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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