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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 MUPW INJORT It 7." MI. On WI JaMUWV 1I VOW On IN Ird down IF � Hall, "a Of IN Ann XWOOF NOW, IMAM 11 Draw A, NN81 OhNICH WI III Induant � NO W, DIraT.w IINAK ary OW 10 IF tam IF any" NAWO PANIIC IFAA ary x In rew"Im` min uBICRY OWN