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. DEPAE� DEAD yy�� manager's commensal 0.dmei+D K. uy,'iT✓�0.4aru NWS-., wG,rp. u.nA 6vu.W��, nQ&AMAa d ,Na CSTYdG. 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 -f�, 6,4,. j �fbk f G .Tena �,,;d, �,qm 413ffl000 16 �1ll��atr0 C.we�"CQ+c�"e�O �1�3.aao.Gr<au+x F,l.(si �AA-�,vl .G.ndnAa wi uk nn^""J°'d?"T'"`"„���"p��;�,• — y AwNnde nn.®`H 40 qw�wd� ,nemaAeQm� �dv LOW alij, a� 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 � BMW Mak", kf WMW IMPNO WWNI,BWpIWWr MW MjvwIfte BNA" POW It VW WW Mol 400 M :...\_ wk . - CRY 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