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Home My WebLink About2000-11-13 01-24 ORDERItem No 01-24 Date: 11-13-00 Item/Subject: ORDER Authorizing the issuance of up to $5,961,000 aggregate principal amount of general obligation bonds and/or notes in anticipation thereof and a tax levy therefor. Responsible Department: Finance Commentary: The attached order authorizes the bulk of this yea/s bond issue. In addition to $1,050,000 in previously -authorized CSO projects, we will be Issuing bonds to finance the projects listed in the bond order. Several pants about these amount need to be made: • First with regard to the Frult Sheet School projects, you may recall that we had done a dedaraton of intent several months ago. This order fim:s up the final amount required, and includes three components: (1) apprmdmately $436,000 in a loan from the state, which is to be forgiven, (2) approximately $564,000 in an Interest free can from the slate, and (3) $300,000 as part of the drys hand Issue. Only this last item will be induced in our bond issue; the first two will be transacted separately. Second, the $400,000 in Motor Pool vehide replacement is lower than the prevlously-projected need for $563,000 in bond funds. This is due to the fact that the Pooled Equipment Reserve, firm which we typically fund vehicle purchases, was overfunded by about $240,000 a[ fiscal year and 2000. Instead of issuing debt, we will draw dawn $163,000 of this surplus. • Third, the Motor Pool's automated vehicle wash is still the subject of some disoussim, and may or may not be purchased a[ this point. Adjusting the authodzabon's $5,961,000 by subtracting out the $1,000,000 in privately placed state loam for the Fruit Street projects, and adding in the yreviously'authodzed $1,050,000 in CSO funding, we anticpate the total size of the bond issue to be $6,011,000. Department Head Manager's Commenb: �/i kf/U. n/,i9-n City / L�tyy Meager Associated Intimation: Bond order, public notice. Budget Approval: Rnance WFw— Legal Approval: CM Solicitor _ pas age First Reading Page _ a Referral + F^"u "singed an councilor Rlaocnecre November 13, 2000 (TITLE.) ORDER. Authorizing the issuanceof unto $5,961,009 awrepate principal amount of ciernmeral obligation bonds and lOr boupsa in antichnat go thereof and a fax law therefor Pursuant m 3 M.R.SA. §5712, Sectlon 13 of Adele W of Na qty Oader (Prhere and Spedal laws m 1931, OIainer 59) and all amendments therepf and arts adEilloml thereto, and all other autMrM/ thereto enabling inure is hereby autiglizW the Issue and sale at one time and frau time to time up m Fire Million Nine Hundred SKY Ora TMxsand Wllars ($5,%1,OOp) aggregate pdadpal amount of gerreml oblgatim bolls 0the Ory of $angor, plus up W tnrea percent (3%) athe pdrdpal amount of eamh 9 ar sanies M e used antt mrts. The prorecds d to pay tiw sale of saH bolls, IadWing premium, a arty, shall ro used and are hereby appropMted to pay a portion pf tie oasrs (as herein tlehad) of Me fdbwlrg pro]ecis (the "Vro)etls'): Parking facility oryaneiod Mab S3,OOg000 20 yeah Frail Sb tSdaolprojxN Ijol 20y Wata6ont infiarnucsae impmwrnmu 500,OOD myna Motor Poolwhiclempl ant 100,000 12yms Motor Pool aummami wbiolewaoM1 195,000 15yms Police Dept F,ginaeringldaign wmk t%,ODD 20 yen (:ommuvitY CeNvrwtreplacemen[ 116,0?] 20yan chy Hellsnhwellmclome 90,000 2oyew Locels0aR a/aCIS MoI«a 80,000 20y Canmwitl C®ta 0fe ufery imgowmarp 55,000 20yam Llry Hall omoke dececmN6melmm oyamn 50.000 20yeas LIN Fled elevnbrcmhnllaendmotor a 01p 21)ws,e Tocol $5,961,000 TNT Me estimated wel9hbnd period N WINy for Me property anaONtirg the Projects to be finarmd wM the proceeds of said bonds Is hereby deberl to he as Indimted abpe for each of Me IWiddual projegr. TNT Use an, natuiities (roan excurd W years), tlemmieatlom, Interest rate or races (rwt to exceW 8.5% per annum), place of payment, and otter detalls of eadi Issue of sad bonds, iWWIW the timing and provision fpr Meir ale and awed and the udctbri of an underwrikn shall W determinW by the Roan Director wM the approval of tine Rmae Committee and the Clabn m of Me Cly fsuidl. TNT the bads hereby aulhmixe! may be racks subject m all for rademptbn, with or wMout a premium, beloar da date Pond far final payment of the bonds, as proAde i In 3 M.R.S.& §572(6), as amendnd, as shall be tlecermired by the prance Director whet the approval M Me Rnance Cpradgee. TNT sad bands shag M signed by tier Ronna gRctor, countersgnW by One Oalman of the Ory Wundl, sealed with One seal M the Ory, attested by its OarIc, anti shall be in such form and arlaln such terms and proWsiom not InanslsterR herewah as day may apPnoe, Meir approval to be oxdushxly evdvpcd by Mdr exeatlon thereof. My hsue of bonds may be oxtaldatW wM and Lauetl M the same time as am/ OMv Issue of bolls autlwhed Pda to Mein Juana, and the bads DI -2A may be divMed into multiple sems and lased In sepal plans of finerdal, with the ep nowei d the Foams( mittee and the Chalman ofthe City Council. THAT pursuant to AMRSA, §Slit, Sectgn]3 of Mtick N of m City Charter and any other authority thereto enabling, the RroMe Director, with approved of the Rnance Carnmlttee and the Chairmn of the City Cwndl, Is hereby, autho l W Issue bmpaary rybas� d the Ctty in andspadon d the IaallOIN bond Issue, Said antes W be signed by to Rnmoe DNe0.or, countersigned by the Chabmvn of the Ory CauMl, seedetl with the seal of the City, atteml by Is Clark and otherwise W he In such tam and contain such hems and pmAsbns Including, witbout limdation, matudties, heanminatlora, IMenest mile or nabs, place d paymen%and other details as they shell approve, their approval to be conebus y eydmld by their eawtbn thereof. THAT any temporary notes (inducting rotes In renewal thereof) authomed to he issued under this Order may he issued in comHantlm with hmpaary rebs (IWWIN rats in renewal thereof) and bads autwn¢ed W he laced by the City Cwndl at any throe pet W tb date of Issuance d the temporary rules. TIMT the Rome MrsoWr he and hereby Is aiMartetl W sekrt the registrar, paying ageM, and transfer agent (the `ranter Agent") for the bonds and to exetok and deliver sudl contracts and agrtemonts as may be necessary or appromlate W secure their se ices. THAT the bads shall be trandeade only on the registration boons d the CRY kept by the transfer agent and sig pdrdnal amount of the bonds of the same mMurty, but not d other mabrity), upon srrenler thereof at to principal office of the transfer agent, with a written Imtvnent d bands saBfadbey W the trambr agent duly executed by the mender owner or his or her atWmey, duly authonbed In wribg. THAT the Rnarue Dhedner and Ciavi an d the City Cwndd from time to time shall euate such bands as may he required W provide for emhaages or barefers of bads an heretofore authorized, all soh Inds W bear tet original signature rite Roams Director and tlatn an of the City Cwndl, and in case any dflcar of the City whose sgnsture appears on am bond shall wase m he shah oflker before the deliver a sset Cord, such signature shall rewate eas he vald and sficient for all purams, the sane as If such dficar had remained in of until dNbeny thereof. THAT upon each exchange a transfer d bonds, the City and transfer agent shell make a c1arge sun lent W tower arty bar, fee, or other yovennmenbl c arye required W he old with respell to such banal or ethane, and subsequent W the firs[ exdanlge or transfer, the toY of wNrh shall W bane by the City, the cast d preparers; new bads upon ewharges or transfers thereof shall he path by the person neq estlrg the same. THAT the bads and rebels trued In antdpatbn thereof he blued on ether a taabk or a bar - exempt bash, or sorne nomination thereto, as deiaminad by the Frame Directs, wide the approval of the Rome Commitee. THAT, If the bolls, or a portion thereof, are Issued on a tax Bxempt bask, the oflims saEoftng the bads he and hereby are IndlOckudly authorhed and dire loci W cmrenant and altiry on hehatd the City tat M part d the proacds d to have and sale d the bands authorized W be used hereunder shall he used directly a Indirectly W acquire airy sewritlg or obligations, the acqulsltlah of whish would calm mush hands W he "ardbage bads° within the mandrill of section tat of to Internal Ra walue Code of 19 ,as artended(thas C e). TtAT, W bads, or a portion thereto, are Issued w a bx eempt bask, the offlms execvtirg the bads he and hereby are irdbcl ally authorized W owenart and agree, on behalf d tre Ory, for the bell d the louses of rah bads, tat the City will file any mebbed reports and tike any aha action that may, be necessary W ensure that merest on to bads will remain exempt hon federal Iminle bamtlon and that the City will refrain burn any ndbn that word cause intenat on the bolls W he subject W faderal lnewns taxation. TMT to dicers execvbg the bads be and hereby are indbgually autorlee l W covenant, mtiry, and agree, m behalf d the Ory, Wrte henafit d the hdders d sly bads, that tet City will fife any negulred report, mala arty annual finamdxl or redeem even[ disclosure, and tike any other action 01-26 that may be reassary to ensure that the dedoare requirements Imposed by Rule 1.5[3-12 of tba Searles aro Exchange Cornmlalon, If a sMiade, are met. TI WT, If Me brnds, or a porton CImM, are Ismrd on a tax a Tempt basis, the Rnanca Director be and hereby Is au[FMzetl and empowered to take all such action as may be necessary N designate be bonds as qualified taxexempt obligations for pleeases N Section M5(b) N th Cade; R being Me lily Well's intention that, th the eMaR peral under tie Coft the bolls be Section M5(b) tlglgn sled and Na the Rnana Director wda advice of bond counsel, mwke to requited Sedan 265(b) election with respell to stM bolls N the ex4nl Nat to elation trey, be avallable all advkable as detantlned by the Branca Director. preparation, all remodeling N a" Impraenents or facilities; g systems, machinery and equipaarR; (6) the bear of IoM, eaamener, all hanchises a luhed In amaedlon Ah the Pn t all sire imMoysnen6 all tlevebpnnst: Melva cost ( associated wM the Projects; (9) the cost of emdronmerrtal stedies all assessments; (10) th cost N finand g (har9s all ksance vests, IMWIM ptantums for Insurance, Interest Prior M all during conelatah all for a pabd rat N e:ceetl three Years flan to dale of ksuaae of such bolls, uranin ' fes all oxitr, legal all aoauMrg foes all cents, appllaidn fes, all other fess all eqee25ss rehattg W the NanCM ""action, aM (li)the beat of a0 other finardM audarbed hereunder, whelher related or untelabal roNe kreoni TMT tie hwesNeM earnings on the wooeds of the bonds, If arty, all th excess Proceeds of the bolls, t arty, be all hereby are appapill for the following purposes, soh proceeds be M held all applicA in the folloMW other N pdodly: 1. To any best; Of the IkojMs in eh,f2as N the prbdpal amount N the bonds; 2. If the lords are Issued on a fax exampt basis, In accordance wM apishable tams all provisos of the Arbitrage all Ike of Proceeds Datinale ddM1ered in connector with the ale N the bolls Inducting, N the ndent nennhted thereunder, to the ChyUs General FUM. TMT to Rrence Drecler, Cihaiman of Ne City D ndl, Clerk, all Wer proper ofldsk of the City be, all hereby are, aul o all emperor ed in Its name all on is helot be do or ase to be dao a0 such ads all tnirgs as may be necessary or dWlable in ons r W ~ the issuance, ale, all delNery' athe bolls all rotes as hereinbefore autlaWeed. TMT t the Rarxe DIrecla, Ctalman of the City O Wl, or Clerk are for atw reason un eragwble W approve all a tale the bells or any related flrandW dooumsnts, the person or persons tail athg in am such apadty, whether as an asb'reM, a deputy, or otherwise, Is aul orbed to as for such dhtal wkh the come force all ended as Ifsuch oflkhal had hbrself or herself perfernatl otch ab TMT in each tithe years during which any of the bonds are outsbncift tare shall be kwled a W In an arrant which, wdh When revenues, t arty, avertable for tat Wrposs, shall be stMdent W pay the interest on sad bads, is yabk In such years, all the Watpal of sah bolls maWdM In such years TMT, When nt the Clty has not preAately declared as Intent N bal bonds w rmspat be arty N the project, Nis prier constitutes a Declaration N G 1 Intent by the City WrsuaM to Trearsury, 01-u "Madan SeGbn 1.150-2 m rdm m am/ original ewer ftm made an tl Pmje art d Ne General NM n am oder N n oro ant ar ft City. IN CITY COUNCIL November 13, 2000 Pirst Reading Referred to Pimuce Caunittee .� cI 7CwsR A IN CITY COMCIL November 27, 2000 Public Heating Opened. No see free the Public Came Forward Public Hearing Closed. Motion for Passage Made and seconded Passed n aw p 91-34 (TITLE) Authorizing the issuance of Up to $5,961,000 Aggregate Principal Amount of General Obligation Roel and/or Notes iu Anticipation Thereof and a Tar I Therefore 01-24 PUBLIC HEARING CITY OF BANGOR Planned Issuance of General Obligation Bonds Not To Exceed $5,961,000 The Bangor C'Ty Council will hold a public hearing at its regular meeting at 7:30 PM on Monday, November 27, 2000 in the City Council Chambers, on the third floor of City Hall, 73 Harlow Street, Bangor, Maine, for the purpose of hearing public comment on the proposed issuance of bonds for the projects listed below. Parking facility expaosioNrehab $3,000,000 Fruit Street School Projects 1,300,000 Waterfront infrastructure haprovemems 500,000 Motor Pool vehicle replacement 400,000 Motor Pool automated vehicle wash 195,000 Police Dept. engineering/design work 135,000 Community Centerroofreplacemem 116,000 City Hall stairwell enclosure 90,000 Local share, BACTS projects 80,000 Community Center lito safety improvements 55,000 City Hall smoke detectors/fire alum system 50,000 City Hall elevator controller and motor 40,000 Totals $5,961,000 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 proposal. Date of Notice: November 13,2000 Gail E. Campbell City Clerk a1-26 WlkUs PV CIW0 XEPRIxO PISIIIW INwrc E BBnerN OI,W BaM Xab Ea4eE b.%Ic 01 11111MaN Camgl wlx ,apgYcr V, 31 MrryJm bMlnP a I'.x PM m Mm Nm WmvnM n. I, In M1e CIh COull[II ONm4 y cn xe mN Im a cih Xml, n XMav SM1nt Barr. 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