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Home My WebLink About2003-08-25 03-275 ORDERCOUNCILACTION Item No 05-275 Date: 8-15 -03 Item/Subject ORDER, AUTHOMING THE ISSUANCE OF $7,757,100 AGGREGATE PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, NOTES IN ANTICIPATION THEREOF AND A TAX LEVY THEREFOR Responsible Department: Finance Commentary: The attached order will authorize the City to issue up to $],75],100 in general oNigation bonds or bond anticipation notes for the following projects; Vehicle Replacement project funding in accordance with the Cty's fleet replacement policy, estimated construction cost to construct a new Police Department building and the local share of BACTS infrastructure improvements. Dep --r Head Asaxiated InPormation: 1 � f A Public Hearing must to held poor to action on this item. 4+M1 Budgx Approval: Finance Dire ter Passage First Reading Page—of— Referrel� fr.ronu 03-275 _ Assignedb Councilor l easble August 25, 2003 �\.'> CITY OF BANGOR (TME.) ORDER, AU OR GTHEISSUANCEOF$7,757,100AGGREGATEPMNCIPAL AMOUNT OF GENERAL OBLIGFTION BONDS, NOTES IN ANTICIPATION THEREOF AND A TAX LEVY THEREFOR ORDERED, THATPursuan[p, 30-A.M RSA. ISM, Sttlion 13 ofA[daM Vl of Ne City CAWa (%Ives end Spacial Laws of 1931, Chapter 54) and ell wmtlmenesthmeofmde[esaddinnal Hetero, anal all otheaurhorfty Hereto enabling, Mere is hereby wMeriud Ne has sale atone sinew ad from time time up in Seven Million Sevan Howard Fiftysevm Thousand One Hundred Causes (57,75],100) abuttals pdrecipal mount of areal obliteman bonds ofthe qty of Estate. The pro[ceM clawed from Me mm of mid bonds, including premium, if may, shall be used ad me ad mpimal to pay a portion of the cosh (e herein delined)to design, cone uU and equip a to topers used install Me following produce (Me"Proje[k"$ Vaticle Replamnem 5607,100 12 year Police Ctmamment g7A00000 40years ears Protea a)sg449 20yars $7,757,100 THAT Me athnebed waidna period of W14 for the propery cormstuffing the Projects to be finhnccd with the protests of mid bonds is hereby determined to be the period offime indicated above for much of the Produces. THAT the dee, responses (not to eased 20 yon from the issue data), dmaminelima, interest tote te worse (not to aceed 8.00% me arum), plxe ofpapnm4 ad other dards ofeW issue of aid bendy including the 0ming wed provision far their sale and awed end the selection of nderwnrr, than be danmindt by the Finance Dirmwr wit the approval of the Furnace Commitee and the Chaimmn of the Cary Council. THAT the hands array eutha ted may be sonde subjetto tall for redemption, with or without premium, her the dere fwed for fuel payment of the bonds, as provided in 30-AMRSA.§5772(61a amended, as shall be da mined by the f5nmwe DirMrc with tlw admowl of me Pimme Commit/ . THAT sal bonds shall he Agreed by the Fhmna Chance, commentaries] by the Chairman of the Cay Council, re ml with Mesal of the City, shamed by a Clerk and shall be in such man and summit such Mors and provisions no intentional Mrewilh as they may approve, Make approval m be oc alusavaly evidenced by their momerim t aerrof. Arty imus of bonds maybe consolidated with and issued m Me come more as my other issue of binds terminal prior to their kauane, ad the hinds may be divided into multiple menu end board in manor prom off 'ng, with the approval of the Fears Commitee ad the Chairman ofNa Cary Consul]. O3-275 THATpursuent to 30-A MR 5 A. §"M, Section 15 of Article VI ofthe City Charter and my other auNorhymemo mablk& the Finance Dbw.mr,with approval ofth<FNmua CnmmiRa and the Common of the CityCramod, is hereby auWorbed to more umbnomy bonds manse ofNe City in aniapation of the fosgomg band issues i bonds b be signed bythe Finence Dircem, torrential by me Chairmen ofthe City Coundl, sated with the val ofthe City, amental by its Clerk and otherwise to be in inch form and conmm such terms and provisions including, without limitation, memrbms onto m «wed 3 years fiom the issue duh denominadmx moved ed m¢ or rate (not to exceed 8.00M per annum), place of paymenin and other demi Is as may shell approve, their approval to M cumclusively evidenced by Nur execution thereof THAT ay bonds or notea(including binds or notes Is renewal thereof) wtharvzd0 be issued under this Ocher may be usual N combination with bonds or nota(including bonds or room in renewal thereof) Wombed to w 9mred by Ne Pry Council nmy time friar lythe date oflauerme of such bonds or nota. THAT the Finance ITrecmr the and bendy, is autnvai to =has Ne regimen, paying agent and member mount now "TOanskr AgmC) kr the bonds and nates and to extends and deliver arch wnbema and agreements as may be mossy, y or appropriate to emote Nab services. MAT Use Eads and nom dull be transferable only on Ne reginntiw books of the City follow by the member rgbm4 and mid mincipal amount ofmt bm,6 abu nous ofNe some normally (but not of other monolith upon eurrmder Neredfatthe pimipal oR ofthetransfer agunb with a wrinm imtrumen[ofmwfwsatinkcmry lythe Iunsfer agent duly exenured by the registered owner or his or has Murray duly auNmim l in writing. THAT Ne Finance DirwNr and Chairman of the City GwnciI Orn time to dine shall exew& such [rods r nota a may be terminal to provide for exchange or h oul of binds or now or heretofore ambmized, at l such bands or nom to beer theoriginal misamre of flue Finenw Dimmr and Chairman aNa City Council, and in case any oRor ofNa City whose signature appears many band or note shall wax in be such officer before Ne deliver of And band or note, such signal shall mons eles be valid and sufficient far all purposes, the same an if met oRw had remained in once until delivery, Neuf, THAT upon Mm amhangc or murder ofWoods or mm, the City and amounts mount shall make a charge sufficient bcover my ten, few or omwgovemmmW Gunge relui ed m M Mid w ruspe6to smM1 trwfer or exchange, and subselumt to the fico achange otrznskr. the cost of which dull be borne by the City, the costo( preparing new bonds or nota upen exchanges m ommkrs thereof shall be paid by On fewer imposing Ne see. THAT the brands and nom issued in anticipation limited m issued an either a marble or a mx-exempt be m, m a combustion thereof, as Mountainal by the Finance, Dhcemr, with the approval of Ilse Finance Committees, THAT, if to bonds or notes, or my pen of them are board on a tax exempt bait, the olfloom executing such bands or nam be and hereby me individually authorized and directed in common and certify, on behalf of rise City Net no per ofthe proceeds ofthe issue mid sale of the bonds or notes authorized to be brows! hersunder.shdl be uned direely or indirectly m acquire any wswitiss or obi igadmry tore aqumsilion of which swuM case such bm is or nom to M -normal bondf within Na am in ofSeuios 148 of the Internal Revenue Code of 1986. an amended (me "Code') - THAT, Hide lards or acres, or my pm of them, me ifeuedm a Ox camps Gsib the officers maturing such bmMe or mato be and hereby are individually authemmed to covenant and moons, on behalf of the City, for the benefit ofNe holders of such binds or nom, Nat the City will file my required repons and take my other aoim Old mybe woamryfo ensure No Mans on the bonds ornotes will remain exempt from ktleral Account: location and Oat the City will ref 'o firm my notion Nn would cause moment on the bonds or notes to be subjestro federal mmmemumion. THAT the officers memting the bonds or nous be and hereby arc individually auNonzed to mvmm4 certify, and egret on behalf of the City, for the bmef t of the holders of such bonds or notes, Nat On City will file my Minired repine, make my w mal financial or materiel avant dixlemma And lake my other woun tho maybe ecamry to ensure Otto the diselmure rcquitemm6 iafuxtl by Rule ISa-12 of the Securifies and Exchange Grnmission, ifeppliwble,ere mm. 03-275 THAT, if Me bonds or nobs, or my j ew rumors, an issued on atm exempt btu, Me Fianna Dirm s r be ad hereby u uMnintl end empowered N take all ad action a may be mcevery m designate Me bonds or nota as 9uall tw- erupt obligationsfrpuryosa ofSsclion 265(b) or the Code: it being Me City C CWS intention this, to Me extent Introduced under Me Castle, me bonds or notes be Sidon 265(6) designated and Mat me Flat Director wit Main of bond wwael, make Me required Section 265(b) alumina with tracer W search bonds to me aims Mm the claim may be available ad advisable a came cat by Me Furnace thrown, THAT Me mat "amt" a"cosh" as wed main a d applied to Me Hojem , or my pinion Meren[ Mmode;bur isnot. build N: p)MepcMme plreorewutructi n.n ranamypaninmal wlremansof costofemstrur8nn.builtlme. eXaation.enlareanmt reconstruction. tmovmion. imerovmnmL min remains of I famhbes acquired m wmmtion with Me eM development; (S) Me amt of p W ming, Ability mtdice, lad and other promssiond ruches and measures; (10) Me scat of . interest prior Nand during cnnmumion d 3 years from Me iuue data Mereaf, plication fan, and ata fees end expmus missing to Me fnu ang ceramics; ad (11) Me sat of all n th ad in tan handed, THAT Me investment amnia a the maete is of me bonds, if my, and the excess proceeds of Me bands, if my, be cad hereby art approi ]acted for Me following purposes, such p oseadsbe be had mtl applied in Me tollowm8 mdzr of giwitY: I. To my costs of Me Modernin excess of Me frinaical amount of Me bonds; 2. If Me bands or nnss an issuol on a M mempi Wi% in eaarda w s with applicants arms mtl increases of Me Arbionge and Use ofi'hviceeds Certigcia delivered in amnestion with Me sale of me bonds a notes incliein& M Me aunt pamittttl remainder, M Me City's Genual Fund. THATme FNat Director,eretrmm ofine City CocciI,Clerk, andacreproperisomilleofMeam abs, adsherebyare,eumwimi mtlsual in in Arsrarectad on Me i iUnce,s tle dooreameN be maneell such nar end mingemmay thenecessary, or usual in oduroeffta me lemma, ale, mtl hliwyofine bonds ad nota a haeinbelare aulboriuA. THAT adults I'manw Director, Chairman of Me City Gwncil, or Clerk are far any reaan unavailable to approve mtl execute Me binds or tiny related f lancing document' Me persan or Means Men acting in my such comity, whether ae a assisWt, adeputy, mcMerwse, is euthm"to am for wG official with we are f aid eHmaifwcM1 oRe hhadbimselfor herselfperformed such act. THAT in arch ofthe years during winch any of Me binds ere ours W min& Mme shall be levied a to in a amour that wish other revmua, Army. available Mrhad Wrpuse, cash he aRcimf N py me interest on said bonds, payable in such yens, ad the principal of such bads naming in such years. IN ¢TY COUNCIL August 25. 2003 miter Reading Neferfed to Furnace Committee IN CIT2 COUNCIL September B. 2003 Notion Made and Seconded to Open public Nearing. public Nearing Opened . No.one from the Public came Forward. Motion Made and Seconded to Close Public Nearing. Public Nearing Closed. Motion Made and Seconded for Conf3lct for Councilor HOboan. Councilor gobasn Abstained from Discussion and Vote Motion Made and Seconded for Passage Passed # 03-2)5 U NU E I I j�TITLEJ Autboriming Its Issuance of $1,757,100 Aggregate nix pa igation Honda. Notes in Anticipation nereaf and a Ta Tiewyn Assigned to Councilor 03-275 �l.."^a"N.° adnt a "ql a. A ere�n.�