HomeMy WebLinkAbout2004-06-14 04-174 ORDERitem NO 06—[16
Date: 6-t4-04
Item/Subject: ORDER Authorizing the Issuance of $3,25,000 Aggregate Principal Amount of General
Obligation Bonds, Notes In Anticipation Thereof and a Tax Levy Therefore for Renovation and
Rehabilitation of Ne Grants Building.
Responsible Department: Finance
The attached order will authorize the issuance of up to $3,250,000 in general obligation bonds for the
renovation of the Grants Building as a part of the property exchange Wth the University of Maine System
under which the System offices will move Into the Grants Building. The Coundl has discussed Nis
transfer of property on numerous occasions and has approved an agreement with the System under
which the Cry will receive System property located at 107 Maine Avenue and additional System property
adjacent to the Maine Business Emerprise Park. These funds are necessary for the City to meet its
obligations under this agreement.
Department Head
Manager's Comments:
Recommend approval.
City Manager
Associated information:
Legal Approval:
Rnance Director
City
Passage
X Firs[Reading Page _cf_
X Referral— W Finance Committee
04-174
A99i�dbCouneilor Yai[fagCaa Toa, 14, 2004
CITY OF BANGOR
(MILE.) ORDER Authorizing the Issuance of $3,250,800 Aggregate PrindPal Amount of
General Obligation Bonds, Notes in Anticipation Thereof and a Tax Levy Therefore for
Renovation and Rehabilitation of the Grants Building.
ORDERED, THAT Jerome m3" MASA. §5772, Swim 13 of Article VI often City Cbvlar
(private and Special Isws of 1931, Chapter 54) and all mneMmmh teercof and me additional therelq and all other
authority thereb mature, dome is hereby awhmism Me low ad We n mer a and frown time to time up R Three
Million Two Hurdrtd Fifty Thousand Colles ($3,250,00m) ego,egwe prinnpl amount ofgemrel obligmion bonds
of %a City of Bangor. The prooeeM derived from the sate of mid bonds, sclndsg premium, if my, shall be used
mq ere boo my appropriated to pry a pMion of the mads (a herein &fired) of the Rllowing Project (Me "projeaf 7,
EWmvted
DesaleRn Amort Life
Renovators, rehebilitltim, moanWmoon,
improwmmtl and Whpda to the Omnia Building,
socalled, Ruth on Central Street, Bangor, Maine,
which building may W laased to, used by or mnwyw 53250.000 25years
M the Umvmiry or Maine Syscem m an of Ruane
the mf.
THAT the assistant waigbtd form ofNility Ian the property coadMing the Fmjectro be financed asks
See proceeds of said bonds is heeby detennhed in W se penod of bar iMbeUd oboes fir- mai orae Prujmn.
THAT Me Me, madwibes (nor to exceed 25 yea hom the awe dace), denominators, Warest me or rmes
(nm to exceed 9.00% For antrum), piece offaymnn, antl other dermis of each base of said WM41acludim0e
timing and provision Rr their We and awed and ss selection of as underwriter, am[[ W determined! by use Finance
enema wind tee approval of the Finance Commits« and the Chalmm of use City Council.
THAT use bonds hereby aahorimd may be made satoot to all forrdempnion, with or whso a a
prmnimq before the doe fixed for final fermi tofse bolls, as provided in 30-A M.R.S.A- §5772(6), an amended,
u shall be determined by de Finance Director wind use approval of be Finance Commences.
"AT said Weds shall be signed by Oe Finance Diremm, consummated by the Claimant of the City
Counted, sealed with the sal of the City, maeced by her Clwk, and shall be in such form and contain such tore and
provisions not heonshsam hmewiM as Mey may approve, thew approval no be conclusively evidenced by their
exemdm, Memf. in
theirf mmsa, ayh a bonds m my
d divided
i into mMe smetime ssmrydba ismeaf
bonds ffinamed prhmm eap issuance, and Oe Weds t� W dividetl into firman le same CRY
in segmm
plans of fiwsmg, nith the approwl of 0e Flwee Cammitlee mW the CMmnan ai0e City Caunci I.
THAT Former to 30-A M.0.SA. §5]72. Semon 15 ofArdcle V1 of He City CM1mtm and my other
maturity thereto mablinE the Forme Disease, wit epprowl of that Finance Com om e , and on C9ahm,m oft W
City Cmtehl, is hereby msoriwd to isaua emmmry bonds or eta of the city in antitumor of the forgoing bond
mus said bonds to be sided by Me Finam'e Dlfmmr, councemigned by the CWhmian of the Chry Cows, uald
whs W ml of the City, Warned by its Clark, m,d otherwise to W in such name next come such terms; and
provisions Including, wimaut limimion, meturitiea (not in exceed 3 ymrs firm the issue And. amommeriom,
Warner rue or retes (not to exceed 9,00%per mmum), piece of payment, and omer details as may shall approve,
mar almorml to becanaha'iveh evidence]by Nair exaNies muof.
THAT any temporary, bonen or name(including bands erodes m renewal thereof) malveriud to be issued
under this Order may be iswW in conabimadon win tempamry bonds or notes(including bonen or nota in renewal
thaeo) aM bonds authonxtl robe iuuW by An City Council at anytime prior in An time of"ance ofthe
temporary bonds or nota.
THAT one Finance Directs is aumaiml to neddimce exam4 and deliver, in An: dune of and on behalf of
At City such comment, agreements, and otherdmaments, including "common, contracts, lases, instrument,
documents and certifiaft as may, be necessary or appropriate as determined and approved by me Finance Director
in connection win the financing of An project, which documents steal be m such Anne and coma such terms and
cmMitions, nor inconsistent herewith as may be approM by the Finance Direcrar such Approval a be conclusively
evidmrced by his exaution tlterzoG
THAT the Finance Director ke and hereby, is authorized to select the um usmtor par the Banda and nomet
and the Finance Director of *a City be and mushy is Audmrized and mgowered in execute aM deliver such
summers or agreements as may be necessary, or appropriate in connection therewith.
THAT the Finance Director be and hardy is aummiatl to prepare, or cause to be prepsad, a PNiminary
Official Eimemed and a Oft Smrement for sex in me oR ing and sale of the Bonds or mine, and Preliminary
Official Statement and Metal Statement m be in such form and contain such information ssmey be approved by the
Finance Dinosaur, with the advice of she bond counsel At to City, star mat me distribution of nice Preliminary
Official Statement and the Official Statement in me name of and on behelfofthe City in connection with oHuing the
hands be and hardy is approved.
THAT As Finance Director he and hereby is amounted to select the Mature, paying agent, and transfer
agent (Ae"Tmrmfer AgmO far the bonds am norm artl in execute and delivu such mnmcm and agreements as;
may ke necessary or appropriate to tenure their services
THAT me Bonds and mass shall he monshMle only on the registration hooks of the City kept by the
transfer cart, and said principal wonder of the bonds of me deme maturity (ben tat of older maturity) in minimum
demwmirtions of $5,000 and any integral multiple in excess thereof upon sumnder thereof at At principal office or
the annular again, with a maiden mahurtwnt ofbemfer satisfactory m An hanger aged duly exwuted by *a
Misted owner or his mromey duly authmimd In writing,
THAT As Finance Director Its: and hereby, it authorized to undermke al I acts neusery to pion kle fn An
arceand meavfer of such Bonin and notes in bookynmy from percent m the Dmomesse Trust Company Book -
Entry Only Synem u an alcemadw to the poviamed of the Ramping paragraph regarding physical harder of
bonds, sed the Finance Director be and hereby is authorized and unpowered to enter into a haver of Representation
or any other coMct, agreement or understanding necessary or, in his allow, appropriate in order toquddyme
heads fm and participate in At Depositary Treat Company Bock-poy Only System.
THAT the Finance Directors d (:haiwan ofthe City Council from time to time shall assume and bonds
or Arta as may be required in provide fon exchange demenders of bunds or wast m heretoforemthmimd, all such
bonds or oda to bear the original signahhe ofthe Finance Direpu and Qaimmm of me City Council, and in case
any oRmer of the City whose sigmtwe appears an my bard or nae mall mesa to be sod officer before the deliver
of aid bond or note, cod signature shall neveMeless be valid and sufficient for dl purposes, the sum as if Such
officer heti remained in office mei I delivery thereof.
THAT uPw sad exdmge or manger of books or mom, the City and transfer agent shall make a charge
sdF 'em to cover my til, A% or othergovemmemel charge reported on be Mid win aspen much manager or
uchange, and subsequent to me And exchange or trailer, the cast of whirl shat I he home by the Cry, the cost of
pmparing aces bolls or notes upon exchanges or censers Amur A&M be pad by me person re imding me sane.
THAT &a bonds and notes issued in anticipation thaw( as issued an either a notable or a fixexmrpt
basis, or a combination thereof, asdetmnined by Om Finance Director, win $e approval of At Finance Committee,
THAT, Hoe bonds or none, or any, pan of Nan as, head on a lex Mame bais, the oMcers exewdng
wasbmds or washatd haft Me, idividadlyauhorfred anadinu edro mechantmd unify on behavufoe
Ciyd at no per of Me towards of Me issue ell saleofthe bolls orates euthaiaJm to i ruedbenander engin be
had dinalyor inMRctymargcira my ucurities orobrigi ions, Me acquisition ofwnich would cause seen bonds
mnanto be"abitlngcboMs"wiointM memmg ofSeclion leg ofihe Imemol Revenw Code of [Mas
mnmded(Me"Cade').
THAT, ifthe [ands or nota, marry par oftMn, art issued m a tars except tends, Me officers; "muting
seem hadsornomas be and hereby we Mentaually mechanical to crescent and a gee, a behalf of the City, w the
hands of Me holders of such bonds or comes, Mat Me City will file my requiretl reports ell take my aper acting that
mar the ressessarym enure Mu mtaata Me bonds or notes win remem exempt More Mutual berme cam ion and
Mat Me city win Renin bong my action that stuff eau asset an the bonds or notes ro be subject to fidual
Measures maximum.
THAT Me olficca accustom the bonds or nMa be and hereby two individually authorized to covenant,
certify, mtl agree, a beneH of he City, Mr Me benefit of Me holders of such bods or tures, Mat the City will file
any required repor; make my annual financial or material event disclosure, mtl take my mina acting Mat may h
nasstary to metre Met the disclosure requirements impend by Rule ISd-12 ofoe SawriHas ad exmmge
Commission, if applicable, arc ma,
MAT, if the hada or army, many put of Ams. we issued m a bre exempt osis, Me Finers Director be
and hereby is mnmvittd meet unpowered to take alI such arm a any be necessary ro designate Me bonds or note
m anlified tmwxempt mliPpiom fm pmWem ofSeaion 265(6) of Ma Cone; It being Me City Crash's intention
them, to the Mount permitted order Me Cotler, Me bads or notes ba Section 265(6) designated and that Me Future
Dire mor will advise ofbmtl werna,nmke the required Sating 265(6) dation whb summer b such bonds to Me
resent Mat dre election nay be available and amicable as dewmmd by the Finance Director.
THAT the arm "cost"or"msl ea used herein and afplid to she Project, orally wrion thereof, inc des,
mans rot limitetl to: (1)oeowmax wiaemewuiailiw cortofell cram oration of Me Project; (21 Me woof
uM
an inannnce, interest prior to gird during construction mtl,
d non to usual years Mom Me iauedate Mereo[ adeno
financing treasurer; and (11) Me sun of all other financing authorittd hamnder, whiner related or mreleld to
theforegoing.
THAT the investment earrings a Me proceeds of the bods, if my, and Me moms proceods of Me bad%
if any, be mtl hareby are mpropa ted for the following purposes, such proceeo to beheld and Valid in Mc
hllowingordmofPrloriry:
1. To my mus of Me Projew in excess of* a pdchost=act of Me bode;
2. IfMebondsawteme edmamexemptbesis, in mwdanw with appliwbk imnsmtl
provisions ofthe Arbit cat and Use of Proards Cenifiwe delivered in Connection with Me sets
of Me bonds or now mcludiM rope Ment pentad thousands, roue City's Central Fund;
3. TOMB edmttlm City Council determines Mat my pRceds of Me Bonds art not wcesvry to Me
mmpletion ofMeP jecl, ro my amber public monkipal purpose approved by Me Ciry Council.
THAT the Flames Director, (heimur of the City Crunch, Clerk, mtl eta prop v officials of the City be,
ad hereby are, advmittd and empowered In in Rome ad its bebelfb door case to be done all such ars; and
Kings as may be necessary or deniable m omar to eBat the iseemc% sak, and delivery of Na bands and races in
bereinbe%re aamariand.
THAT if One Finexe Income, Chairman of no City Cauncik or Clerk are far my ruvoo wavulable so
approve and exemce she bonds or my named firmoim recurrences. the peramt or persons Nen acting in my such
cepmity, member as; an aaviar m,a deputy, or otherwise, is authorized to act for such official with Ne same face and
affect w Wench official led himself or herself per! dsuch M.
THAT in mass ofNe years slwingvhich my of the Mndx are ourstr & then shall be Wel a tar inns
moment that wilt otter revenues, if my, avaikbk Nr iht purpose, sMlI b, suficimt to pay the intaeat an sem
breach, pyable in such years, uM she principal ofsuch hands mewing in such years.
IH CITY W09CIL
Jose 14. 2004
near Ceadieg
Referred to Pfnance
Comittee
CI
IN CITY COOBIL
Jose 28, 2004
Notion Made and seconded
to Open public Nearing. Public2
Hearing Opened. No one from the
Public Came Forward. Notion
Made and seconded to Close
Public Nearing. Public Hearing
Closed
Motion Nade and seconded for
��7.ITLE0o,11' nutbariaing the Issuance of
,7.
2M.uu oggregate, rrtnelpol
nommot of
Coastal Obligation Bassin. Notes in
_ _____ _ _ __ __ 9 for
for Nenovation and rehabilitation of the
Cr=Mc Rmildinx
CounNllor
06-1)4
RON OF PWNUC HEARING ON ISSUANCE
Of GENERAL OBLIGAVIONA.o.D
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