The URL can be used to link to this page

Home My WebLink About2000-06-26 00-263 ORDERItem/Subjeet: ORDER CONSTITUTING DECLARATION OF OFFICIAL INTENT PURSUANT TO TREASURY REGULATION 5 1.150-2 Rempoasible Department: Finance documentary, The attached o=des declares the city's intent to finance, an s tax exempt Meis, construction and/or remediation projects t Fruit Street School. The project's currently estimated met is $1.4 million, of which the state has indicated its intention to fund $500 thousand. Additionally, the second $500 thoueaM is anticipated to be financed on a no -interest basis by the state. expenditures over the a of these two amounts are to be financed terms by the city Order whatever itucan in this case, the issuance of tax exempt debt as part of cot annual bond issue next January. 4 e order authorizes the issuance of up to $2 million as a precaution, although it is currently anticipated that tax exempt financing of only some $400 thousand will ultimately be necessary. DEPARTNFNT XFAD Mmaeer'e .1C�ad1n/t�e:' 0� I I)bbOAhra ,end dar'r4 tf+`�� AL-W.W G1 I:`�WNS WaaN�.Y 9be� Bawd CITY R Aewdated Information: Order, public entice project description attached. Budget Approval: FURACE DIRECTS ragal approval: Introduced Far — Passage x First Reading Pagv�f Referral to Finance Committee COUNCIL ACTION Date: 06-26-00 Item No 00-263 Item/Subjeet: ORDER CONSTITUTING DECLARATION OF OFFICIAL INTENT PURSUANT TO TREASURY REGULATION 5 1.150-2 Rempoasible Department: Finance documentary, The attached o=des declares the city's intent to finance, an s tax exempt Meis, construction and/or remediation projects t Fruit Street School. The project's currently estimated met is $1.4 million, of which the state has indicated its intention to fund $500 thousand. Additionally, the second $500 thoueaM is anticipated to be financed on a no -interest basis by the state. expenditures over the a of these two amounts are to be financed terms by the city Order whatever itucan in this case, the issuance of tax exempt debt as part of cot annual bond issue next January. 4 e order authorizes the issuance of up to $2 million as a precaution, although it is currently anticipated that tax exempt financing of only some $400 thousand will ultimately be necessary. DEPARTNFNT XFAD Mmaeer'e .1C�ad1n/t�e:' 0� I I)bbOAhra ,end dar'r4 tf+`�� AL-W.W G1 I:`�WNS WaaN�.Y 9be� Bawd CITY R Aewdated Information: Order, public entice project description attached. Budget Approval: FURACE DIRECTS ragal approval: Introduced Far — Passage x First Reading Pagv�f Referral to Finance Committee Assign;dto Councilor alamhette June 26. 2000 CITY OF BANGOR (TITIE.)Order, ORDER CONSTITUTING DECLARATION OF OFFICIAL INTENT PURSUANT TO TREASURY REGULATION § 1.150-2 Me Meaty G wndl of the Ery of Sengor. ORDERED; THAT WHEREAS, the City of Bangor, Maine (the'Issuer") currently Intends to proceed wIth the projects described below (the "Projects"); and WHEREAS, the Issuer intends to finance the cost; of the Projects through the issuance of bonds or notes in anticipation thenaM; and WHEREAS, certain of the costs of the Projects may be paid by the Issuer imor M the Issuance of such bonds or notes but are intended th be reimbursed from the proceeds thereof; and WHEREAS, Treasury Regulation 51.15)-2 requires that an 1%uer declare Its official intent hs reimburse expendRums with proceeds of bomowirgs within 60 days of the date of e>mendaure; NOW, THEREFORE, the Issuer does hereby declare its official intent as follows: 1. Declaration of The Issuer reasonably evects to reimburse egrerMiWres made on the Pmjttts with the proceeds of bonds or notes in anticipation thereof to be issued by the Issuer In Me ma nmum principal amount of $2,000,000. 2, Guananal Deseciptlean of Pmmaftv to which Reimbursement Rel The following is a masanabty accurate general functional desorption of the Projects with respect to which reimbursement will be made: Fruit Street Projects: a. Site Drainage Including sown drains and Paving to slope water away from the building b. Ventilation of boiler room and heating Trenches c. Exterior Renovations including masonry repairs, siding antl Mndow replacements d. Roof repairs Including a new roof on gym e. Interior abatement— complete demolition of Interior and asbestos abatement of Roar the 00-263 E Interior Renovations — Including elecbical renovations, calling replacement, fioodng replacement, interior wall replacement, cabinets and sheMng, and light replacements g. Contingency h. Engineering 1. Abatementdesign and monitoring I Public Availabllih of Official intent This Declaration of Official lnlent shall be maintained as a public remrd of the Issuer and shall be maintained and otl n ise supevised by E Clark on behalf of the Issuer. This Declaration of Official Intent shall be available for public Inspection at the office of the Clerk during normal business hours of the Issuer. 0. Tssasnry Reaulati This is a dedaation of official intent pursuant to the mculrements of Treasury Regulation § 1.150-2. S. Authority for Declaration. This dedaatlon is adopted pursuant to the following action of the Issuer: Order adopted by as City Coundf. IO un WONCIL lone 26. 2000 Notion for Passage Node and Passed oaf . VIA Sol 00-263 ORDER TIUI. cocetitutiug Declaration of Official Intent Persona[ t0 Treasary Regulations 81.150-2 To. Ronald Helm, Finance Director From: Alan F. Kochis, Direptor of Business Services Date: lune 2, 2000 Re: Fruit Se project ........................................................................... The Fruit St renovation project started on May 12° with an mnicipated completion date of August 20'". Essentially we are rebuilding the interior of the school to rectify, air quality problems caused by water infiltration. All outside work is to address the moisture infiltration issues. The scope ofthe work and anticipated cons are outlined below. 1. Site Drainage Issues $50,000 This includes storm drains and paving to slope water away from the building 2. Ventilation $10,000 Ventilation of boiler room and heating months 3. Fanner renovations $100,000 Includes masonry repairs, siding and window replacemems. 4. Roof reports $157,000 Includes new roof on gym and repairs to other areas 5. Interior abatement $221,000 Complete demolition of interior and asbestos abatement of floor file. 6. Interior renovations 5560,000 Includes electrical renovations, ceiling rephmement, Flooring replacement, interior wall replacement, "Wrote and shelving and light replacements 7 Contingency $186,000 8. Engineering $69,000 9. Abatement design and Monitoring $37,500 Total Project $1,392,000 I am anticipating the final war to be closer to 13 million however in a project of this type, hidden problems can surface at any time.