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HomeMy WebLinkAbout2004-08-09 04-248 ORDERItem No. 04-248 Date: 8-9-04 Item/Subject: ORDER, AUTHOMING THE ISSUANCE OF $650,000 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, NOTES IN ANTICIPATION THEREOF AND A TAX LEVY THEREFOR Responsible Department: Finance Commentary: The attached order will authomm the City to issue up to $650,000 in general obligation bonds or bond anticipation notes for the following project: Vehicle Replacement project funding in accordance with the City's Fleet replacement policy. At this time, the City will not issue such bonds until after the November Tax Cap referendum has been decided. There are several pieces of equipment that are crucial to operations and must be purchased. It is the Otys inteiroon to limit the amount expanded for vehicle replacement to the amount that was included in the Fl 005 budget as an appropriation to the Vehicle Replacement Reserve, so that shouts the tax cap pass, the purchases could be funded from the existing operating budget. Department Head Manager's Commentsyl1..p ffttAAL`C 4j-f'/}R.1rJ& 15 �QUIKPb Pef6fL70 1brc Oa O¢PfR. �?fYwY�uY Ka�"an k'�Q .ra*a+e+4r��a o GY �0�, p°W anger Asaacia[etl Information: II A Public Hearing must ��beheld ppprior to acton on this item. -7k (=s," Legal Approval: Finance Director City Solicitor Introduced for Passage _X First Reading Page_&_ X Referral q0 FL. AasigwdroCoulwilor Faaingkon Aagnacr9, 20M CITY OF BANGOR (TREE.) ORDER, AVRgRONG THE I UMM OF $650,000 AGGREGATE PRINCIPAL ANOUNFOF GB§tl1AL OBLIGATION BONDS, NOTES IN ANTICIPATION THEREOF ANO A TAX LEVY THEREFOR r:TJ'r. & Ia rra ORDERED, MATFwwwtW3 AM.R.S.A.§57M,S n13dAnl kV1af eCiryC r(Privekand Sf 61 Lincs of 1931, Chapter 54) and all mnmdmenh Memof and sum additional dreMo, and all oNa euNonry Mueto enablbg, Mere is hereby awbonsell Me mane awl We none time surd Mmn time to time up to Six HwdrM Fifly Thpuemd DDlWs(5650,Mp)egipelpn pdnciplamow[ofgmerel pbligetion baW ofthe CirywfBmgor. The proceeds derived More Me win Osaid bonds, including premium, if my, Mall be need and we haft appmpriereiM guy a portion of Me corm (m tonin defused) to dmign, awemwtand emipwM acquire and instal l0re mlbming Vehicle Rylsucemrnt 56501000 12yem THAT Me managed weighted period of w flay kr Me property constituting Me Project to be finmwl with the pmeembe of mid bonds is hveby determined to M to period of time indkaai and for Me Pm)ea. THAT Me deq mwuhies(not to exued 20 y town flue brute &WX denominations. interest use or roes (nor to "used 8.0046 per annum), place ofpaymm%lend other "He ofmcb news ofuid bond% including Me toning ud provision for m ur ale and awed and to selection of an urderwriter, small be determined by the Finume Dutmtor with Me approved of Me Finance Commune and Me Cbemnan of the Ciry Comcul. THAT Me bonds hereby wdOzxdi mry be made subject M WI for redemptions wither embeds premium, beffice Me AM fixed surf Ipaymmr ofMe bnrd% as Method in 31cA M.R.SA.§5]]2(6), as emmhd, as Mall be determined by Me Finance Diraror with Me approval of the Furore Committee, THAT kind bonds shall he signed by as Finance Dimmer, countenigred by the Chevron of then City Cwncil, ScalM wish to me of there City, wesbi by its Clerk, and shad be in such! nM contain such tomo and prorisbns net inconsistent herewith m they may approve, their approval m be much rr mly evidenced by their exrcumm thereof Any home of bonds may he consolidated wins and issued a the tame time as my older issuea bonds auMoriaed prior to Meir mumu, A Me, bands may be divided into multiple aerie and issued in supuere plass offinmcing, with Me app al of Me Finance Commion and Me Chamer i of Me City Council. THAT punwent to 30.A M.RS A, §5)]2, Seamon 15 ofAdick VI of Me City Chimer and my oMp ardwirythereto ewbhin&Me Firance Director, wird meteml of Me Fiwme Courts itwo tend the Cheimum Often City Carman, is baeby au@mr to issue temporary bonds or nares of An qty in mnicipmian of Me manning bond issue, avid bonds to W signed by the Fiance Director, mwursimed by Me Chanaw of Me City Cont math wall east ofMe Clty,aueand by iia Clerk, andothanvlm Who in rich form mdcwlain such terms and pmwnseng includni without fimitari mmwilim (not ro exceed 5 years ham Mc issue dorm), denomiimtimu, imereat rue or mw (nm he exceed 9.0006 Mat a rmi place of crescent, ad aha demi4 u May shell apPmva their Approve) in bo unclusivety evideacatl by Meir mear tie Mateo(. THAT my bonds Or notes fincluft beak a notes in laeewel thereat) authorize! a be issued under Mia )Mer nary, be issued in commitment wiM[onds or grew (imlWim bonds or notes in renewal firi immunized bo issued by the City Crossed) m my time Our to men data ofiesuwm of such Weds ormtes. THAT Me FMenu Cluster be and broadly is argument ro mime At regisbar, paying agent and burger agent(me 'TmeerAgem") fm she bonds mad notes all a mature all deliver such earnings and agreements as wry be oecesvryw trimmings to severe Meir services. THAT Me bonds and corm stall bebateria le only on Me registration hours mi City kept by Me bander ageM and mid principal meant of the beak and rates of Me mune mawiry had net ofaNer meanly), upas remainder Meaof m Me principal *Mae of Me vanskr agent whir a eager instrument of assume urisf rmory to Me pmifm mat duty executed by gm reglm<retl owner Or his or her summary duly authorized in wrmaX THAT We Fore ace Dimmer and Chvmm of Me City Council from time to time shall execute each bonds or notes m easy be required an provide fir exchanger or mmfm ofb nh or now m hererofine authorized, all such bonds or more to beer Me Original sigwNn of Me Fireman Dammm and CWmnen oft the City Council, and in utt my oHioer of Our qty whom Margaret appeals car my both or now Me I cease in be such officer Wfore Me delimt of mid bond or coca, such signature dull nevamaless be Val id and wf flciem for alI purposes. Ma soma as if such Offset had remained in Oman until delivery never THAT mon cash excbmge or mu mer of bonds or none, Me City and merger Win clWI agent a cheap sufficient to cover my mi fin; or mare mnmW sage sluiced to he paid with manager b such vacant Or mMergq and commissar to Me first exNmge or banger. no con of which shall be home by the Ciry, the cog of preparing mw bonds Or norm upon"chAngm Or mature thareofshall bopaltl by me person regwsnng Me came. THAT the bonds and won issud in ammican Mumf this armed an either a arable or a tnxaampm lands, or a combination Mmeof, ax dmemimd by Me Finwu Direct", with Me ammva) of Me Finance Consulate. THAT, if Me bought or mw, or any out of them are issued on a W exempt men, the ofimrs amended; such hank m nota be and harder cam vanishingly ardscrized and claimed! Or mvanmt all cntify an behalf oflM City Mat no pee of the presents; of Me Issue all ale ofMe honk in ww MMorieed to be housed hemun&r dulled card directly or aMifemly to acquire my ttcuri[ws or ablitimons, Me imposition of which would cause men bolls m notes to W"comment bontls" within Me meaning ofSralion 14 of Me [normal Revenue qde of ION, u arm nded (the "fade'7. THAT, if Me beads Or mw, or my pen of Mem, are deceased on a ax exempt basis, Me shares "muting right heads or notes be and hereby are individually authorized to covmem and agese, on behalf of Me City, Me Me benefit ofMe holders of such bonds Orman, Mm the qty will file my occurred reran, all aka my Other anion shat may be mceaery to "sure that interestan Me bene are came will gm.m memo from fademl income maxWon and that Me City will rehvn ham her other Met would mum, Wemar on the bonds or notes ro be uobdem a fedwel income axation. THAT Me officersextending Me bah or notes boell hereby are individually authorized or wvemd, candy, and Open, an baWlfrefMe City, for the benefit of Me holders of sus bands; or notes, Met Me City will file any required reporter melee mry annerl financial or material ear"r dimlaum and make any other action Mat may W rummy to mstra Met the dinto= remiremenn imposed by Rule I5c1.13 of the Securities and Embenga Cammusim, ifaPPlirable, are mm. THAT, if the bonds or not or my new a A=w are iaued W AW exeunt begin, Me Finance DiremorW road hereby is managing and empowered Or cake all such action in may be monetary a dedgnme Ma bonds Or mw u qualified mw�emnrpl obligmions for manager of Session 265(c) after Cede; it being the City Council's inhmem Mak to Me emat Featured most she COde, Me bands a odes be Secret 265(6) desb anted had then the Finance Director with advice Of brand] counsel, make the required Sera 265(6) election willr respect ro such bonds b Me Oman Ma Mealudon may be available and advieabk as dimermmed by Me proven Director. THATiltewm"err mcluimbutisrmllimiind : mm ofwnsrvction, Wildin& Me Projen; (3) Me cast of al wed orusabkMmmm�ias and I)the mrtafdlaMe cwtof THAT to investment earnings an Me proceeds of the bands, if any, and Me eaten preceeds of she bonds, Kmy, In ed hereby are appropriated for she following purposes, such prawds M be held and applied in Me follwnn8 oder of pnmiry: t. To any mos of Me Project in excess of Me powmal amount of in bands; 2. If Me bonds or news are issuM an e w exempt mai% in accordance wish impassible oma and provisions of Me Arsiwge and Um ofProneM Certificate delivered in connenia wish Me nit of she bands or nam poludia& to Me extent Funded 0rereurder, to Me Cby's Goren Fund. THAT Me Fmmre Director, Chairman of Me City Cwncil, Clerk, and oNa paper officials of Me City be, and Mnby uq emphasized and smpnwemd in its name and an its babel fb do or cause to be dame all such was and things as may be memory or amicable in order n wheat Me inuaae, sak, and delivery of Me bonds and now w herembef auMorized. THAT ifibe Finance Ditto, CMmnen office Ci y Court, or Clap ere for my rearm umvai461eb approve and nature tlo bonds or any mimed firs acing dowmm6, Me memo or generate Men acting in any, such capacity, wbdler as an amishant, a deputy, orwherna ce, is amseizef to am for such official wM Me more face and what as if ads official had himself or herself pmfaraed such au. THAT in eMr of Me yeas during which my ofthe most ere w6hMin& Mere shall W levied a civ In an amountMm, with Other revenues, if my, available far shat purpose, shell W milliliter to pay Me interest an mid balls, payable m ends same, and Me principal of such bulls meaning in such yam IN CITY CODHCIL August 9. 2006 Pirst Heading Referred to Finance Comettee xYMR IN CITY CODHCIL Auguat 23. 2006 Notion Made and seconded to Open ebe Public Hearing, Public Hearing Opeoded. No me from the Pu61ie Came Forward. Notion Rade and seconded to Close Public Hearing. P Ilc Hearing Closed. mtfon Hade and seconded far Passage Vote: a yea Councilors voting yes: Allen. CasMcll. D'Hrrico, Gtatuick. Greene. Palmer S Tremble Passed CITY CLHRB p Oh 268 O HD HP (TITLE )Authorizing t1a Issoaote of $650,dOTgg�regatePPt cipaTAmoTf— Coastal Obligation Bonds, Notes An anticipation M—zas CITY OF ONENESS, SWUNG NOTIAEOF PUBLIC HEARING ON ISSUANCE OF GENERAL ORLISATISOK EINGS 1.Cl" a,IER p''"'m„.