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HomeMy WebLinkAbout1999-07-26 99-271 RESOLVEItem W.99-2711 Date: July 36, 1999 Item/Subject: Resolve, COrlBtllut1r19 DBdafatWn 0 DlRelal Intent Pursuant W TreaW% Regulation Section 1.1503 Responsible Department: Finance Under maddens adapted by the United States Treasury, the pry of Bangor must adopt a enchanted of official intent to bonaw funds prior or shordy after beginning any expenditure far pmjeds her which bores or other financing will be used. In Me near furore, we will be bringing W the Council a proposed bond order far Memmingymr. AFthesamebme,Itisnew torusbbeglntoe+.yadfundsoncenalnofthese projear in the near future in order for Mese projects to move forward expedttbusly. In ceder to inwre that we meet the requirements of federal regulations, I would request the the Council pass the attached Resolve. Passage M this resolve does net constitute Council auMerobatlon to undertake Mese projects, nor does it oammR the Csuncil to approve a bond order au0:odzi:g there projects or the proposed mounts. All pro)ats must be sepeon"I authorise], as must Me expenditure of City funds. This reasons will, howaner, insure that we can proceed where audho:izre In a fashen Mat will pmteG has City's tax-exempt bonowing status and insure regulation compliance. In effect, this remise Insures that we remain in full technical oanpfwnce with Treasury Regulations. This proposal was reviewed wgh the Finance Canmittee, which recommends your approval ceparMrent lead ManageYs Comments: Recommend approval Ory Mary g r 11990dand Inlofmallq:: Resolve Finance Director Legal Approval: miry o,ommor Introduced for __)!_Passage _ First Reading page_ of Resented Assigned to councilor Blanchette Joly 26, 1999 CITY OF BANGOR (TITLE.) Remlve, [• st't H De I t'on of OfF ' I Into t P t t Treasury Reoulation 61.150 - By me 0Zy C'owstl/ df me OtyW &Vigor.' WHEREAS, the City of Bangor, Mnine(the`lssuC') comedy islands to proceed with the projects described below (the `PotJmts^); and WHEREAS, thelsmaintm&wfinancethemstsoftheP imctsthm4htheissemce0f bonds or votes in anticipation thereof and WHEREAS, certain of the costs of the Projects may be paid by the Issuer prior m the issuance, of such bonds or notes but are mended to be rehabureed firm the proceeds thereof, and WHEREAS, Treasury Regumtion§I.150.2requvea that en lssuerdmWeits official iokmm reimburse mpmaboon s with proceeds ofbo newwgs within sixty days of the date of the expenditure; NOW, THEREFORE, BE IT ORDERED, THAT the Issuer does hereby declare its official intmt as follows: 1. Declaration of The lancer reasonably expects m reimburse expenditures made m the Potions with the proceeds of bonds or notes in mticipatim thereof to be issued by the Issuer in the maximum principal amoot of $1,605,00% Plus an amount not to exceed 2% for payment of costs of issuenm 2. Thefollowing is arunmably notation general factional description of the Projects with resyot to which reimbursement will be made: CityMotor Pool Acquisition of Vehicles $ 550,000 Sawyer Aram Replace dasher boards, upend locker room iodides 39$000 landfill Complete landfill closum 150,000 Bass Park Perform a foBity news assessment 125,000 Base Park Bnteriorwelkwayremovel 80.000 Bus Park Civic Center lobby renovations 75,000 Armory Replace boiler 6%000 Mansfield Stadium Seal and waterproof concerns: 6%ODD Bess Pak Reeovale CSvk CemQmbODUs 50.000 Want Side Pool ReMacite interior fns 45,000 West Site Pool atpandpmkingfacifidan 12000 $1,605,000 3,fp�ty of Official I t. This Declaration of Official Intent shill be maintained as a public record of the Issuer and shag be maintained and otherwis s supervised by ita Clerk onbehalfofthe lssua. This Declamion of Official brteet shill be available forpubfic ioapectlonattheol5wofthe Clerkdwingno albusinesshoureofthelssua. 4. Treasury Re¢ulado . Tbis is a doclaretionofolficid intempuremat to the regaimmmts ofthe Treasury Regdatlon $1.150.2. S. Audsomvlori>cc];wwjvn. This declumms is adopted pumoaslto the following action ofthe issuer: Order adopted by its City Courem. IM CITY Comm July 26. 1999 Motion for passage Hade sol Recooaea - I Passed 99-2)1 Rggo LVE Title, Cooatitufiog Oaclaratlon Of Official Intent Pursuant to Trauma" Regulation g 1.150-2