HomeMy WebLinkAbout2001-12-26 02-61 ORDERDate: 12-26-01
Item/Subject: Order, Reallocating Bond Proceeds
Responsible Department: Finance
Early in calendar year 2000, the City issued $314,000 in General Obligation Bonds for the
following Bass Park Protects: facilities need assessment, walkway removal, Civic Center
lobby and reslrooms. A number of the original anticipated projects were scaled back or
foregone in light of the work being done by the Special Committee on the Future of the
Auditorium and the Council's policy of minimmng expenditures on the current facilities. At
this time there is approximately $151,000 of unspent excess proceeds. Therefore it is
staffs recommendation that the excess proceeds be reallocated to fund a portion of the
cost associated with the rehabilitation of the City's ladder truck. By reallocating excess
proceeds, we ensure compliance with Internal Revenue Service regulations as well as
reduce the amount of bonds that need to be issued in the future.
I recommend your approval of the attached order reallocating a portion of these funds to
our Rehabilitation of the City's Ladder Truck. /
Department Hrotl
Manager's comments:
A Public Hearing is required prior to a vote on this Item. Recommend ap al
O"fA� anmer
Associated Information: Order, Public Notice
Finance DIrecki
Legal Approval:
City lici[ar
IntroducedPassage sage
_X FirstReading Page_of
Referral
02-61
Asngmciw aeolor Parvhao December 26, 2001
CITY OF BANGOR
(TITLE.) ORDER, REALLOCATING BOND PROCEEDS
WHEREAS, on AupuG 9, 1999 toe Bangor City Cantil adopted ONer No.9 281 (Me "Prior
War') a;nMa rRing Me issuance of the Ciry's general oblgatnin bonds In an amount not M exceed
$1,530,000 W be used t0 pro`aide financing for a variety of capfial projects IMudlnp a number of Bass
Park improement (the °Project' as further desedbed in Me Pnor Order); and
WHEREAS, on laaary 31, 2000 the City issued its 20006enbal Ohligation Eads in the
aggregate principal amount Of $3,105,000 (the "Bonds'), $319,000 Of which was M the used for Bass
Park Improverrierts: and
WHEREAS, $151,000 of the proceeds tithe Bonds iSaed M finance the Was Park [mgrovertiet
Rojecls (which amount includes inwstrent earnings on such proceeds) (Me"Exrss Proceeds) will not
be needed hr the Original WrWte and star Eaeaa PrpCddS meat W allYdtM Or rPdlb[atW W other
qualifying projec or project costs;
all THEREFORE, by the Oty Coundl of the City d Senior, be R hgeby:
ORDERED, THAT Me Project apprwcd In int: Prlar ONer be and hereby k amended M include,
and Me ExeCd Praeeds W Me Dods be and hereby are alloolmd M fund a proton 0 M cost
associated with Me RahaMlitaton of Me Clly's ladder Truck
THAT, in all Other respects, Me Prior Order are hereby ratified and confirmed.
IH Clw CODNCIL
December 26, 2001
First Needing
Referred to Finance
Com ttee
04,
IB CITY CoodCIL
January la, 2a02
Nation rude and Cecooaea
to
Open Public Nearing. Public
Hearing opended. No one
from
the public came Forward.
Nation Made end Seconded
to
Close Public Hearing.
Public Hearing Closed
Notion Made and Seconded
for passage
Passed
G CL i
p 02-61
(TITLE,) Reallocating Beset Proceeds
Assigned to Caundar
02-61
PUBLIC HEARING
CITY OF BANGOR
RE -ALLOCATION OF BOND PROCEEDS
The Bangor City Council will hold a public hearing at Its regular meeting at 7:30
p.m. on Monday, January 14, 2002 In the City Council Chambers on the P floor
of City Hall, 73 Harlow Street, Bangor, Maine, for the purpose of hearing public
comment on a proposed re -allocation of proceeds of general obligation bonds of
the City previously issued pursuant to Order 99-281 (adopted August 9, 1999).
An amount not to exceed $151,000 of the proceeds of the general obligation
bonds (including investment earnings) previously Issued and outstanding
pursuant to the foregoing Order will be used to partially finance the
Rehabilitation of the City's Ladder Truck.
A copy of the entire Order is available to the public in the City Clerk's Office at
Bangor City Hall. The public Is invited to address the Council on this proposed
re -allocation of bond proceeds.
December 31, 2001 Gail Campbell
City Clerk
Aa�GEAiiGd
NO AL�TION OF
BOND PROCEEDS
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