Resolve, Authorizing the City of Gardiner To Refinance Certain Temporary Bond Anticipation Notes Issued for Its Wastewater Project
Emergency preamble. Whereas, acts and resolves of the Legislature do not become effective until 90 days after adjournment unless enacted as emergencies; and
Whereas, the City of Gardiner has authorized the issuance of general obligation securities in a principal amount not to exceed $1,507,000 for the purpose of providing financing for a portion of the public improvements to the city's wastewater system, including the addition of a wet weather storage and primary treatment tank and upgrade of the Maine Avenue pump station to improve combined sewer overflow capability, the CSO Abatement Project, and has issued its temporary general obligation bond anticipation notes to finance the CSO Abatement Project, such debt being originally issued in August 2002; and
Whereas, the Department of Environmental Protection and the project engineer recommended that the construction of the CSO Abatement Project and the subsequent wastewater treatment plant upgrade project be put out to bid together to save construction costs, which will cause the CSO Abatement Project's temporary financing to extend beyond the time originally contemplated and delay the closing of the long-term financing with the United States of America; and
Whereas, the Maine Revised Statutes, Title 30-A, section 5772 states that the period of anticipatory borrowing by a municipality may not exceed 3 years; and
Whereas, it is necessary for the City of Gardiner to extend the period of its anticipatory borrowing for an additional 2 years; and
Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore, be it
Sec. 1. Authority to issue and sell temporary notes. Resolved: That, notwithstanding the Maine Revised Statutes, Title 30-A, section 5772 or any other provision of law, the City of Gardiner may issue and sell its temporary general obligation bond anticipation notes in a principal amount not to exceed $1,507,000 for an additional 2 years for the purpose of refinancing certain outstanding temporary notes originally issued in August 2002 and to finance additional costs of the wastewater project for the City of Gardiner. The 3-year limitation regarding temporary or anticipatory borrowing contained in section 5772 is extended to 5 years for the City of Gardiner wastewater project for notes that may be issued in the principal amount of $1,507,000 as authorized by the City Council of the City of Gardiner.
Emergency clause. In view of the emergency cited in the preamble, this resolve takes effect when approved.
Effective March 3, 2005.
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