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�,
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sfu City Manager
Associated Information: Order, Schedule 1, Notice of Public Hearing
Finance Committee recommends approval. 7
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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. Campbell, City Clerk
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