CHAPTER 2

H.P. 102 - L.D. 126

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