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The Pittsfield Town Council will hold a public hearing on [font=font36821]Tuesday, August 02, 2022[/font] at [font=font36821]6:30 PM[/font] at the [font=font36821]Pittsfield Municipal Building, 112 Somerset Ave, Pittsfield, Maine[/font] and by teleconferencing technology to consider the following [font=font36821]Ordinance 22-07[/font]: Directions to join the meeting by teleconferencing are available at [u]www.pittsfield.org[/u].
[font=font36821]TOWN OF PITTSFIELD
ORDINANCE AUTHORIZING ISSUE OF UP TO $2,488,000
PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS[/font]
The Town of Pittsfield Town Council hereby ordains the borrowing of up to $2,488,000 to finance costs of improvements to the Town's sewer system through the State's Clean Water State Revolving Fund on the following terms:
1. Pursuant to the Constitution of the State of Maine, Maine law, including Title 30-A, Section 5772 and Section 5953-B of the Maine Revised Statutes, as amended, and the Town Charter, and all other authority thereto enabling, the Town of Pittsfield is authorized to borrow from the Maine Municipal Bond Bank Clean Water State Revolving Loan Fund (SRF) pursuant to a loan agreement between the Town and the Maine Municipal Bond Bank (the "Bank"), a principal amount not to exceed Two Million Four Hundred Eighty Eight Thousand Dollars ($2,488,000),and to expend the proceeds of the loan or loans to finance the improvements and upgrades to the Town' s sewer system which may include, but are not limited to the rehabilitation of sections of Birchwood Terrace Main and Hunnewell Main (the "Project"), or such amount of the foregoing Project as is approved by the State for participation in the SRF. The Town hereby approves and authorizes the issue, sale and delivery to the Bank as evidence of any loan and against payment therefor, General Obligation Bonds of the Town in a principal amount not to exceed $2,488,000, 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 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 Bank, 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. If the Bank approves only some but not all of the foregoing Project as eligible for funding under its SRF program, the Town is authorized to proceed with the borrowing of the amount and project approved by the Bank, even though the State may have approved only some but not all of the Project described above.
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 Bank shall require, which loan agreement is hereby approved, and may contain such other terms and provisions, not contrary to the general tenor hereof, as the Treasurer may approve, with his/her approval to be conclusively evidenced by his/her execution thereof.
3. The Mayor and the Treasurer are hereby authorized to execute and deliver on behalf of the Town loan application and other applications to the Bank for borrowing under its SRF Program.
4. The Mayor, the Treasurer and other 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, and are hereby authorized and empowered in its name and on its behalf, to do or cause to be done all such acts and things as may be deemed necessary or desirable in order to effect the borrowing authorized herein.
5. Funding for this project is a blend of Clean Water State Revolving Loan Funds and American Rescue Program Funds (ARPA) which were received by the State of Maine. Currently, ARPA grant funding has not been awarded for this project, however, if at any time in the future such funding becomes available, this Ordinance shall allow such ARPA funding to be applied and expended for this project.
6. This Ordinance shall become effective in thirty (30) days.
July 23, 2022
