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HomeMy WebLinkAbout2005-09-12 05-292 ORDERItamNoQ5 292 Date: 9-12-05 Item/Subject: ORDER, AUTHORIZING THE ISSUANCE OF $6,868,831 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, NOTES IN ANTICIPATION THEREOF AND A TAX LEW THEREFOR Responsible Deparbrrent Finance The attached order will authorize the City to issue up to $6,868,831 In general obligation bonds or bond anticipation notes for the following project: • $1,900,000 Police Station Construction, Engineering, Furniture & Fi#ures and Demolition • $637,831 Vehicle Replacement project funding in acceptance with the 0" fleet replacement pallcy • $2,000,000 Annual CS0(Combined Sewer Overflow) Program • $60,000 Construction of Golf Course Malmenance eullding • $65,000 Acquisition of Vehicle Lift for Motor Pool • $166,000 HVAC System/Renovations at City Hall • $1,5(10,000 Fre Station 6 Canstrur8on, Engineering, Furniture & FMures and Demolition. All of the above projects were discussed during the H2006 budget process. Department Head Recommend approval. F•^a- 1• 6-A"PA PNA 0860 c54//. .rw.Nm�Bm cg�..ro-P. f 4BVC "AlUR)b-. L�(L6t Imo--f.QU IR -E -b Ory n arwger Associated Informadon: A Public Hearing must be held prior to action on this item. France Director Introducetl for Pam" _X First Reading Page —,of 1L Referral- TO Finance Committee of 9/19/2005 05 292 Assigned to C onar Caabxll September 12. 2005 ,T CITY OF BANGOR (TITLE.) ORDER, AUTHORIZING THE ISSUANCE OF $6,568,831 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, NOTES IN ANTICIPATION THEREOF AND A TAX LEVY THEREFOR. BE II ORDERED BY THE CItt COUNCIL OF THE CIT/ OF BANGOR, THAT Pursuant to 30,A M.R.SA. §AR, Section 13 of Article V1 of the City Charter (Private and Special laws of 1931, Chapter 54) and all amendments thereof and acts additional thereto, and all other auMoriry, thereto enabling, there is hereby authorized the issue and sale at one time and from time to time up to Six Million Eight Hundred Sixtyeight Thousand Eight Hundred Thirty-one Dollars ($6,868,831) aggregate principal amount of general obligation bonds of one City of Bangor. The proceeds densest from the sale of said bonds, including premium, if any, shall be used and are hereby appropriated to pay a potion of the costs (as herein definetl) ro design, construct and equip or to acquire and install the following projects (the "Projects': Estimated Dmerintion Amount Li Police Station Construction, Engineenn& $11900,000 20 years Fumiture & Fissures and Domoudon Vehicle Replacement $617,811 12ysars CSO Pro®am Wooden 20 years GolfCoume Maincenwce Building $600,000 20 yeah Lift for Motor Pool $65,000 12 years City Hall- HVAC SystsWRmovations 5166,000 20 years Fire Station 6— Construction, Engineerin& $1,544,044 20yars Fi mitum & Fi,nura, Demolition and Land Acquisition $6,868,811 THAT the estimated weighted period of utility for the property constituting the Fmja6 m be financed with Bre proceeds of said bonds is hereby determined to be the Period oftime indicatW shove fortwhoftheP Jean. 05 THATthedam, meturities(mtm exceed Ne maximum term parmined bylaw), dmomindons, interertram ormtes(nol to exceed SAW parannum), Dkceofpayment and otlrerdimuils ofmch issue of said bonds, including Me timing and provision fortheir salemd award and Me selection ofm underwriter, shell Indentured by Ne Firwnce Directorwith the approval of Me Finance Committee and Ne Chairman often City Ccumil. THAT the bonds hereby authorized may be male subjeato cell faredemption, with or without a premium, Wreathe die fixed for final payment of the bonds, as provided in 30-A M.R.S.A. §5T22(6h as amended, as shall be determined by the Furnace Dive orwiththe approval cri Finance Commitee. THAT said bolls shall be signed byte Finance Director, cournasignd by Me Chairman of Me City Council, smlad with the seal oftha City, aaeaed by its Clark, and shell be in such form and conmin such terms and provisions not immrsistaft herewith as May may approve, their approval to be mmlusively evidenced by theirexmdion thereof. Any issue ofbonds may be mnmlidetd withand issued &the more time as anyother immofbondsauthmized prior N their issuance, and the boards may be divided into multiple series and issued in sepemre plans ofFlnmming with Ne approval ofthe Finance Canminee and Ne Charman of tion Ciry Council. THAT pursumtW 30.A M.R.S.A. §5]R, Smtlnn IS of Article VI ofthe CityCharter and any other aathoriy Nereo mabling the Finance Director, with approval of Ne Finance Committee and the Charente of Me City Council, is hereby auNaized m issue i mporsry bonds or notes of the City in anticipation of the forgoing bond issue, sad bonds N be signed by Me Finance Director, countersigned "a Chairmm of Ne City Council, surd wit Ne mal ofNe City, arrested by is Clark, and oNetwhe to be in such faro ad contain men terms and provisions including without IimitatioM maturities Orad to armed 3 yams from the issue dere), demmindons, untanned rare or was (not to exceed &M par um), place ofpaymmt and other demils as they shall approve, their approval to his conclusively an by their execution thereof. THAT my bonds &notes (including bonds or notes in renews thereof)authorized to ba issued under this Order may be issued in combination when bonds or rotor (including bonds or notes in renewal Nemrf) authaimd to he issued by Me Ciry Council at my time prior to Me date of issuance of such bonds or rules. THAT the Finance Dammor be and hereby is authorized to select the registrar, paying agent and transfer agent (Me "TrmsRs Agent") for Me bonds and imm and to execute and deliver such contract and agreements as may be necessary or appropriate to secure their services. THAT Me bowls and notes shall be transferable only on Me registration barks of the Ciry kept by Me Transfer Agent in minimum dmominatims approved! by Ne Finance Director, and said principal cunt aMe bonds and notes of Me same maudty(tut not of other maturity), upon surreder thereof at the principal once of Me Transfer Agent with a written instrument ofwonder mtisfauoryro the Transfer Agent duly executed by the registered owner or his or her &money duly authorized in writing. THAT in line of physical certificates of Me bonds and notes hereinbefore authorized, Me Finance Director be and hereby is authorized to undertake all acts necessary to provide her Me issuance and transfer of such bods and notes in bmkentry form pursuant to Me Depository Tons Company Bor&.1 utry Only System, as a atemenhe M Me provisions ofthe foregoing paragraph regarding physical transfer ofbouds, and Me Finance Director he and hereby isautharizd and empowered Nmter into a Lead of Representation awry other contract agreement or understanding necessary or, in his opinion, appropriate in orderbe qualify Ne bunds fer and participate in Me Depositary Trost Company Book -Entry Only System: 05 292 THAT the Finance Director and Chairman of Me City Council from time to time shall execute such bonds or notes as may be required w provide for exchanges or mothers of bonds or now as heretoMre athorittd, all such bonds or nates to beer Me original sign me of Me Finance Director and Chdmun of the City Council, and in case any officer ofMe City whose sipmure appears on any bond or note Mall case w be such officer before the deliver of said bond or nom, such signature shall nevertheless be valid and sufficient for all purpasa, the same as if such officer had remained in office undideliverythumf. TRAY upon each exchange or transfer of bonds or rotes, Me City and transfer agent Mall make a charge sufficient w cover any mx, fine, or other goveommml chugs required to d paid with respect an such tren der or exchange, and subsequent toMe first exchange or hence, the cost of which shall be boom by Me City, Me cost of preparing new bonds or mates upon excbmga or transfers thmed'site ll be paid by Me person manned ng Me same. MAST the bods and nota issued in nomination thereof be issued an mthera taxable or atax- exempt basis, or a combination Mersof, m determined by Me Fiance Director, with Mas approval of Me Fiance Committee. MAY, tithe bonds or notes, or any pm of them art issued on abut exempt basis, Me officers exnemting mob bonds or nota be and hereby are individually authorized and directed to covenant and certify on behalf of Me City that no pmt of the proceeds ofthe issue and We ofthe bads or notes authorized to be issued hereunder shall be used directly or idirectly to acquire any securities or obligations, Me acquisition of which would aux smb bods or nota w be "arbitrage bonds" within Me meaning of Section 148 of the Internal Revenue Code of 1986, m amended (Me `Code"). THAT, ifthe bonds or nota or any put ofthem, am issued on atax exempt basis, the officers executing such bonds or uta be and hereby are individually authorized to movement and agree, on behalf of Me City, for the bereft of me holders of such bonds "some. Net Me City will file any required returns and take soy other action Met may be necessary M ensure Met intereit on Me bonds w notes will rumn exempt from federal iimrme taxation and Mat Me City wan refrain from any mlim Mem would muse interest on Me bonds or nota to be subject to federal income tuition. THAT de officers executing Me binds or notes be and hereby ere individually mil mized to covenant, cunify, and agree, on behalf of the City, for the benefit of the holden of such borism nacos, Met to City will file any required reports, make any annual financial or material event disclosure, and take my other action Mit may be necessary to ensure Mit Me disclosure rommoment imposed by Rule ISo2-12 of Me Securities and Exchange Commission, ifapplicabla are met. THAT, if Me bonds moms, or any pen ofAm, are issued on a tax exempt basis, Me Fromm Director be and herby is authorized and empowered roman all such action as may be necesxryw designate Me bonds or nota as qualified tax-exempt obligations for purques of Section 265(6) of the Code; it being Me City Council's intention dead, to Me name perm Mull under the Code, the brads" rotes be Section 265(b) Mohamed and that the Finance Director with advice of bond counsel, make Me required Section 265 (b) election wide raped to such bonds to Me extent tint %e election may be available and advisable as demmado d by me Finance Direcror. THAT the more "msf- or 'costs" as used herein used applied to Me p jams, or my portion Mereof, includes, butisnot limited i (I)thepurchaseprice oraeharmc ion wanstalliomyportion, theligmen (2) dMe cost: "W"ifcmmeGim, building,e coat of l a"umnem, es a nmuGlOa, renovation, improvement andequippingofthe hMne need or ever of allappwmancaandotherfacilities alta on. above, munder thegroanedwh;chereusedor ymiinconnection with Ms;(5) An ant of Ilabur landscaping,site g sym us. and remodelingofmyt;(6) Meso or land, structures, al of MI labor, materials, buildingsystems, machinery and equipment; (6) Me cost of Ind, swnures, reel property noncom, rights, easements and fianchism acquired in wnnecaim wit the Projects; ('I) the con of dl oil iry extensions and site improvemmM and development (g) the wit of planning, develoldm& preparation of specifwtions, surveys, wgineerin& feasibility studies, Mge1 and other proftssional services associated with the Projects; (9)tocost ofenviromnental studies and manssments;(10)the con offimncing charges and immune wits, Isolating premiums for imurance, impest priorto and during communion and, following completion of construction, for a period not to exceed 3 years from to issue ease thereof, underwriters' fees and mum, legal and acwuntngf and costs, application fecs, and other fees and expemes relating to the firencing transaction; and (11)me unit of all other financing autmrimd heremMer, whether related or unrelated to the foregoing. THAT to investment earnings on the proceeds of to bmMs if my, and the excess proceeds of Ove bond% If my, he and hereby are apgopriated fort the following purposes, such proceeds to he held and Whorl in to following order of pnoriry: I, To any costs of the projects in excess of to principad amount ato bonds; 2. If to bonds or nouns are issmd on atar exempt basis, in mwrdance with applicable Mans and provisions of me Arbitrage and Use ofProcceds Certificate delivered in connection with the We of the bonds or room including to the extent pmnittd tormenter, M to City's General Fund. TEAT to Finance Director, Chairman of the City Council, Clark, and other proper officials of the City be, and hereby are, authorize and empowered in i6 more and on irs behalf to do or mase to be done all such acts and things as may be necessary in desireble in aNer to effect fore ismance, sale, and delivery of the bonds and mms as hereinbefore authorized, TQAT if me Finance Director, Chairman ofte Chy Commit, or Clerk ere for any mamn warred able to approve and esmom the bonds or my related financing dacummr; to person or persons then acting or any such rapacity, whether as an assistant. a deputy, or otherwise, is interned! to act for such official with the same force and effect as if men official had hInowifor herselfperformd such act THAT in each of to years during which any of the bonds sen command in&more shill hi levied a to in an amount that, with other revenues, if my, available for that purpose, shell be sufficient to pay the interest on said bonds, payable in such years, end to pnmipal of such bonds maturing in such years IH CITY COUNCIL September 12. 2005 First Heading Referred to Finance Com,qfree IN CITY COUNCIL September 26, 2005 Moron. Made and Seconded to Open the Public Hearing Public Hearing Upm No one from [be Public Cane Poniard to speak Motion Made and Seconded to Close the Public Hearing Public Hearing Closed Motion Made and Seconded for Pasyage passedf IIT CLHBB N 05-292 VM ppy�.� Authorizing the Issomce of {Genera ego e f General Obligation Bonds. in AnticiWtloo imereot son a ins Levy esefol s LEGAL ADVERTISEMENT CITY OF BANGOR, MAINE NG ON ISSUANCE OF GENERAL OBLIGATION BONDS Notice is hereby given that the Bangor City Council will hold a public hearing on September 26, 2005 at 7:00 p.m.9 City Hall, 93 Harlow Street, Bangor, Maine on the proposed issuance of gentral obligation bonds in the maximum principal summer of $6,868,831 to finance the costs wiNrespectto: thedesigg nshvctionavdequippingofa Pohce Staficn,ecquisifionofvebicle replacements, Combined Sewer OveAow (CSO) projects, renovations and improvements to Golf Comae Maintenance Building, a lift for Motor Pool, HVAC SysteMretsovations fn City Hall, renovations and improvements to Fire Station 6, and all other costs necessary or incidental thereto, including costs of issuance therefor. The bonds will be general obligations of the City and to the extent not paid from specific fees or other designated revenue sources, will be repaid from Crucial tear revenues. The bonds will pledge We full faith and credit of the City of Bangor for their repayment. All persons who desire to be heard on the proposed issuance of the bonds are invited to attend the public hearing. The City Council will consider the adoption of resolutions authonmg the issuance of the bonds immediately following the public hearing. The foregoing tial is a non-exbaustwe list ofprojems that will be considered by the City Council at said public hearing or prior to final City Council action said may be expanded, reduced or revised by the City Council at said public hearing or prior to fund City Commit action. Copies of the proposed orders will be on file and may be reviewed at the office of the City Clerk prior to said public hearing. 6eptem er 19, 2005 Patti Dubois Cary Clerk "1.8G9L boTIcro I bay Ad To be Published mr 9/19/05 P.O. #260210 Please seod.Pmof o5-a�a