OFFICE OF THE MAYOR

 550 MAIN STREET 

HARTFORD, CONNECTICUT 06103


 

EDDIE A. PEREZ MAYOR                                                                                                                                                Telephone: (860) 543-8500 Fax: (860) 722-6606


         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.                

This funding will be put towards the large renovation project called the Metzner Center which has already been appropriated $3,500,000. All bids for construction contracts on the Metzner Center should be received by January 1, 2006.

                Your support for this revised ordinance is respectfully requested.

 

           Respectfully submitted,

        

 

EDDIE A. PEREZ

AN 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

 

 

                                                                                                                                       September 12, 2005

                                                                                                                                                         

Section 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:

PUBLIC FACILITIES/PUBLIC SAFETY FACILITIES:

            City  Buildings ADA Modifications                           $ 250,000

            City Buildings Environmental Compliance                     400,000

            City Buildings Energy Conservation, Security

            Technology and Communication                                 300,000

            Roof Replacement at Various City Buildings                500,000

            Municipal Facility Renovations and Consolidation

            Study                                                                       1,200,000

            Main Library Improvements                                         900,000

 

PARKS AND RECREATION:

            Elizabeth Park Improvements                                         550,000

            Pope Park Pool Repairs/Master Plan                             400,000

            Metzner Recreation Center Renovation and

            Expansion                                                                       150,000

 

INFRASTRUCTURE:

           City-wide Sidewalk Replacement                             100,000

            Rising Star Block, Pride Block, Infrastructure

           Improvements                                                     1,000,000

 

            Section 2.            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”).

            Section 4 .            Said 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.

            Section 5 .            The 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 purpose.         

            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. 

            Section 7.            The issuance of bonds and notes authorized hereunder is within any debt limitation prescribed by law.

            Section 8 .            The 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.

            Section 9 .            The 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.