HomeMy WebLinkAbout1999-08-09 99-281 ORDERCOUNCIL ACTION
Date, 8-9-99 Item Nom-' l
Item/Subject: ORDER authorizing the issuance Of Up to $1,630,000 aggregate
principal amount of general obligation Mande amb/or nates in anticipation
thereof aha a tax levy therefor.
8eaponeible 13epatttlent: Finance
Coamsmtaey: The attached order would authorize the issuance of debt to food
the following projects:
peacription Acnunt
acquire motor Deal vehicles 8575,000
Replace dumber boards, capped locker -
cm facilities at Sawyer scene 398,000
Complete landfill closure 150,000
Perform a facility needs assessment at
Bass Park and remediate 155,000
Remove exterior walkway at Pees Park 80,000
Renovate Civic center lobby 75,000
Replace Armory boiler 60,000
Seal and waterproof Mansfield Stadium 60,000
Renovate Civic Center contrNOs 50,000
Re-Marcite interior lining at meat aide pool 45,000
1 f '1' m t ids 1 13 000
Total $1,630, 000
These projects were
identified and authorized by Council action during the Y2K
budget proceme. In addition, there are two other projects for which bond
orders had previously been passed. These authorizations, and the connote to
be included in the upcoming bond issue, are as follows:
me Authorized as this Year
CSO projects 97-o25 $5,000,000 $1,110,000
Frown's Bafldi g project 98-361 1,000,000 1,934,300
Finally, there are the Carpenter projects at the City Nursing Facility, for
.which we have projected the issuance of $500,000 in Benda, and for which we
may soon be Caning back for authorization. Thus, we may be issuing up to
$5.159.300 in debt helm year for the above projects. There are, however, sme
queetloble items, including the CNF project (which the Council my ormay
m
not decide to proceed with, given the recent decision to restructure), the
$150,000 for landfill closure (which map not be needed) and the $1,934,000
associated with the Frames's Building project which, if we use other sources
of capital funds currently available (is. the proceeds of last year's bond
issue for the Sylvan Bond building purchase aha a portion of the proceeds from
the sale of Capebart housing mite) we may be able to postpone for up to two
and a half years. Thie will involve a reauthorization as to purpose for these
proceeds, and we expect to bring that to you in the near future.
I recurrence your approval.
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Associated IDfOrn tion:
Order, public notice
Budget Approval:
FINANCE DZR&CTOB
Legal Approval:
CITY SOL ICI
latrodusad For
Passage
XFirst sending Pega_o£
Referral to Finance Committee
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Assindto Comcilar Aube August 9. 1999
*Wee 1�t CITY OF BANGOR
It
':JAL• .a LY Y J1 a;_. a :oar a I, :,YY IMla
IllE aly,Clu//Icya int Qty ofNrim:
ORDERED,
xeAx
THAT Pursuant to 30-A MR.S.A Section 5772, Section 8 ofArticle W of the City Charter
(Private and Special Laws of 1931, Chapter 56) and all amelldmeds thereof and acts additional
thereto, and all other authority thereto enablwg, there is hereby authorized the ism and sale at
we time and from time to time up m One Million Six Hundred Thirty Thousand Dollars
($1,630,000) aggregate principal amount of general obligation bonds of the City of Bangor, plus
W be two percent (2%) of &a principal amount of each issue in series to food issuance onset.
The pr eceeda derived from the sale of said bonds, including premium, if my, shall be used and
are hereby appropriated be pay a portion of the casts (as herein defined) of the following pmjads
(the "Projects"):
EaBmatd
Description
A t
Life
Acquire Moes Pool vehicles
$575,000
10years
Replace dasher boards, expend looker
mom facilities a Sawyer Areca
398,000
10 -Miners
Complete landfill closure
150,000
Myears
P needs eesessmwt at
k=it r
levee Park
Bass Parkmdremediace
125th
Remove extwivi walkwayat Hess Park
80,000
20yeare
loyears
Renovate Civic Center lobby
75,000
Replace Armoprooilw
6Q000
20years
20 years
Sea] and waterproof Stadium
20 years
Re Civic Center
50,000
50,000
years
Marc at Wo
R>Memharing interior Ihmies atWer[side pool
45,000
10
10 years
Expand otal fxT" West 'de pool
12000
Told
$1
$1,630,000
I9 CIT2 COUNCIL
August 9. 1999
P1ret Needing
Referred Piona�n�cee CCo®�i[tee
CITY Cl"K
IR CTI! CO®CIL
August 23, 1999
PUBLIC BEARING: Public Rearing
Opened . Bong Clende®ing, Catell
Street residint spoke opposing ex-
penditures on the Civic Center and
Auditorium. Public Rearing Closed
Notion to Amend by Substitution
made sod Seconded Notion to Pass
as Amended by Substitution Made sed
secoaded
99-281
O R88R
1• Title. Authorizing the Issuance of up
to $1.630.000 Rggregate Principal Amount
i. of General Obligatlw Bonds. Rotes in
Anticipation Y reof sed a I= Leoy
Sherefor
kh . % M�71
..
-281
AS AMNDED
144
CITY OF BANGOR
ISSUANCE OF � TO $1,335.000 AGGREGATE
.. 1, IPA 41 ..-. - OBLIGATION BONDS, . N ANTIC
THEREOF AND A T� LEVY THEREFOR
THAT Pumuant to 30-A KR.S.A. Section 5772, Section S of Article VI of the City Charter
(Private and Sprval Laws of 1931, Cbapor56) and dl mnendmeno Nermfand acts edditicml
thereto, and all other authority thereto enabling, Nae is hereby authorized the once and sale a
me Nee and Imre time m time up m One Million Three Hundred Thirty-five Thousmd Dollars
($035,000)saregate Principal amount of general obligation bonds of the CityofBorder, plus
W to two percent (2%) of the principal meant of each issue or series to fund issuance mats.
The proceeds derived from the sale of said bards, including premium, if any, dull be used and
am hereby appropriated o pay a portion of she mets (as berein defined) of the following projects
(Ne "PmJects"):
Estimated
Description Amount Life
Acquire MororPmlvehicla $575,000 IOyeam
Replace dasher boards
Sawyer Areae 113,000 10,20years
Completelandfillclosum 150,000 IW years
Perform a facility needs assessment at
Bass Pakmd rmediate 125,000 l0yems
Remove exterior walkway m Bass Park 80,000 20 years
Renovate Civic Center lobby 75,000 l0years
Replace Armory boil¢ 50,000 20yems
Seal and waterymofMmnsfield Sodium 60,000 20 years
RemvmeavicConterres0ooms 50.00D l0yems
Re-Marehe interior lining a Want side peel /5,000 l0yeam
Excand praising facilities West side good 12.00D 20 years
Tool $1,335,000
THAT the estimated weighted period of utility for the property constituting the Projects to be
fmaaced with the proceeds of said bonds is hereby determined to be the period of time indicated
shove for each of the Projects.
THAT the date, maturities, denomunations, interest rete or rules, piece ofpeymem, and other
details of each issue of said bonds, W tefingthe timing and provision for their sale and award
and the selection of an underwriter, shall be determined by the Finance D lftr with the
approval of the Finance Committee and the Chairman of the City Couaacil.
THAT the bonds hereby undaunted may be made subject to cell for ademption, whir or without
apremium, before the date fixed for fired payment of the bonds, as provided in 30-A M.R.S.A,
Section 57]2(6), as amended, as shell be determined by the Famous Director with the approved
of the Finance Committee.
THAT said bonds shill be signed by the Finance Director, countersigned by the Chairman of the
City Council, sealed with the seal of the City, attested by its Clerk, and shell be in such forth and
carom such teams and provisions not inexamistot herewith as they may approve, then approval
as be conclusively evidenced by dean execution thereof Any issue of bonds may be consolidated
with and issued d the some time as any other issue of bonds suthmized prior to than issuance,
and the bonds may be divided unto multiple series and issued in separate plans of fiomcing, with
the approval of the Fituance Committee sed the Chairman of the City CosswiL
THAT pursuant to 30-A M.M.A. Session 5772, Sectio 10 of Article VI of the City Charter
and any other authority thereto enabling, the Finance Drxmr, emir approval of the Finance
Committee and the Chairman ofthe City Counci4 is hereby authorized to issue temporary bonds
of the City in anticipation of the pongoing bond issue, said bondstu be signed by the Finance
Director, ountersigoed by the Chairman of the City Courmci4 sealed with the zed of the City,
attested by its Clerk, and otherwise to be in such form and contain such tens and provisions
including, without limitation, ourselves, dnomituetions, interest ate or muss, pie ofpaymn4
and other details as they shall approve, their approve] to be conclusively evidenced by then
ezeoution thereof
THAT nay temporary bods (including bonds mmewal thereof) authorized no be i emd under
this Order may, be issued in ombiotin with temporary bonds (including bonds in renewd
thereof) and bonds authorized to be issued by the City Council d my time prior tu the data of
isnaeraue of the temporary bonds.
THAT the Finance Diaeotor be end hereby is authorized to select the regisnm, paying agent and
transfer agent (the "Transfer Agent") for the bonds and to execute and deliver each contacts and
agreements as may be necessary or appropriate to secure their services
THAT the bonds shall be traversable only on the registration books of the City kept by the
mousier agent, and said principal amount of the bonds of the same maturity (but not of other
maturity), upon surrender thereof at the priradpd office of the transfer agent, with awoman
insmunmt of transfer satisfactory to the taosfer agent duly executed by the registered owner or
his or her attorney duly authorized to writing.
THAT the Fioeece Director and Chinaman of the City Council been, time m time shall execute
such bonds as may be requited to provide for exchanges or transient ofbonds as heretofore
exthorized, all such bonds to bear the original siilmure of the Finance Director and Chairman of
the City Cawood, and ie case my officer of the City whose signature appears on any bond shall
cease to be such officer before the deliver of said bond, each signature shall nevertheless be valid
and sufficient for all purposes, the same as ifsuch offiar had remained in office until delivery
thereof
THAT upon each exchange or transfer of bonds, the City and transfer agent shall make a charge
sufficient to cover any tax, fee, or other governmental charge required to be paid with respect to
such candor or exchange, and subsequent to the fust exchange or transfer, the cost of which
shall be home by the City, the cost of preparing new bonds upon exchanges or transfers thereof
shall be paid by the person requesting the same.
THAT the bonds and notes issued in anticipation thereof be issued an either a unable ora
tax-exempt bonds, or a combination thereof, on ddemJnd by the Furence Director, with the
approval of the Finence Committee.
THAT, if the bonds are issued on a rax exemin basis, the officers; wooming the bonds be and
hereby are individually authorized and directed to covenant and ardify m behalf of the City that
no part of the proceeds of the issue and sale of the bred; authorized to be issad hereunder shall
be used directly or indirectly to acquire any s inuires a obligatlona, the acquisition of which
would comm such bonds to be "arbitrage beads" within the meaning of Section 148 of the
Internal Revenue Code of 1986, as emended (the "Code').
THAT, if the bolls are issued on a tear exempt bests, the officers executing the bonds be and
herby son individually authorized to covenant and agree, on behalf ofthe City, for the benefit of
the holders of such bonds, that the City will file my required reports and take my other action
flied may be necessary to ensure that interest on the bonds will remain exempt from federal
income taxation and that the City will refrain firm my action that would cause interest on the
bonds in be subject to federal income taxation.
THAT the officers executing the bonds he and hereby are individually authorized to covenant.
certify, and agree, on behalfof the City, for the benefit of the holders of such bonds, that the City
will file any required reports, make my annual financial or material event dimlieme, and take
my other action that maybe necessary to ensure that the disclosure requirements imposed by
Rule 15c2-12 of ilia Securities and Exchange Commission, ifappliceble, are met
T T,ifthe bonds are issued on a tax exempt basis, the Fiomce Director be and hereby is
authorized and empowered to take all such action m may be necessary to designate the bonds as
qualified tax exempt obligations fa purposes of Section 265(6) of the Code; it being the City
Council's intention that, to the extent permitted under the Code, the bonds be Section 265(6)
designated and that the Finance Director with advice of bond course, make the required Section
265(6) electum with respect to such bonds to the whmt that the election may be available and
advisable as determined by the Finance Director.
THAT the "cost" or "coals" as used herein and applied to the Projects, or my portion
thereof, includes, but is not limited to: (1) the purchase price or acquisition cost of all or my
portion of the Projmts; (2) the cost of construction, building, alteration, Wargemm4
reconstruction, renovation, improvemen4 and equipping ofthe Projects; (3) the cost of a0
appicumanus and other facWties either oa, above, or mderthe ground which are mail or usable
improvernmts and developmmt; (g) the cost ofplanaing, developing, preparation of
specifications, surveys, mgineerhig, feuibility studies, legal and other professional services
associated with the Projects; (9) the cost ofmvimnmmtal studies and assensmeMa; (10) the coat
offivencing clones and issuance mats, including premiums for thsumam, interest prior to and
during construction and, to the estent permitted by the Internal Revenue Code, following
completion ofeonrnxmcz,underwriters'tees and co s, legal and accounting fees and costs,
application feu, and other has and expenses raising to the financing transaction; and (11) the
coal of all other financing authorized hereunder, whether related orunrelated a the foregoing.
THAT the inveslmmt easings on the proceeds of the bonds, if my, and the excess proceeds of
the bonds, deny, be and hereby are appropriated for the following purposes, such proceeds an, be
held and applied in the following order ofprionty:
1. TomycostsoftheRjm¢inexcusofthepr ipalamomtofdhbmds;
2. If the bonds are issued on am exempt basis, in amordancewith applicable terms and
provisiom of the Arbitrage and Use of Proceeds Certificate delivered in commtioo with the sale
of the bonds including, to the estaw perturbed thereunder, to the City's General Fund
THAT the Finance Director, Chatrman of the City Council, Clerk, and other proper officials of
the City be, and hereby are, authorized and empowered in its note and on it behalf an do or
cause to be done all such acts and &top u maybe necessary or desirable in order to effect the
issuance, sale, and delivery of the bonds and notes as hereinbefore authorized.
THAT if the Finance Director, Cheirmao of the City Council, or Clark are for any reason
unavailable to approve and execute the bonds or my related framing documents, the person or
persons then acting in my such capacity, whether as an wentan, adeputy, or otherwise, is
authorized to at for such official with the same force and eHmt as if such official had himself or
hereelfperforined such act.
THAT in each of the years during which my of the bunds are outstanding, there shell be levied a
rev in an amount which, with other revenue, if my, available for that purpose, shall be sufficient
to pay the interest on said bonds, payable in such years, and the principal of such bonds mounting
in such years.
THAT the estimated weightedfamod of utility for the property cons6lutlng the Projects to be
finmcod with the proceeds of said bonds is hereby determined to be the period of time irAcaW
shove for each of the projects
THAT the date, maturities, denominetims, interest rete or once, place of payment and other
details of such issue of said bonds, including the timing and provision for thew cele and award
and the selection of an underwriter, shall be determined by the Famous Director with the
approval of me Finance Committee and the Chairman of the City Counnl.
THAT the bonds hereby anOoriud maybe made subject to call for redemption, with or without
a premium, before the date fixed for final payment of the bonds, as provided in 3(-A M.R.S.A.
Section 5772(6), us amended, as shell be dnemtined by the Finance Director with the approval
ofthe Finerre Committee.
THAT said bonds shall be argued by the Finurce Director, counterstgoed by the Chairman of the
City Council. served with the seal of the City, attested by its Clerk, and shell be in such form end
women such terms and provisions not inco anamet herewith as they may approve, thein approval
to be conclusively evidenced by their execution thereof. Any issue of bonds may be consolidated
with and issued at the same time as my other issue of bends authorized prior m their issuance,
and the bonds may be divided into multiple series and issued in sryune plans of Immune& with
the approval of the Finance Committee and the Chairmen of the City Council.
THAT puaum[ to 3(-A M.R.S.A. Section 5772, Section 10 of Article W of the City Choler
and any other mthorry thereto anabling, the Finance Director, with approval ofthe Finance
Committee and the Chairman of the City Council, is hereby authorized to issue temporary bonds
ofthe City in anticipation of the forgoing bond issue, said bonds to be signed by the Finance
Director, com tinned by the Chairman of the City Council, seated whir the seal of the City,
attested by its Clark, and otherwise be in such from and contain such terns and provisions
indudiog, without limitation, maturities, demmirations, interest ones or mass, place ofpaymmt,
and other details as they shell approve, their approval to be conclusively evidenced by $aiir
execuhonthereef.
THAT any temporary bonds (including bonds in renewal thereof) authorized to be issued under
this Ord" may be issued in combination with temporary, bonds (rmluding bonds in removal
th"eot) and heads authorized to be issued by the City Covent m any time prior to rhe sero of
issuance of the temporary bonds.
THAT the Franco Doectm be and hereby is anthorind ro select the registrar, paying agent, and
transfer agent (the "Transfer Agent") for tha bonds and to assume and deliver such contracts and
agreements as may be necessary or appropriate to am= their services.
THAT the bonds shall be translatable only on the registration books of the City kept by the
transfer agent, and said primipal meant of the bonds of the same maturity (but not of other
maturity), upon surrender thereof the principal office ofthe hansRr agent with a written
asshmlent of transfer astsfamory to the transfer ager duly executed by the registererl own""
his or her attorney duly authorized in writing.
99-281
THAT the Finance Director and Chaim" of the City Council from time to time shall execute
such bonds as maybe required to provide for exchanges or transfers of bonds as heretofore
authorized, all such bonds to bear the original signature of the Finance Dimmer and Chairman of
the City Council, and in case my officer of the City whose signature appears on any bond shall
cease to be such officer before the deliver of said bond such signature shall nevertheless be valid
and sufficeem for all purposes, the same a if such officer had remained in office =61 delivery
thereof.
THAT upon each exchange or member of bonds, the City and mother agent shall make a charge
sufficient an cover my tax, tee, on other governmental clangs required to be paid with respect to
such transferor exchange, and subsequent to the fust exchange or tmmfix, the cost of which
shall be home by the City, the cost of preparing new bonds upon exchanges or numbers thereof
shall m paid by the per em requesting the same.
THAT the bonds and tutee issued m anticipation thereof be issued an either a taxable or a
tax-exempt basis, or a combination thereof, as determined by the Finance Director, with the
approval of the Finance Committee.
THAT, if the bonds aR issued on anax exempt basis, the officers executing the bonds be and
hereby are individually mthore d and directed m covenant and certify on behalf of the City that
no pert of the proceeds of the issue and sale of the bonds amhorized to be issued hereunder shall
be used directly or indirwtly to acquire my securities or obligations, the acquisition of which
would corse such bonds to be "obitiage bonds" within the meaning of Section 148 of the
hu nal Reveue Code of 1986, as ameMd (the "Code").
THAT, ifthe bonds are issued m a W exempt basis, the officers executing the bonds be and
hereby are individually authorized to covenum and agree, on behalf ofthe City, for the benefit of
the holders of such bonds, that the City will file any required reports and take my other action
that may be necessary to ensue that interest on the bonds will remain exempt from federal
income notation ad that the City will refrain from any action that would cause interest on the
bonds to be subject to federal income tazatim.
THAT the officers executing the bonds be and hmby are individually authorized to covenant,
certify, and egee, on behalf of the City, for the benefit of the holders of such bods, that the City
will file any required reports, make my account licensed or material even disclosure, end take
my other intim that maybe necessary W ensure that the discloane requirements imposed by
Rule I5c2-12 of the Securities and Exchange Commission, if applicable, are met.
THAT, if the bonds are issued on s our exempt basis, the Finance Director be and hereby is
authorized and empowered to take all such action as maybe necessary to designate the bonds as
qualified tax-exempt obligations flr purposes of Section 265(6) of the Code; it being the City
Council's intention that, to the extent permitted order the Code, the bonds be Section 265(b)
dwig ad and that the Finance Director with advice of bond counsel, make the required Section
265(b) election with remect to such bonds a the extent that the election may be available and
advisable as denu ind by the Finance Director.
THAT the tam "mat" or"costs" as used herein and applied W the Projects, or my portion
thereof, includes, India not limited to: (1) the purchase price or acquisition cost of all or my
99-281
portion of the projects: (2) the cost ofconsbuctioq building, alteration, mlargarnerN,
reconstluction renovetion, improvemen4 and equipping of the Projects; (3) the cost of all
gipurtmmoes and other fmititiw eitheron above, or under the ground which are used or usable
in connection with the Projects; (4) the cost oflushospnrg, site preparation, and remodeling of
my impmvementa or facilities; (5) the cost of all labor, materials, building systems, machinery
and equipment; (6) the cost of lend, sometimes, real property interests, rights, eesammts, and
frmcltises acquired or connection with the projects; (7) the cost of ell utility extensions and site
improvements and development: (8) the cost of planning, developing, preparation of
spmificetion4 surveys, engineering, feasibility studies. legal and other proficadmal services
associated with the Pmjects;(9) the cost ofmviromnenbl studies and evesmmnt5;(10) the"
of financing charges and issuance cosy, including premiums for insurance, interest prior m and
during construction and, m the extent permitted by the hdemel Revenue Code, following
completion of construction, underwriters' fees and costs, legal and accounting face and costs,
application fees, and other face and expenses relating to the financing transaction; and 01) the
cwt of all other financing authorized hereunder, whether related or unrelated to the foregoing.
T T the investment earnings on the proceeds of the heads, if my, and the excess proceeds of
the bonds, if any, be and hereby m appropriated for the following purposes, such proceeds m be
held and applied in the following order of priority:
1. To any costa of the Projects as excm of the principal mom[ of the bonds;
2. ffthe bonds are issued on a tet exempt basis, in accordance with applicable terms and
provisions of the Arbitrage and Use of Proceeds Certificate delivered in cnnnectim with the sale
of the bonds including, to the extent permitted thereunder, to the City's General Fund.
THAT the Fiance Director, Chairmm of the City Council, Clerk, and other proper officials of
the City he and hereby are, authorized and empowered in its name and on its behalf to do or
cause in be done all such acts and things as may be necessary or desirable in order effect the
issuance, sale, and delivery of the bonds and now as herelabefrre authorized
THAT if &a Finance Director Chairman of the City Council, or Clerk are for any reason
unavailable to approve and execute the bonds or my Hated fiemcing documents, the person or
persons than acting in my such capacity, whether w an assistant adeputy, or otherwise, is
authorized te rot for such official with the same force and effect as if such official had himself or
herselfperfs coed such act.
TMT in each of the years during which my of the heeds we outstanding, there shall be levied a
rix m an amount which, with other revenues, if any, avvleble for that purpose, shall be sufficient
to pay the interest on said bonds, payable in such years, and the principal of such bonds maturing
in such years.
PUBLIC HEARING
CITY OF BANGOR
General Obligation Bonds Not to Exceed
$1,630,000
The Bangor City Council will hold a public hearing at its
regular meeting at 7:30 PM on Monday, August 23, 1999 in
the City Council Chambers, on the third floor of City Hall, 73
Harlow Street, Bangor, Maine, for the purpose of hearing
public comment on a proposed general obligation bond of up
to $1,630,000. Proceeds will be used to finance the
following projects:
Acquisition of Motor Pool vehicles $575,000
Replace dasher boards, expand locker
room facilities al Sawyer Arena 398.000
Complete landfill closure 150,000
Perform a facility needs assessment at
Bass Park and remediate 125,000
Remove exterior walkway at Bass Park 80,000
Renovate Civic Center lobby 75,000
Replace Armory boiler 60,000
Seal and waterproof Mansfield Stadium 60,000
Renovate Civic Center reslrooms 50,000
Re-Marche interior lining at West side pool 45,000
Expand i facilities t West side pool 12.000
Total $1,630,000
A copy of the entire order is available to the public in the City
Clerk's Office at Bangor City Hall. The public is invited to
address the Council on this proposed bond issue.
Date of Notice: August 9,1999
Gail E. Campbell
City Clerk
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CITY OF BANGOR -FINANCE COOdOH'I"1'EE RESOLUTIONS
APPROVING TRE DETAH,S OF TRE CITY'S
$3,105,000 2000 GENERAL OBUGAUON BOND
WHEREAS, poured to Cowcil Order 97-25, broadly adopted December 9,19%, which Offer
amends Conoco Order 95-84, finally adopted February 13,1995, Cowcil Order 98-362, finally adopted
September 28,1998, Conocil Order 99-281, finally adopted Augast 23,1999 and Cowcil Order 00-88,
tonally adopted ]worry 24, 2000 the City is authorized m issue its general obfigation bowls in an a nowt
not to exceed$3,105'MO, to provide foods for the below -slated purposes as feHova(the "P jectC):
Amount heated by the
purees ¢ Authorized 2000 Bonds
CSOProjects $510001000 $732,000
Freese's Building 2,110 ,M 1,934,000
Bass Park (Facilities Needs Assessmeos) 125,000 109,000
Bass Park(Walkway Removal) 80,000 80,000
Bess fork (Civic Center Lobby) 75'000 75,000
Bess Park (Civic CenterReshooms) 50,000 50,000
Sawyer Arena usher Boards Replanerint) 113,000 113,000
West Side Pont (parking Facilities) 12000 12000
Total $7,443,00000 $31000.00 $�
NOW, THEREFORE, the Finance Committee of the Bangor City Council hereby resolves:
That $3,105,000 oftbe City's 2000 General Obligation Bonds dated as ofSammry 1, 2000 be issued
m or Jamony 31, 2000 for the purpose of fivewing the Pmja6, and that the malwitim and interest rates
set forth in Eehibit A attached hereto be and hereby are approved.
Bonds headrest on or before lawary L 2010 are not subject to redemption prior to thew slated
datesofmstmity BmdsmalmingaftrSanuary1,2010ar mbjecttoredemptionpdortolheirstateddates
ofmatmity at Ore opfim orf the Gty, on or after January 1, 2010, as awhole at any time, m in pmt in such
infraofmaz ityas OweCity,ivitsdiscretion,maydetermine,mmyhaerestpaymwtdate,at We
respective redemption prices (expressed as percentages of the pnncipal amowt of Bonds to be redeemed)
set forth in the fallowing table, tugeNer with interest accrued end mpsid to the redemption date.
Redemption Period
(both dater inclusive]
January 1, 2010 to December 31,2010
January 1, 2011 and thereafter
Members of the Finance Committee:
Redemption
Price
101
CITY OF BANGOR - FINANCE C@41ITTES RESOLUTIONS
APPROVING THE DETAILS OF ME CITY'S
$3,105,000 2000 GENERAL OBLIGATION BOND
EXHIBIT A
Jan.
Amount
Couoou Rah
R/OYleld
Rl�
CUSIP
2001
$115,000
5.25%
4.00
101.110
060095Y O
2002
120,000
5.25
4.50
101.358
060095YPS
2003
125,000
5.25
4.60
101.751
060095YQ3
2004
130,000
5.25
4.70
101.942
06005YRI
2005
135,000
5.25
4.80
101.945
060NSYS9
2006
140,00
5.25'
4.90
101.774
06005YF7
2007
150,00
- 525
5.00
101:442
060095YU4
2008
155,000
5.25 -
5.10
100.962
060095Y
200
160,000
5.30
5.15
101.057
060095wo
2010
170,000
5.30
5.25
10.377
060095Y 8
2011
130,000
5.30
5.30
100.00
060095W6
2012
140,000
5.40
5.40
100.000
060095YZ3
2013
145,00
5.50
5.50
100.000
060052 7
2014
155,00
5.60
5.60
100.000
06005ZE5
2015
165,000
5.65
5.65
100.000-
06005ZC3
2016
175,00
5]Q
5.70
100.00
060095ZD1
2017
180,00
5115
5.75
100.000
060095ZE9
2018
]",BOB
5.80
5.80
100.000
0600952F6
2019
205,000
5.85
5.85
100.000
060095 W4
2020
220,00
5.90
5.90
100.000
06005Z112