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