetary b ensure
that the disclosure requirements imposed by Rule 15a.13 tithe Securities and Etchmge Commission, if applinstak,
R met
THAT Me term"cast"or 0e as used harem and applid w Me BOMq or dry pMim Mato[indMe,
but is not heated] IO Me wG ofAward daeges and bemuses cosh,imlding premium for bdurmu, handed Ana
period not in exosed3 yams from Me beat dere Herm[ uderwrira%ten and con, adult aha sweating fes and
web, mist cation for,sad other fees and upeue miming to Be financing Widower; aha Me red of at oNm
Amusing wBerlval homandm, whether ddd or unteletM to Me foregoing
HAAT Me Finance Diredo, Orehmran of Me City Coedit, Odic, and other proem officials; of Me City be,
and hereby ere, euMaisstl and mccoumd in i6 dame and on i6 behalf to do or cause to be dome all such aar and
Mwgs as may be ndeday or dwrable in odd to effm the inumce, rote W del ivery of Me Bonds hareid efflre
wgerim].
THAT ifde Finance Direclo, Chairman of Me City Council, or Clark ad, At my town manitable w
Approve and exewre Me BOMB on my retired finmdn8 dowments, Me pawn or person Man win in my such
capacity, whether as an whom. a deputy, or oMvwise, u au0o cow on ad far such official AM Me adds fear and
eget as if mob officinal itch himself or herself pocketed cmh=.
THAT In such of At years during which my of Me Bods ere wmarding, Mme shell be levied a wx in an
amus Ms with died mvenua, if my, model for Ad pursue, shall be sufficientto pay As intact on said
Bounds, possible in such years, and Ba principal ofwch Bonds mtlming in such years.
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