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HomeMy WebLinkAbout2000-12-11 01-69 ORDEROUNCIL ACTION Item No. DI -69 Date: 12-11-00 Item/Subject ORDER Authorizing the issuance of up to$4,500,000 aggregate principal amount of general obligation bonds and/or notes in amidpation thereof and a tax levy therefor Responsible Department Finance Commentary: The attached order auMorizes the Issuance of $4.5 million In bonds to fund the addition to Bangor High School, about which you recently met with Superintendent IMn. Thus, assuming approval of this order, our total authorization for this bond Issue will be $11.5 million. The ascend plan of financing this project calls for us to Issue Wnd Qd dlution Abbas (BAN'S) totaling approximately $3.5- $4.0 million as part of our upcoming bond issue. The M's will mature in February 2002, at which time they will be "tuken out" with a pEnnanem; 20 -year bond issue. Please note that this order departs from the norm a bit in that it will not have two readings, as do virtually all of our other bond orders. This is to accommodate the School Department and he need tu begin moving quiddy on this project. Our usual two readings are requiretl by state law and charter provisions that require this process for appropdah'on reso/✓es, which we usually incorporate into bou l orders. In this case, we have split the bond order and appropriation resolve; the latter of which you will find under Rrs ReaWngs and Referrals m CommnWe. Department Head Manager's Cmnmems: Pl4DhIC. i+EA21A0C. IS R9gLiCUP IPe)D(L C 0410CIL t}CT70n) jYu Fime-ma ram u-,u.a.,hmwdo o.�t.�w+wQ o 5F/ 6ty Manager Associated Information: 0 MIA Budget Approval: �Ar Finance Director Legal Approval: City SdicRa Introduced for Passage Page -First Reading of -Referral 01-69 u Assigned to couuciloi Blanchette Decembeo 11. 2000 (TITLE.) ORDEIL Authorizing the issuprincipal amount &general obligation and/or nolum in anticipation tfiereof and a tax tew therefor I Pursmdto3 MASA §5]R,S¢pdn 13 dArttleW dtle Oty Wrwr(PrivateaW Special laws of 1931, Chapter 59) and all ameWmerls Obered and act; additional thereto, all all Wer autiarRy thereto emblinp, Clore Is hereby autlwRed the awe and sale at ore time and from time m time up W Four Million Rva Hundred Ttrousand Wars ($9,500,000) aggregate peludpal amount d general drlgdan bads of the City d Ramp, plus up W three percent (3%) M me ptimipal anount of each house or series to tuM Issuance vats. The promcds ded.Td flan the sale M sad bolds, including premium, It aW, shall be usetl to pay a porton of the cats (m hereon defired) of the fotladng project (Ce "Project"): Bmgor High SchoolndWtion 50.500.000 20yars TI WT the aGmatetl weightetl period of Way For the property wstitu i g the Project W be financed with the promeds dsad bolls a herebydekrmined M be as irKkaW above. MT Ule date, maWrilies (sat to errmei 20 years), derrnOmWs, Interest rate or rapes (rustm eyed 8S per annum), place d paynent, all other dNalls Meaty Issue of mid bolls, Intl Wing the timing all is v ion tar floor sale and awed and toe sel d an urdernal shall be ddertnlnd by the Rmnm Dkatn whin tie approval d Ce Mmma Commattce and one O imlan d tie Ory coundl. TMTfoe bondshereby a nr JIM maybe node bords,t to rollfor in 30-Abn,w8h or M(6), a premium, before the dive Rred for final payment M xt binds, a pmvded d 3DA MRSA. §Sylbasa. a arrmded, az shall be tldenronetl by the Rrenm Orccter with the apprael dive flmnm Cammitiee TWIT old bonds shall be signetl by toe Monism DBedor, mumersgned by the Delman afhe One (and, sealed with One sed d the CRY, aboa[ed by 16 tick, and shall be In such form all mMaN such Mea and provisions not inconsistent In r lin as they may appme, delr approval to be mrdnsheiy eWdenoad by ttwir ewsutan tiered. Any Blue d bads may be consolidated vft all Issued d the mine time as any ober auto d bolls autlroraerl Print to their Muame, all the bonds may be cI Ido multiple series all Issued In separate plans d finsMmj. With tine approval d doe Rre� �mmltiee all Ce Chalman dtle City CcuMl. T T pursuant m 3DA M.kS ,§ST2, Section 13 a W d tie Clry Chaltx and arty Wer autlladty thereto enaWbg, the Mrs rxe DlreGar, wM approval of the Rnsrse Cornmittee all the O Immn d tie Oty Dwnd4 Is hereby audwdzed W anus temporary room d tine Ory In anticipWlon d the fore9Wng boll Issue, and rates to be signed by the Rmnm Mosul muntersgred by the Ctehman d tiro Ory Coundl, sealed whin fire sol d the City, attested by fa Oak, all dtawtlo to be In such form all contain ash berms all proWsa s Intl Wing, widrout Ilmlbtloo, matudda, denomlotlone, Interest rete ar rates, palm of paymary and other details as trey shall appove, their approval W m mndum* eddenced by tvsr execution tilaepf. T T arty bernpecary nota (Inchi rotes in removal Hereon autledmd to be awed under Clue Order may be awed In oxnblratlon w8h fenporary sates (WWbg sates In renevral timed) and 01-69 THAT the France Mreclor he and he aby Is aut orbeE to sales the registrar, paying agen4 and Carder agent (the "Transfer Agent") for to bonds and to execute and ddher such mMratls and agreements as nay the necessary or approlmde M secure their servbes. MAT the bards shall be tomfi rale Only On the MISIS ton bods of the City kept by the bamfer ager; and sad pordi amount of tine balls of the same maturlty (brut Ont of other m ourlty), up srrerder thereof at the pdnepal office of the trdnger agent with a written Imanummd a hard er sadeactory or the tamer agent duly executed by the registered owner or his or her atbaney duly a decruecl in wMIN T1 WT the Rnamx Director and Wlman d the CRY Council from time N tone shall axGate soh bolls as may M mqulred to provide for exchanges or tramm s of bolls as herefoPore aulfoU4 all such bads to bear the original signatore athe Hh rce tarector and Chairman d the City Lound, and In case am officer of the Qty whose signetae appears on any bad shall came to be sash 0Mar ben re the deliver of sad bond, such signal shall neveM1hI be valb and sufi cent for all anpbsa, the same as lf such officer had renall In office until ddNery thereof. MT upon ea h exchange or transfer d bads, the City and transfer agent shall make a charge sQfldent to cover a" lot fee, or other 9ovammedel change required to be path with rspect to such transfer or exchange, and subse heM to the first excbenge or tarofir, the cast of whir shall be bane by the Qty, the oast a preparlrg new bads upon exchan les or barriers thereof shall be pad by the person requesting the same. T T the boodle and holes hsueE In aMidpatbn tereof be Issued on either a fahade or a fax - exempt basis, or some commotion thereof, as determined by the R aae Dimtor, with the appmwl of the Rnenre ComMttee. THAT, lfthe bads, ora portion mreof, are issued on a W emnpt basis, the dflosts er ecuUM the bords bs and hereby are IMMdually authorized and dreded b covered and certify on behalf of the City that no part of the pmaeds d the Issue and sale a the bads auMetietl to be tssaeL hereunder shall be used directly or indirectly to acquire any sebrltlns or olegatons, the acqulstlon of which would beam sucb bads to he `arbitrage hands° within the meaning d Sedbn 198 of the Internal Revenue cede d 1986, as ammMed(the "Code'). THAT, lfMe bonds, or a portion dared, are Issued On a W exempt basis, the of ods eaomrg the bonds be and hereby are Individually autstzed to comment and agree, on behalf of the City, fa the benefit d the holders of such bonds, than: to Ory will file any requlree reports and fake arty Mer action that may he necessary to araOE clan Nernst On the bards MN remain emnpt imn federal insane tooda n and tet the City MII refrain from any action that would cause Idems[ On the bads to be subject to f x terel Inhvme taaton. THAT the ofiimrs execuMg the hoofs be and hereby are bdMdually autmrted to arvenent Catify, and agree, M behalfd Bre City, fa the benefit of the holders of such bonds, that the Qty will file any required reports, make any annual firandal or material evert disclosure, and take any Mer action that may be necessary to ensure Mat the dMaure mulremeds Imposed by Rule 15[242 d the Savritles and Exchange Cor mission, M applicable, are Ont MT, R Ma bolls, a a portion thereof, act Issued M a tont amnpt bask, the Rome Dlmor be and hereby is authorbed and empavenel to take all such action as may be necessary to desgnate the bonds as 9uallflecl tax-exempt ofdgatione for pareses of Section 265(b) of the Code, R being the City couMlS intention tet to the cadent pemtlde4 under tine Code, to bads be Section 266(b) designated and that the France Director with advice of bad bhmSel, mala the required Seebrh 265(b) elector with respect to such bolls to the ectent tat the election nary he abiWble and advkade as detemhinetl by the Prance Nrector. 01-69 TINT the term" w"ash"asu nereln aM applied t to Project, t arty podw tiered, Includes, but Is nd Ilmitd bp (1) the Ppduse pits or aWusinon mat d all w arty poswn d the Project; (2) the c d mshuMlon, bulWing, alteration, anlargbMnt, moHSVucUM remmnon, Impm+sinent aro equgprg d Me Pro)ec[; (3) the est of all ap minances and p fMIWes either on, above, w under to gromed whk are used or usable in connMlon wM to Project; (4) tie ant d ladscaphg, site pmpacation, and remodeling d arty improvements w 111 (5) the m d all labor, materials, bunting systems, machinery aM equipment; (6) the bort d and, sl ud real pnmedy irnemss, rights, easements, aM kardmises acquired in mnrzdbn wM Use Project; C7) the mat of all unity eadessios ant die Impominents ant development; (8)te a of plaming, developing, pepamlion d specifica8os, surveys, ergineetg, leasi stMks, legal aM oter profesaipal sense aemdaletl wM tie Project; (9) to = d erMmnn a al smiles aM aswaass s; (10) the wst d fineMng dames aM k lace cs% IMndhg pernlums far Irma , IMerat prior to ant during pvswdbn ant for a paint not to excaM tree years from the date d Issuance d srh bolls, undnwrtes' foes aM costs, legal aM a nla g fees ant ash, applIcanon fees, aM otter fees ant exposes mdatg to tie flmWM "swAmn; aM (11)tls o>M d all otter financing autorimd hereunder, wlmetl related w unelatd to tine faegdrg. TUR the ImatmeM easings on the prpcaHv d to bods, 0 any, aM to excess proceeds d to bads, tarty, be appoprlated for the following purpose, such pmceMs to be h ant applied In to fdkwdrg ordw d priaty: 1. To any cosh dtie Pmjsd In excess of to prindpal amount title bantls; 2. If to buds are k on a tax exempt basis, In as noe wM applicable tens ant proWdors d time Arbitrage aM Ike d Proceeds Cern m delM1ered In onnmMbn wM to sale d Use binds MWM to tie a M; i wmilhd thereunder, to the CHyOs General Fund. TWATthe Rnance Amctor, Qunnan dtis ltyO ncil, Clerk, ant other pmpw d as dto Clty be, ad hereby are, aut m ! ad empowered In Its name ant on is blot t do w ause m t done all such ads aM ttgs as may be necessary or deamble In o to ~ tis Issrwn¢, sale, ant clelhrery d tis bonds ad note as henelnbefpe aWgrned. T T t the Ream Ynad , Qahman d the Qty C ncll, or O are for any nal unavallable to apt ant amnia to buds cr any related flnadng d mamas, to prmn p penis ten adig In aW such capacity, whetlrer as an assistaK a deputy, w Mhemnse, s ant to act for such official wit the same farce ant stat as tsut oifidzl had hlmsd( or herself pedasmM such act. T T In earn of to years during whkn anyci to bonds are o ancling, there shall M knella fax in an amount wha, wM Miner reveres, H am, available nor nut purse, shall d sul W to pay to interest on saW bonds, payable In such years, ant int principal dsurn bods mattes n such years MT, to the ermtnt the Qty has not pevinusty declared Its Intent t save bands wM respect to any tithe PmjM, this Onder msdhtes a o arenon d O al Intact by Me Qty purswit to Treasary Peguladpn S 1.150-2 to relmburse arty original evpeMihames made on the PmjeU p dine General wd w arty other fund or t Qcite Qty. IN CITY W MCIL December 11, 2000 Ismion to Open Public Heating Hadeand Seconded. Public Hearing Opened. No one from, the Public Came Forward. Public Hearin Closed Nation for Passage Bade and Seconded SuPeriatersent Irving Presented details is the Plan for the High School Expansion. yate:8 yea Councilors voting yes: Baldaccl, Blanchette, Crawley. Parnhay. Palmer, Bobman, Tremble and vardamis Passed Q --) CITY mm 1 (TITLE) Authortfaing [he Issamce f Op to $4,500.00 Pggregate Hmouae T General Obligation Bonds and/or Notes In Anticipation Thereof and a Tax Levy Therefor SMING CITY OF SHIFINGOR Ge PIn: Gdlgnap Boni neral Net to Ex� INORNAN) B n or HIP aChaExpam 'sln Find Renwallan me.Bangoe xny Uanal mil had a regular meeting at r10 pad oon Monday. IMemeter ll, Apo in the City Council Chambers tM the iurn floor or City. Hall, 73 -Burger,relay, Street, t Pa l Comm nl pn MVAROAo°naGene Issuance 9 MISS, Banff for Jul P G e Expanding -and voting naor High Sanrol. _oo Gail C. Cam00alh City Clerk Novemam, X 2000 W 1d I OBuc x€1.RIFb prollx=San& IM Se had Ei Mal am WWffM The aa� city called let Monday, Sunni 11, 2M) In Me Him law 0 all Full, 73 HIi NOW, Morgan. MIM. for am Phrook, a M e�'m 11 Moral ar. GMJ I. v,a "l; Far 01-69 PUBLIC HEARING CIT' OF BANGOR Planned Issuance of General Obligation Bonds Not to Exceed $4,500,000 Bangor High School Expansion and Renovation The Bangor City Council will hold a public hearing at its regular meeting at 7:30 PM on Monday, December 11, 2000 In the City Council Chambers on the third Boor of City Hall, 73 Harlow Street, Bangor, Maine, for the purpose of hearing public comment on the proposed issuance of up to $4,500,000 in General Obligation Bonds for the purpose of expanding and renovating Bangor High School.