HomeMy WebLinkAbout2000-09-13 00-358 ORDER00-358
COUNCIL ACTION
Datez 9-11-00 Item No
Item/pWject: ORDER Declaring Official Intent pursuant to Treasury
Regulation 51.150-2.
Responsible Department: Finance
Cc®entary: The attached order declares the City's official intent to
undertake the specified projects add finance than with the proceeds of o
scheduled 3 s
uary, 2001 t tempt bond i This declaration neither
January,
obligates us to fund these projects, nor authorizes us to issue bonds. It
imply declares our intent to da so at this point The order i necessary
go that w may begin undertaking certain of these projects in a tmely
enough manner.
Having said that, a couple of other comments are appropriate in this
contest. First, we are currently in the process of determining what unused
pmveede may be remaining from previous bend is and which may be used
o fund this year Capital projects. Rasumingsuch excess proceeds exist,
the a of this year's bond i will be c rately lase. Second,
e haveuncluded in the Declaration $1.7 million for the Childress Museum,
in the event that they and we decide to re -fund their loan to the City with
bond proceeds. As you know, no final decision has been made in this regard,
either by them or the Council.
I recommend your approval.
DEPARTMENT HEAD
Manager's Co®ente:
CT,
CITY NANAGHRN?
OrderAssociated Info xmetiov:
Olde[
Budget Approval:
FINANCE DZ
Legal approval:
xncrmeeea For
x2,55age
_First page of
Referral _
rtal al to t0 Finevte Committee
o0-358
Asaipai to (buacilw Parnham September 13. 2000
�YK
u CITY OF BANGOR
(TITLE.) ORDER,CunstiWbng Dedamtionof OfridallnWnt Pun:uantWTreasury
Regulations §3.150-2
By ase one Counor of the 6ryoteanga:
ORDERED,
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 costs of the Projects through the
Issuance of bonds or notes In anticipation thereof; and
WHEREAS, certain of the costs of the Projects may be paid by the Issuer prior W the
issuance of such bonds or notes but are Intended to be reimbursed from
the proceeds thereof, and
WHEREAS, Treasury Regulation § 1.150-2 requires that an Issuer declare Its official
Intent to reimburse expenditures with Proceeds of borrowings within 60
days of the date of expenditure;
NOW, THEREFORE, the Issuer does hereby declare its official Intent as follows:
1. Declaration of Intent The Issuer reasonably expects to reimburse expenditures
made on the Projects with the proceeds of bonds or notes In anticipation thereof to be
issued by the Issuer In the maximum principal amount of $7,496,750, plus an amount
not to erred 2% for payment of costs of issuance.
2. General Descripton of Property to which Reimbursement Relates. The following
Is a reasonably accurate general functional description of the Projects with respect to
Which reimbursement will be made:
Parking facility expansion/rehab
$2,800,000
Loan to Eastern Maine Children Museum
1,700,000
Local share, Combined Sewer Overflow projects
1,050,300
Motor Pool vehicle repWcement
563,750
City Nursing Facility life
safely projects
422,000
Motor Pool automated vehicle wash
1950000
Police Dept. Engineering/design work
150,000
Community Center roof replacement
116,000
Waterfront infrastructure 500,000
City Hall stairwell enclosure 90,000
Local share, BACrS projects 80,000
Community Center life safety improvements 55,000
City Hall smoke debectors/Bre alar system 500000
CIN Hall eII controller Dog motor 40,000
Total $7,017,050
3. Public Availability of Official Intent This Declaration of Official Intent shall be
maintained as a public record of the Issuer and shall be maintained and othervdse
supervised by Its Clerk 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.
4. Treasury Regulation. This is a declaration of official Intent pursuant IA the
requirements of Treasury Regulation 4 1.1502.
5. Authority for Declaration. This declaration is adopted pursuant to the following
action of the Issuer: Order adopted by its City Council.
IP cm WMCIL
September 13, 2000
Notion for Passage Hade
amd Seconded
P"sed
TY CLc�
00-358
ORDER
Title, constituting neclaratfan of
Official Intent Wisuaat to Treasury
Beguiatlons 41.150-2
p Assigned ��to�l
N9 FdkwldCouncilor