The Pittsfield Town Council will hold a Public Hearing on Tuesday, September 06, 2016 at 6:30 pm in the Pittsfield Municipal Building Council Chambers at 112 Somerset Avenue, Pittsfield to consider the following:
ORDINANCE 16-13: (To be set to Public Hearing on 09/06/2016)
TOWN OF PITTSFIELD
ORDINANCE AUTHORIZING ISSUE OF UP TO $85,000
PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS
The Town of Pittsfield Town Council hereby ordains improvements to the Town's water system and financing thereof pursuant to the State's Drinking Water State Revolving Fund on the following terms:
1. Pursuant to the Constitution of the State of Maine, Maine law, including Title 35-A and Title 30-A, Section 5772 of the Maine Revised Statutes, as amended, and the Town Charter, and all other authority thereto enabling, the Town of Pittsfield is authorized to sell its general obligation bonds and notes in anticipation thereof and to borrow from the Maine Municipal Bond Bank State Revolving Fund (SRF) and to expend, a principal amount not to exceed Eighty Five Thousand Dollars ($85,000), the proceeds of the loan or loans to be used to finance the design of improvements to the Town' s water system including the Hunnewell Avenue Water Main Replacement and Secondary Route from Treatment Plant (the "Project"), said loan or loans to be evidenced by a General Obligation Bond or Bonds of the Town, for a term not to exceed 20 years, and any Notes in anticipation of such Bonds, such Bonds and Notes to be executed on behalf of the Town by the Town Treasurer and counter-signed by the Mayor of the Town and to be at such interest rates, if any, as may be established by the Maine Municipal Bond Bank and approved by the Treasurer and the Mayor, with such maturities, and to be on such further terms and conditions as may be prescribed by the Maine Municipal Bond Bank and the State of Maine Drinking Water Program, and approved by the Treasurer and the Mayor (the "Bonds" and the "Notes"), such approval to be conclusively evidenced by their execution of the Bonds or Notes.
2. The Mayor and the Treasurer are hereby authorized to execute and deliver on behalf of the Town a loan agreement, relating to the issuance of the Bonds and any Notes in anticipation thereof, in such form and on such terms as the Maine Municipal Bond Bank shall require.
3. The Mayor and the Treasurer are hereby authorized to execute and deliver on behalf of the Town loan application and other applications with the State of Maine Drinking Water Program and the Maine Municipal Bond Bank and an application to the Maine Public Utilities Commission for approval to issue the Bonds or Notes.
4. The municipal officers and officials of the Town are hereby authorized to execute all documents and certificates, and to take all action, including affixing the seal of the Town, as may be necessary or convenient to carry out the full intent of the foregoing votes or any one of them.
5. This Ordinance shall take effect 30 days after its adoption.
Aug. 23, 2016
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