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HomeMy WebLinkAbout2002-08-12 02-306 ORDERItem No. 02-306 Date: August 12, 2002 Item/Subject: ORDER -Amending Council Order 02-36 to Re -Allocate Bond Proceeds Responsible DeparbneM: Finance Commentaryr As Council is were, Me City issued $2,715,000 M General Obligation Bonds in January 2002 for the renovation of the existing Police Station. The results of the building surrey showed that renovating Me current site would be more costly than rehabilitating another site or new cansbuction. In order to meet the Internal Revenue Service expenditure requirements, staff reoammencs Mat the bond proceeds and any interest earnings thereon re-alloceted. During the M3 budget process, a number of capital needs were identified and reviewed. The attached order would reallocate the general obligation bond proceeds from the Police Station Renovation to Me projects identified in Schedule 1, attached. Department Had manager's Comments: This obeIr requires a public hearing prior to passage. p�, �u-04'lAo �,o»Vu/�%u r�La�.acdnvN+� "c- LGU sfu City Manager Associated Information: Order, Schedule 1, Notice of Public Hearing Finance Committee recommends approval. 7 gA� Finance Director Passage % First Reading page_ Of _ Referral j� Assigned ro Coencaw h¢ Je August 12, 2002 CITY OF BANGOR (TITLE.) Order, Amending Council Order 02-36 to Re-Allocate Bond Proceeds By the City aura/ ofete City ofeamywr WHEREAS, on December 10, 2001 the Ory Council of the City of Bangor adopted Order 02-36 authorizing the issuance of Me City s general obligatmn bonds, $2,735,000 of which was to be used for the Police Department Renovation (the foregoing projects referred to as the "Renovation Project"); and WHEREAS, the City issued Its general obligation bonds for the Renovation Project as part of Me CiNs 2002 bond issue (the foregoing bond issue referred to as Me "Prior Bondsm); and WHEREAS, based upon new Information on the feasibility of the Renovation Project, the City has decided to explore other options including the acquisitloNrehabilhation of other sites and the design and cons n cion of a new Police Station; and WHEREAS, Me unexpended proceeds of the Prior Bonds issued to fund such Renovation Project must W allocated or reallocatetl to other qualiVng pra" or project costs; NOW, THEREFORE, by the City Council of the City of Bangor, be it hereby: ORDERED, THAT the proceeds of the Prior Balls allocated M Me Police Department Renovation Project (plus Me Investment earnings thereon) be and hereby are allocated or re� allocated to finance a proton of the City's FY03 Capital Nan as specified on Schedule I hereto, with the useful fives Indicated thereon (the "New Projects'), and the definitah of "Projects' in the Prior Order is amended to include such New Projects. THAT, in all other respects, Order No. 02-36 6 hereby ratified and confirmed and incorporated herein by reference. IH CITY COUNCIL August 12, 2002 First geaai c In CITY COUNCIL August 26, 2002 Motion Made and seconded 0 open Public Hearing. Public Hearing Opened. We ae from the Public Came Forward. Motion Hade add Seconded to Close Public Hearing. Public Hearing Closed. Hutton Made dust seconded for Passage ►.^Md.S'MI r 0 I 02-306 ORDER Title, Amending Council 02-36 to He -Allocate Head Proceeds A�ss�igned to P'Q-W- Councilor pppA 02-306 Schedule 1 Capital Ran Summary RT03 yw Isbnd Construction w/ fire suppression system $75,000 Vehbe Replacement $592,290 Tmnstt Buses $95,000 City Hall Telephone System $100,000 Police Building 0eslgn,"unitlon/Rehabilitation and/or ConsVUUJon $959,710 Unbn 5t Pool - Match $350,000 Inral share BARS $175,000 kitixdgerHogan Road Construction $275,000 West Market Square Ram Improvements $110,000 Waterfront lmpmvanems $2&5,000 Joint Clips - Pblenng Square Parking Garage $100,000 Revenue Umrol System - Pickering SquareParking Garage $90,000 High St Parking W ConstruRbn )fi 000 2,J33,000 02-306 PUBLIC HEARING CITY OF BANGOR RE -ALLOCATION OF BOND PROCEEDS The Bangor City Council will Hold a Public Hearing at its Regular Meeting 9 7:00 p.m. on August 26, 2002 in the City Council Chambers on the 3 floor of City Hall, 73 Harlow Street. Bangor, Maine, for Ore Purpose of Hearing Public Comment on a Proposed Re -allocation of Proceeds of General Obligation Bonds of the City Previously Issued Pursuant to Order No. 02-36 (adop od December 10, 2001). Aa Amount not to Exceed $2,715,000 of the Proceeds of the General Obligation Bonds (Plus the Investment Earnings Thereon) Previously Issued and Outstanding Pursuant to the Foregoing Order will be used to Finance (or to Reimburse the City for Prior Expenditures) on the Following Projects: Fuel Island Construction w/ Fire Suppression System Vehicle Replacement Transit Bases City Hall Telephone System Police Building Design, Acqunition/Rehabilitation and/or Construction Union St Pool -Match Local Share BACTS KithedgeMogan Road Construction West Market Square Plaza Improvements Waterfront Improvements Joint Clips -Pickering Square Parking Garage Revenue Control System - Pickering Square Parking Garage High St Parking Lot Construction A Copy of the Order will be Available to the Public in the City Cloths office at Bangor City Hall Poor to the Public Hearing. The Public is Invited to Address the Council on this Proposed Reallocation of Bond Proceeds. August 12, 2002 Gail E. 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