HomeMy WebLinkAbout2000-08-14 00-306 ORDERcoAcrtoa
9-14 -00 rtes WOUD-306
Item/Subject Owen re -allocating bond proceeds between Haee Park projects.
Responsible Department: Finance
commantary; The attached order would authorize the re -allocation of a
portion of the proceeds of the City's FY2000 bond ive to fund cost
overruns on two previous projects. Specifically, two ba Hark projects
a
funded with the proceeds of our FY98 bond i experienced cost overruns
totaling $31,395.20. Earlier this year, we issued a new series of bonds, a
portion of which m s to £wd several other Bass Park projects; s of which
will not be undertaken, o will be undertaken at a lower level of funding
than was originally anticipated. Me attached order allocates $31,3]5.]8 of
the moat recent bond issue's proceeds to the over-hudget projects.
I recommend your approval.
DEPA^RTPR'IMP HEAD 1
Manager's comments:
CZTY MANAGER
Associated InLon,
Order, public notice
Budget approval,
1
FZNANCR DIRECM
Legal Approvals
SAzCfTAW
Introduced For
_Passage.
Fifa[ Reading page
PagB of
Referral to Finance C
00-306
r' Assigned M Coanalor Blanchette August 16, 2000
CITY OF BANGOR
(TITLE.) Order, RE -ALLOCATING BOND PROCEEDS
By the Ory Caron/ Of the dry Of Banyon
ORDERED,
THAT
WNEREAE, on August 23, 1999, the City Council of the City of Bangor adopted Order
No. 99-281 authorizing Me issuance of the City's general obligation bonds in an amount not M exceed
$1,335,000, $330,000 of which was M be used for the following Bass Park projects:
facilities Needs Assessment $125,000 ($109,225 Issued)
Walkway Removal $80,000
OMc Center Lobby $75,000
Ov Center Renchims $50,000
(the "2000 Bass Park Projects"); and
WHEREAS, on July 19, 1997, the City Council of the City of Bangor adopted Order 97-
310 authodtng the Issuance of the City's general obligation bonds in an amount not M exceed
$3,800,%0, $610,000 awhich was to be used for Bass Park imprcnone rts (the "1997 Bast Park
Projects^);
WHEREAS, the CM has decided not M proceed as planned with the 2000 Bass Park
Projects as this point and
WHEREAS, the pnocccds of the bonds issued M fund such projects have been recehmd
by the City and must be real ocand to additional qualifying projects so as W be expended
appropriately;
NOW, THEREFORE, by the Coy Council of the qty of Bangor, be R hereby:
ORDERED, THAT a potion of the proceeds of the Ctys general obligation bonds issued
under Order No. 99-281 te finance the 2000 Bas Park Projects be and hereby are reallocated W the
1997 Bass Park Projects as follows:
1
Auditotum Concessions $12,768.06
Ovic Center Interior $18,¢9732
TOW $31,375.28
IF CM CO M
August 16, 2000
Pleat Heading
Heferr£d to Finance
Comities
i R
IN CM COMCIL
August 28. 2000
Motion to Open Public
Hearing Made and seconded.
Public Beating Opened. Mo
¢ froa the Public CAMEW
forward. lbcion to Close
Pulbllc Beorfng Made and
seconded. Public Hearing
Closed
Motion for Passage Made and
Seconded
Passed
lY CCBBH
life.B Rotating BSnd Proceeds (First
Head - Referred to Finance Co®tttee
Meeting - 08/21/00 - 5. P.m.)
a (�
m
PUBLIC HEARRJG
MY OF BANGOR
RE -ALLOCATION OF BONG PROCEEDS
The Berger City Council will hold a Public Hearing at its Regular Meeting at 7:30 p an
on Monday, August 28, 2000 in the City Council Chambers on the 3" Boor of City Hall,
73 Harlow Street, Bangor, Maine, for the Purpose of Hearing Public Comment on a
Proposed Reallocation of Proceeds of General Obligation Bonds Bre City Previously
Issued Pursuara to Counsel Order # 99-291. Approximately $32,000 ofthe Procceds of
General Obligation Bonds will be Reallocated to Food a Portion of the Following Capital
Projects:
P—L
Bass Park Auditorium Concessions
Bass Park Civic Canter Interior
A Copy of the Entire Council Order is Avadable to the Public in the City Clerk's Office
at Bangor City Hal. The Public is Invite! to Address the Council on this Proposed Bored
Issue.
August 16, 2000 Gail E. Campbell, City Clerk
emu
j
0,11 91
o,r&M
— .. I
00-306
CITY OF BANGOR MAINE
ORDER RE -ALLOCATING BOND PROCEEDS
WHEREAS, on August 23,1999, the City Council of the City of Bangor adopted Order
No. 99-281 authorizing the issuance of the City's general obligation bonds in an amount novo
exceed $1,335,000, $330,000 of which was to be cad for the fonowing Bass Park projects:
Facilittes Needs Assessment
$125,000 ($109,225 issued)
Walkway Removal
$80,000
Civic Center Lobby
$75,000
Civic Center Remounts -
$50,000
(the °2000 Bass Park Projects'); and
WHEREAS, on July 14, 1997, the City Council of the City of Bangor adopted Order 97-
310 authorizing the issuance of the City's general obligation bonds in an amount not to excel
$3,800,900,$60,000 ofvvitich was to be used for Bass Park improvements (the "1997 Bass Park
Project");
WHEREAS, the City bas decided not to proceed as planned with the 2000 Bass Park
Projects at this point; and
WHEREAS, the proceeds of the bonds issued to fund such projects have been received
by the City and most be reallocated to additional qualifying projects so as to be expended
appropriately;
NOW, THEREFORE, by the City Council of the City of Bangor, be it hereby:
ORDERED, THAT aportion of the proceeds of the City's general obligation bonds
issued under Order No. 99-281 to Bnence the 2000 Bess Park Project be and hereby are re-
allocated to the 1997 Bass Park Project as follows:
Project Proieet Costs
Auditorium Concessions $12,768.06
Civic Center Interior $1860, 7.22
Total $31,375.28