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HomeMy WebLinkAbout2003-03-24 03-116 ORDERItem No 03-ll6 Date: March 2A, 2009 Item/Subject.ORDER - AUTHORIZING THE ISSUANCE OF $92,114 AGGREGATE PPiNCIPA AMOUNT OF GENERAL OBLIGATION BONDS, NOTES IN ANTICIPATION THEREOF AND A TAX LEVY THEREFOR Responsible Department: School Commentary: The altadted order would approve the Issuance of $92,114 in general obligation bonds through Maine Municipal Bond Rank's (the 'Bond Bank's') School Revolving Renovation Fund ("SRRF-) program. The SRRF program allows projects approved by the Department of Education m receive a portion of the bonds as a grant while the remaining balance is repaid interest free. The School Department had submitted the Downeast School Indoor Air Quality project for SRRF program consideration through the Department of Education. The project was to replace siding and provide a banner to prevent pest intrusion into the facility. Due to the timing of approvals, the nature and severity of the problem, the project was completed In August 2002 with local funding. In October, the School Department received approval from the Department of Education for its Downeast School project. Of the $92,114 approved for the Bangor School, only 67.69% of the principal will be repaid interest free, the remaining 32.31% will be considered a grant and not repaid. Department Head Manager's Comments: Prior to voting on this item, the Council must hold a public hearing. After the public hearing is closed, the Council my proceed to ac[ on this order. Six affirmative votes are required for approval. The attached bond order may be amended, but such amendments are limbed to reducing the amount to be borrowed and no additional projects may be added. I would recommend your approval. '4/ B. rJ b / Cty Manager Associated Information: Order, public Notice F„ c„ kv 'cua+fuk.d a.yF�"appwa2 Finance Director Solicitor _ Passage First Reading Page _ of %Referral to Finance Committee of 4/9/03 at 5:00 pm -v-V Asei6adroCcuncibr lteoble March 24, 2003 TT �w CITY OF BANGOR (TITLE.) ORDER AUTHORIZINNG THE ISSUANCE OF $92,114 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLI(IATIDN BONDS, NOTES IN ANTICIPATION THEREOF AND A TAX LEVY THEREFOR WHEREAS, the City desires H barrow $92,114 from the Maine Municipal Bond Bank's (the "Bond Bank's') School RevoMrrg Renovation Fund ("SRRFff) program (the "Loan', but to repay only 67.69% Hereof, and to Issue Rs general obligation Bonds therefore in an aggregate principal amount not to exceed $92,114 (the "Boncisl and to appropriate the proceeds of such Loan to finance the costs of the Do m ast Sdrool - Indoor At Quality project H replace siding and provide barrier to prevent pest intrusion into the fadlity and all other costs necessary or Incidental dwell, Including costs of Issuance therefor (He "Project'; Now therefore, by the City Council of the City of Bangor H is herell ORDERED, TMAT pursuant to 30-A M.R.S.A. §5212, Section 13 of Article W of the City Charter (Private all Special laws of 1931, Chapter 54) and all amendments thereof and ads additional thereto, and all other authority Hereto stabbing, Here is hereby authorized the issue and sale at one time and from time to time up ro Ninety-two Thousand One Hundred Fourteen Dollars ($92,114) aggregate principal amount of general obligation Bonds of the City of Bangor, with 32.31% of the foregoing amount anticipated m be forgWn. The proceed; derWecl from the sale of said Bards, including premium, B any, shall be used and are hereby appropriated to pay a proton of the costs (as herein defined) of the Project abov ckaacdbed, or to reimburse the Ory for won costs previously incurred. THAT the estimated period of unity for the property constltutirg the Project ro be financed with He proceeds of mid Bons is hereby determined to be 10 years. TWIT the date, matuddes (rwt to exceed 5 years from the issue date), denominwtion% Interest rate or rates not to exceed 0.0096 per annum), place of payment, and other detalls of each Issue of said Bonds, Including the Suring and provision for their sale and award and the selection ofan underwriter, shall be determined W the Finance Director with the approval of the Finance Committee. THAT the Bonds hereby authorized may be made subject W call for redemption, with or without a premium, before the data fixed for final payment of the Bonds, as provided in 30-A M.R.SA. §5272(6), as amended, as shall be determined by the Finance Director with the approval of the Finance Committee. THAT said Bonds shall be signed by the Finance Director, countersigned by He Chairman of the City Council, sealed with the seal Nthe City, attested by Rs Clerk, and shall be In such form and contain such terms and provisions not inconsistent herewith as they may approve, their approval to be conclusively evidenced by their execution thereof. THAT Me Fnance Ctrector be and hereby is authorized to select the registrar, paying agent, and transfer agent (the "Transfer Agent) for the Bonds and notes and to execute and deliver won contracts and agreements as may be necessary or appropriate to secure their services. THAT the Bonds and nates shall be transferable only on the registration books of the City kept by the transfer agent, and said principal amount of the Bonds and notes of the same maturity (but not of other maturity), upon surrender thereof at the principal office of the transfer agent, with a writer Instrument Mtramfer satisfactory to the transfer agent duly executed "a registered owner or his or her attorney duly authorized in writing. THAT the Prance Director and Chairman of the City Council from time to time shall execute such Bonds or notes as may be required to provide for exchanges or transfers of Bolls or notes as heretofore authorized, all such Bonds or notes to bear the original signature of the Fnance Director and Chairman of the City Council, and In case any officer of Me City whose signature appears on any bond or rote shall cease to be such officer before the deft er of said bond or note, such signature shall nevertheless be valid and sufficient for all purposes, the same as if such officer had remained In office until delivery thereof. THAT upon each exchange or framer of Bonds or notes, the City and transfer agent shall make a charge sufficient to cover any tax, fee, or other governmental charge required to be paid with respect to such transfer or exchange, and subsequent m the first exchange or transfer, the cost of which shall be bome by the City, the cert of preparing new Bonds or notes upon exchanges or transfers thereof shall be paid by the person requesting the same. THAT the term "cost' or "cross' as used herein and applied to the Project, or any Portion thereof, includes, but Is not limited tu: (1) the purchase price or aaquisifion cost of all or any porum of the Project, (2) the cast of construction, building, alteration, enlargement, reconstruction, renovation, impmvernent, and equipping of the Project; (3) the cost of all usable in connection with Me Project; (9) the cost of landscaping, she preparation, and remodeling of any improvements or facilkes; (5) Me cat of all labor, materials, bulking systems, machinery and equitmenC (6) the cost of land, structures, real Property Interests, rights, easements, and franchises acquired In connection with the PmjeM (T) Me cost of all utility extensions and site improvements and development; (8) the cart of planning, developing, preparation of specifications, surreys, engineering, feasibility stu3es, legal and other professional services associated with the lioject; (9) the cost of environmental studies and assessments; (10) the cant of framing charges and issuance costs, including premiums far Insurance, interest print M and during construction and, following completion of construction, for a period not to exceed 3 years from the issue date thereof, underwriters fess and cents, legal and accounting fees and cuss, application fees, and other fees and expenses relatrg to the financing transaction; and (11) the cost of all other financing audorize ! hereunder, whether related or unrelated to the foregoing. THAT the France Director, Chairman of Me City Council, Clerk, and other proper officials of the City be, and hereby are, authorized and empowered In as name and on Its behalf to do or cause to be done all such ads and things as may be necessary or desirable in order m effect the Issuance, sok, and delivery of the Bonds and nota as hereinbefore authorized. MAT 0 the Finance Director, Chairman of the City Council, or dark are for any reason unavailable to approve and eNcute the Bonds or any related financing documents, Me person or persons Men acting in any such capacity, whether as an assistant, a deputy, or otherwise, is 0]-116 authorizetl to ad for such official wtth the same force and effect as If such official had himself or herself performed suN act. "AT in each of the years during which any of the fiords are outstanding, there shall be levled a tax in an amount that, vnth other mamues, 0 any, available for Mat purpose, shall W sufficient to pay the interest on said Bonds, payable In such years, and the principal of such Bonds maturing In such years. IH CRY COOPCIL March 24. 2003 feferred-[o Pivevee # 03-116 IN CITY COUNCIL April 14, 2003 Notion Node and Seconded to Open Public Nearing. public Nearing Opened. No One items the public came forward. Notion Made and Seconded to Close Public Hearing. Public Heart" Cloned. Motion Made and Serenaded for Passage Passed U M=' (TITLE,) 4ntnnri:ice rue Issuance of $92.114 aggregate Principal Rmmc of Caueial Obligation fonds. Bores in Adf�fclpatloa Interest Shecefor /' Assigned! to CouncilorIy 1 f 03-116 LEGAL NOTICE CITY OF BANGOR, MAINE NOTICE OF PUBLIC HEARING ON ISSUANCE OF GENERAL OBLIGATION BONDS Notice is Hereby Given that the Bangor City Council will hold a Public Hearing on April 14, 2003 at 7:00 pm. at City Hell, Barigm Maine on the Proposed Issuance of Geoccal Obligation Bonds in the Maximmn Principal Amount of $92,114 to Finance the Costs of the DoomEast School Indoor An Quality Project to Replace Siding and Provide Barrier to Prevent Pest Intrusion into the Facility 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 General Tax Revenues. These Bonds will Pledge the Full Faith and Crit of the City of Bangor for Their Repayment. All Persons who Desire on be Heard on the Proposed Issuance of the General Obligation Refunding Bands are Darned to Attend the Public Hearing. The City Council will Consider the Adoption of Resolutions Authorizing the Issuance of the Bonds Immediately Following the Public Hearing. 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. March 24, 2003 Gail E Campbell, City Clerk cm SENDS hddEpm mom\