OFFICE OF THE MAYOR
550 MAIN STREET
HARTFORD, CONNECTICUT 06103
EDDIE A. PEREZ MAYOR
October 4, 2005
Honorable Hernan LaFontaine, Council President Members of the Court of Common Council City of Hartford
550 Main Street
Hartford, CT 06103
RE: Revised Ordinance Concerning Allocation of $5.75 Million for
Hartford's 2005-2006 Capital Improvement Plan
Dear Council President LaFontaine:
The purpose of the attached ordinance for $5,750,000 is to fund, in part, the City's 2005-2006 Capital Improvement Plan and to provide additional funds for Central Library construction. It was introduced to the Court of Common Council on September 12, 2005 and a public hearing was held on September 19, 2005. The revised version of this ordinance will be discussed at the Council's Revenue & Finance Committee meeting on October 4, 2005.
The changes in this revised ordinance are as follows:
1. The line in the original ordinance under section PARKS and RECREATION called POPE PARK INDOOR POOL REPAIRS has been changed to "Pope Park Pool Repairs/Master Plan" and the amount is changed from $250,000 to $400,000. This additional funding will allow for a major engineering design effort to completely renovate Pope Park, in keeping with the new, updated Pope Park Master Plan.
2. The amount for "Municipal Facility Renovations" has been increased from $1,000,000 to $1,200,000. This additional funding will help pay for renovations to a facility that will house the 311 Center that should begin operation in the spring of 2006.
3. The amount of funding allocated to the Metzner Center has been changed to $150,000.
Your support for this revised ordinance is respectfully requested.
EDDIE A. PEREZ
ORDINANCE MAKING APPROPRIATIONS FOR VARIOUS PUBLIC IMPROVEMENTS AGGREGATING
$5,750,000 AND AUTHORIZING THE ISSUANCE OF $5,750,000 BONDS OF THE CITY TO MEET
SAID APPROPRIATIONS AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY
BORROWINGS FOR SUCH PURPOSE
1. The sums set opposite the public
improvements hereinafter listed (as more fully described in the narrative
description of such improvements in the Mayor’s Recommended Budget - 2005-2006
Adopted Capital Improvement Program) are hereby appropriated to meet the costs
thereof, respectively, and for administrative, printing, legal and financing
costs related thereto, said appropriations to be inclusive of any and all
Federal and State grants-in-aid thereof:
FACILITIES/PUBLIC SAFETY FACILITIES:
City Buildings ADA
City Buildings Environmental Compliance
City Buildings Energy Conservation, Security
Technology and Communication
Roof Replacement at Various City Buildings
Municipal Facility Renovations and Consolidation
Main Library Improvements
Elizabeth Park Improvements
Pope Park Pool Repairs/Master Plan
Metzner Recreation Center Renovation and
City-wide Sidewalk Replacement
Rising Star Block, Pride Block, Infrastructure
The estimated useful life of the projects is not less than twenty years.
The total estimated cost of the projects is $5,750,000.
No part of the cost of the projects is expected to be defrayed from
sources other than the proposed bond issue.
Section 3. To meet the appropriations $5,750,000 bonds of
the City, or so much thereof as shall be necessary for such purpose, shall be
issued, maturing not later than the twentieth year after their date.
Said bonds may be issued in one or more series provided that the total
amount of bonds to be issued shall not be less than an amount which will provide
funds sufficient with other funds available for such purpose to pay the
principal of and the interest on all temporary borrowings in anticipation of the
receipt of the proceeds of said bonds outstanding at the time of the issuance
thereof, and to pay for the administrative, printing and legal costs of issuing
the bonds. The bonds shall be in
the denomination of $1,000 or a whole multiple thereof, be issued in fully
registered form, be executed in the name and on behalf of the City by the
facsimile or manual signatures of the Mayor and the City Treasurer, bear the
City seal or a facsimile thereof, be certified by a bank or trust company, which
bank or trust company may be designated the registrar and transfer agent, be
payable at a bank or trust company, and be approved as to their legality by
Robinson & Cole LLP, Attorneys-at-Law, Hartford, Connecticut. The bonds
shall be general obligations of the City and each of the bonds shall recite that
every requirement of law relating to its issue has been duly complied with, that
such bond is within every debt and other limit prescribed by law, and that the
full faith and credit of the City are pledged to the payment of the principal
thereof and interest thereon. The
aggregate principal amount of the bonds of each series to be issued, the annual
installments of principal, redemption provisions, if any, the certifying,
registrar and transfer agent and paying agent, the date, time of issue and sale
and other terms, details and particulars of such bonds, including approval of
the rate or rates of interest, shall be determined by the Mayor and the City
Treasurer in accordance with the General Statutes of Connecticut Revision of
1958, as amended (the “General Statutes”).
bonds shall be sold by the Mayor and the City Treasurer in a competitive
offering or by negotiation, in their discretion.
If sold in a competitive offering, the bonds shall be sold at not less
than par and accrued interest on the basis of the lowest net or true interest
cost to the City. A notice of sale
or a summary thereof describing the bonds and setting forth the terms and
conditions of the sale shall be published at least seven days in advance of the
sale in a recognized publication carrying municipal bond notices and devoted
primarily to financial news and the subject of state and municipal bonds.
If the bonds are sold by negotiation, the terms and conditions of the
purchase agreement shall be approved by the Mayor and the City Treasurer.
Mayor and the City Treasurer are authorized to make temporary borrowings in
anticipation of the receipt of the proceeds of said bonds.
Notes evidencing such borrowings shall be signed by the Mayor and the
City Treasurer, have the seal of the City affixed, be payable at a bank or trust
company designated by the Mayor and the City Treasurer, be approved as to their
legality by Robinson & Cole LLP, Attorneys-at-Law, of Hartford, and be
certified by a bank or trust company designated by the Mayor and the City
Treasurer pursuant to Section 7-373 of the General Statutes.
They shall be issued with maturity dates which comply with the provisions
of the General Statutes governing the issuance of such notes, as the same may be
amended from time to time. The
notes shall be general obligations of the City and each of the notes shall
recite that every requirement of law relating to its issue has been duly
complied with, that such note is within every debt and other limit prescribed by
law, and that the full faith and credit of the City are pledged to the payment
of the principal thereof and the interest thereon.
The net interest cost on such notes, including renewals thereof, and the
expense of preparing, issuing and marketing them, to the extent paid from the
proceeds of such renewals or said bonds, may be included as a cost of the
projects. Upon the sale of the
bonds, the proceeds thereof, to the extent required, shall be applied forthwith
to the payment of the principal of and the interest on any such notes then
outstanding or shall be deposited with a bank or trust company in trust for such
Section 6. The balance of
any appropriation not needed to meet the cost of any project included in Section
1 hereof or the proceeds of any bonds not needed to meet such cost, may be
transferred by resolution of the City Council to any other appropriation
included in Section 1.
The issuance of bonds and notes authorized hereunder is within any debt
limitation prescribed by law.
City hereby expresses its official intent pursuant to §1.150-2 of the Federal
Income Tax Regulations, Title 26 (the “Regulations”), to reimburse
expenditures paid sixty days prior to and anytime after the date of passage of
this ordinance in the maximum amount and for the Project with the proceeds of
bonds, notes, or other obligations (“Bonds”) authorized to be issued by the
City. The Bonds shall be issued to
reimburse such expenditures not later than 18 months after the later of the date
of the expenditure or the substantial completion of the Project, or such later
date as the Regulations may authorize. The City hereby certifies that the intention to reimburse as
expressed herein is based upon its reasonable expectations as of this date.
The Director of Finance or his designee is authorized to pay project
expenses in accordance herewith pending the issuance of reimbursement Bonds, and
to amend this declaration.
Director of Finance is hereby authorized, on behalf of the City, to enter into
agreements or otherwise covenant for the benefit of bondholders to provide
information on an annual or other periodic basis to nationally recognized
municipal securities information repositories or state based information
repositories (the “Repositories”) and to provide notices to the Repositories
of material events as enumerated in Securities and Exchange Commission Exchange
Act Rule 15c2-12, as amended, as may be necessary, appropriate or desirable to
effect the sale of the bonds and notes authorized by this ordinance.
Any agreements or representations to provide information to Repositories
made prior hereto are hereby confirmed, ratified and approved.