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Cheshire, Connecticut
Settled 1694
ADOPTED
FISCAL YEAR
2012-2013
FIVE YEAR CAPITAL EXPENDITURE PLAN
AND
ANNUAL CAPITAL EXPENDITURE BUDGET
A
TOWN OF CHESHIRE
ADOPTED FIVE YEAR CAPITAL EXPENDITURE PLAN AND
ANNUAL CAPITAL EXPENDITURE BUDGET
FISCAL YEAR 2012-2013
TABLE OF CONTENTS
PAGE
FY 12-13 CEP TRANSMITTAL & POLICIES
TRANSMITTAL LETTER 1
CEP POLICY 6
DEBT POLICY 7
CAPITAL EXPENDITURE HISTORICAL SUMMARY 8
CEP PROCEDURES 9
CEP SUMMARY, RESOLUTIONS AND DEBT ANALYSIS
CAPITAL EXPENDITURE SUMMARY
13
RESOLUTIONS 14
DEBT ANALYSIS 36
ADMINISTRATIVE & FINANCE
FINANCE 41
GENERAL SERVICES 45
PUBLIC PROPERTY 51
PLANNING & DEVELOPMENT
PLANNING – LAND ACQUISITION 61
PUBLIC SAFETY
FIRE 63
PUBLIC WORKS
ROADS, SIDEWALKS & DRAINAGE 73
SEWER & WATER 87
SOCIAL SERVICES
HUMAN SERVICES 93
LEISURE SERVICES
PARKS & RECREATION 97
EDUCATION
SUMMARY 103
CODE COMPLIANCE 104
ROOF REPLACEMENT & REPAIRS 107
RENOVATIONS 109
December 26, 2012
Dear Cheshire Citizens,
In accordance with Section 7-2(B)(5) of the Town Charter, the Town Council’s Adopted
Fiscal Year 2013 through 2017 Five-Year Capital Expenditure Plan (CEP) and Fiscal Year 2013
Annual Capital Expenditure Budget is hereby transmitted to you. This adopted Five-Year Capital
Expenditure Plan consists of 54 projects and totals $79,567,000, which is $14,556,000 less than
requested. The Annual Capital Expenditure Budget (F.Y. ’12-‘13) is $39,310,000, comprised of 19
projects.
It should be noted that while the proposed five-year gross Capital Expenditure Plan totals
$79,567,000, offsetting grants, available funds and low interest loans, will reduce this by
$42,667,000 for a net Capital Expenditure Plan of $36,900,000.
This plan as adopted provides a blueprint for the long-term capital needs of the Town, but it
is important to recognize that years F.Y. ’14 through F.Y. ’17 are for planning purposes and do not
bind the ultimate policy decisions of future Councils.
The public infrastructure assets supported by our CEP (roads, sidewalks, sewers, buildings,
parks, etc.) are utilized extensively by our community and play a significant role in the Town’s
quality of life. While the Town has done a good job of maintaining its infrastructure over the past
25 years, it is critically important that we continue to support these assets through the timely and
appropriate investment in our facilities so that we may maximize the life expectancy of these
facilities while minimizing the impact of future bond issues on the taxpayer.
The critical nature of these assets is not evident solely by the key role they play in our
everyday life but also by the value they represent and the obvious need to protect these assets. As
of the June 30, 2012 Comprehensive Annual Financial Report, the Town’s total assets approximated
$249.8M. comprised of $114.4M for buildings and improvements, $88.4M for infrastructure, $9.8M
for vehicles, $8.0M for machinery and equipment, $20.6M for land, $4.2M for land improvements,
and $4.4M for construction in progress.
The focal point of this budget is the fiscal impact created by the $32.150M upgrade to the
Wastewater Treatment Plant, which represents 81.8% of the F.Y. ’12-’13 Capital Budget and 40.4%
of the five-Year Capital Expenditure Plan. While there are some additional fiscal pressures, some
anticipated and some unanticipated from the previous CEP, this capital budget, has been built
around the impact of this Treatment Plant project. The result is that other projects were either
deferred, reduced or eliminated in an effort to keep our overall debt obligations as close to our
previously planned level as possible.
While this Treatment Plant project was defeated at referendum in November 2011, one most
significant difference in the project since then is that the Town has qualified for a Clean Water Fund
Grant and Loan which reduces the Town’s gross cost by approximately $7.4M and additionally
allows us to borrow the balance, $24.750M, at an interest rate of 2.0%, which is less than the Town
would pay in a competitive bond sale.
Additionally, we have been pressuring the State Department of Corrections (DOC) to pay
their proportionate share of this upgrade, as they do for other prison Towns; and while we have
been unsuccessful in this effort, we have filed a lawsuit against the DOC since the Prison discharge
to the Treatment Plant has consistently exceeded the contracted amount and the State Department of
Energy and Environmental Protection permitted amount. Also, we will be submitting legislation to
the State Legislature to address this inequity.
It is important to note that this project cost includes a phosphorus treatment expense of about
$7.2M to achieve a phosphorous level imposed by the Department of Energy and Environmental
Protection (DEEP), which is felt to be unnecessarily low and fiscally damaging to numerous
Connecticut municipalities, including Cheshire. Consequently, a coalition of affected
municipalities have been pressing DEEP to modify these requirements.
The Town will continue to pursue relief on each of these issues and if we succeed with
either of these, it would further reduce the net cost of this project.
Also, there are some other items that should help mitigate the financial impact of addressing the
capital needs of this community. They are:
1.
The Town’s General Fund annual gross debt service expense will decline in each of the next
three fiscal years, due to a very successful and recent bond refunding that we conducted,
lower interest rates than originally projected and the $14.5M reduction from the proposed
Plan. However, the debt impact of the Treatment Plant upgrade will begin in F.Y. ’17.
2.
The Town has approximately $4.6M appropriated in a debt service reserve fund to support
future debt service obligations.
3.
The Town Council is reviewing a plan to redirect WPCD surplus funds and a portion of
future Capital Non Recurring (CNR) funds to the existing $4.6M debt service reserve fund.
This will provide an even greater financial cushion to mitigate our projected debt service
increase.
4.
The Town has maintained two very strong credit ratings, AAA from Fitch Ratings (their
highest credit rating) and a Aa1 from Moody’s Investor Services, which will allow the Town
to continue selling bonds at a low interest rate.
5.
The Town is in the final stages of reviewing the results of a Town wide building energy
audit/performance contract initiative which could result in significant energy savings and
capital project cost reductions in the future. The impact of this initiative will likely change
the scope and form of some of the projects currently planned for the future, and will likely
be reflected in next year’s CEP.
The overall goal in developing the Town’s Capital Expenditure Plan is to meet the
continuing infrastructure demands and programmatic needs of the community and balance those
needs against the Town’s debt issuance capacity and fiscal constraints. Specifically, our objective
in adhering to the Town’s debt service policy has been to ensure that the amount of debt service that
the Town pays on an annual basis does not increase, but rather remains constant or declines.
However, with the projected $32.150M upgrade to the Wastewater Treatment Plant, achieving this
objective will not be possible after F.Y. ‘16, but we will endeavor to do everything to minimize the
increase in this debt service expense.
Major Highlights
I.
Administration and Finance
This program element contains, within the Finance Department, $2,366,000 for the
Technology Reserve Fund to augment the first phase of this initiative which was supported by a
capital appropriation of $350,000. There is also $150,000 to replenish the Capital Planning
Account, $540,000 for the property revaluation, $100,000 to complete the current property
revaluation and $440,000 for the future revaluation.
Also contained in this program element is the General Services budget which contains the
Vehicle/Equipment Replacement Fund, which was established in the F.Y. ’11 CEP to address the
need to maintain our fleet of rolling stock equipment. By establishing this fund we are better able to
integrate and plan for the ongoing vehicle demands and fund these needs more prudently through
the utilization of the Capital Non-Recurring Fund.
This fund is used for the basic rolling stock needs of the departments, cars and light
equipment, while the more expensive, specialized pieces of heavy equipment are still budgeted in
their respective departments.
There is $709,000 allocated for vehicles for the following departments: Police, Parks and
Recreation, and the Building Department.
The final section of this program under the Public Property budget is $370,000 for Various
Town Building Improvements; $125,000 for Removal of Underground Oil Tanks; $110,000 for
Council Chambers Window Replacement; Roof Repairs at Various Town Buildings in the amount
of $250,000; $110,000 to install fire alarms in Town buildings currently without such alarm
systems; $150,000 for Parking Lot improvements at various Town buildings; $115,000 for the
maintenance and management of Town-owned Open Space; $160,000 to Install Roof and Overhead
Doors at the Public Works Garage; and $110,000 to supplement the original $110,000 appropriation
for Replacement of the Senior Center Elevator.
II.
Planning and Development
The allocation within this function consist of $2,500,000 for Land Acquisition.
III.
Public Safety
Funds within this program area are primarily for Fire Department projects which are:
$255,000 for acquisition of replacement firefighting gear; $750,000 for Water Main Installations;
$1,100,000 for two pieces of rolling stock consisting of two pumper trucks.
IV.
Public Works
Roads, Sidewalks & Drainage – The eight projects in this category constitute $10,705,000 of
the five-year plan. The ongoing road repavement program represents $7,500,000 of the approved
plan. The remaining projects in this category are: new sidewalk program, $400,000; two bridge
improvements (Blacks Road and Creamery Road) totaling $1,300,000; acquisition of dump trucks
and other pieces of rolling stock for $1,315,000; $70,000 for design of the replacement of the bridge
on South Brooksvale Road near the Linear Trail, and $120,000 for Town Center sidewalk brick
paver replacement.
Of special significance in this category is the $7,500,000 for road improvements which is
based on the first-ever Pavement Management study conducted in 2008. This will be the fourth full
year that we will utilize this report which provides a comprehensive inventory and assessment of the
Town’s entire road network and has allowed for more rational and efficient decisions for
maintaining our road infrastructure and ensuring the most judicious use of our capital appropriation.
Sewer and Water – A significant portion (44.4%) of this capital budget is allocated for the
Waste Water Treatment Plant Department projects. As I mentioned earlier in this transmittal, this
area of the CEP represents the most challenging area for review as the main project, the Treatment
Plant upgrade, is critically important, thereby necessitating a creative, multifaceted approach to
providing the financial support for this project. Some of the strategies to consider to achieve this
are: utilization of a portion of the Debt Service Reserve Fund to meet the debt service obligation;
and endeavoring to increase the amount of this reserve, as well as the vigorous pursuit of our
lawsuit against the DOC and State DEEP modification to the phosphorous reduction levels.
This category consists of four projects; $32,150,000 for the Plant upgrade, $2,900,000 for
the rehabilitation to the West Johnson Avenue and Cook Hill Road Pump Stations, and $300,000 for
the continuation of the Inflow and Infiltration Evaluation and Remediation Program.
V.
Social Services
This category consists of a request from the Human Services Department for $200,000 for
Renovation of the Senior Center Basement for a much needed expansion of the facility.
VI.
Leisure Services
The allocations in Leisure Services consist of three projects for the Parks and Recreation
Department totaling $2,690,000. The Linear Park allocation is $2,300,000 to construct the trail
from West Main Street to Jarvis Street. There is a grant of $562,000 available to offset this cost and
the State has agreed to pay 80%, or $1,390,400 of the balance of the cost of this project. It is also
significant to note that the State of Connecticut has also agreed to design and construct the two
other remaining portions of this trail in Cheshire; the sections from Cornwall Avenue to West Main
Street and Jarvis Street to the Southington Town line, thereby eliminating a substantial cost to the
Town.
Other Parks and Recreation projects include: $160,000 for Park Improvements/Replacement
of Playground Equipment, and $230,000 for renovations of the Youth Center Tennis Court.
VII.
Education
The 20 Education projects total $20,752,000 or 26.1% of this capital budget. These projects
are comprised of the following:
Code Compliance – Four projects comprise this section, Phase IV of the Humiston / Central
Office Code project for $2,000,000, Civil Rights Compliance at Cheshire High School consisting
of: $1,004,000 for Exterior Improvements, and $1,713,000 for Building Interior Improvements.
Roof Replacement – The District Wide Roof Replacement represents the total, $1,450,000.
TOWN OF CHESHIRE
CAPITAL EXPENDITURE PLAN POLICY
In accordance with Section 7-2 of the Town Charter, the Town Council shall
annually adopt a five year Omnibus Capital Expenditure Plan (CEP).
Annually each department, office, board, or commission of the Town shall
prepare a capital Expenditure Plan in a form and manner prescribed by the Town
Manager. The Plan shall consist of capital expenditures proposed by said
department, office, board, or commission over a five (5) year term and projected
for eventual inclusion in the proposed Annual Capital Expenditure Budget.
Capital items for the purpose of inclusion in the Capital Improvement Plan shall
be defined as follows:
Projects requiring construction, purchase of equipment, or acquisition of
land that have a cost of $110,000 or more, an expected life of five years or
more and be of a non-recurring nature.
A study or design project, which has a cost in excess of $110,000, which
is prepared in conjunction with a future capital expenditure project, may
also be included in the Capital Expenditure Plan.
Major maintenance/repair of an existing capital item, as distinguished from
a normal operating expenditure.
Requests by Town departments will propose operating budgets that
provide sufficient funding for adequate maintenance and orderly
replacement of capital plant and equipment
All equipment replacement needs for the coming five years will be
projected and the projection will be updated each year.
Future operating and maintenance costs for all new capital facilities will be
fully identified.
As part of the Capital Expenditure Plan process, the Town will evaluate the
financial impact of the CEP including but not limited to:
Debt funding scenarios in order to prioritize future financing needs
Mill rate impact studies so as to minimize the overall tax increases
Maintaining level annual debt service payments where practical
Evaluating CEP effect on debt capacity and debt ratios in comparison to
those used by investors and financial analysts
TOWN OF CHESHIRE
DEBT POLICY
The purpose of a debt policy is to establish parameters and guidance for the Town to make
decisions on capital spending needs and issuance of debt as a means to fund them. This Debt
Policy will be used as established guidelines only. The Town will use reasonable judgment in
analyzing debt capacity and the needs of the Town. In addition this plan will identify long-range
financial planning objectives and assist the Town to identify priority capital needs of the Town in a
financially prudent manner. The Town will adhere to the following guidelines/objectives with
respect to the issuance of debt:
Not fund current operating expenditures through the issuance of debt.
Strive to reduce the limit of total debt service, including debt exclusions and self-supporting
debt, to ten percent of gross expenditures.
Only issue debt to finance projects that have been identified in the Town’s Five Year Capital
Expenditure Plan (CEP) or to fund emergency projects.
Ensure that amortization of capital projects funded through the issuance of general
obligation bonds will not exceed the useful life of the asset.
Evaluate debt funding scenarios as part of its five year CEP process in order to prioritize
projects; attempt to maintain stability in the planning and execution of the capital planning
process; attempt to minimize overall tax increases in the early years and maintain level
principal payments where practical.
Adhere to Connecticut General Statues limiting the amount of indebtedness the Town may
have outstanding to seven times the total annual tax collections including interest and lien
fees plus the reimbursement for revenue loss on tax relief programs.
Ensure to the extent practicable that user fees will be set to cover the capital costs of
special revenue/enterprise fund services or activities – whether on a pay-as-you-go basis or
through debt financing – to avoid imposing a burden on the property tax levy.
Comply with the requirements of Rule 15c2-12(b)(5) promulgated by the Securities and
Exchange Commission to provide annual financial information and operating data and
notices of material events with respect to the Bonds pursuant to Continuing Disclosure
Agreements executed at the time of issuing bonds.
Maintain frequent communications about its financial condition with the credit rating
agencies.
As part of the Capital Expenditure Plan process, the Town will evaluate the financial impact of the
CEP including but not limited to:
Debt funding scenarios in order to prioritize future financing needs
Mill rate impact studies so as to minimize the overall tax increases
Maintaining level annual debt service payments where practical
Evaluating CEP effect on debt capacity and debt ratios in comparison to those used by
investors and financial analysts
MAJOR PROJECTS WITHIN
PROGRAM PROGRAM (1,2) PROGRAM TOTAL (3)
I. Administration and Finance $ - $ 12,151,600
A. Town Hall Construction/Renovation 4,268,100
II. Planning and Development 19,698,123
A. Open Space/Land Acquisition 17,925,623
III. Public Safety 13,917,067
A. Police Department Expansion 3,000,000
B. Byam Road Fire Station Renovation 650,000
C. Fire Station 3 Renovation 1,400,000
D. Fire Rolling Stock 4,059,367
IV. Public Works 108,726,282
A. Water Pollution Control Facility 23,425,000
B. Denitrification Facility 7,450,000 C. Sewer/Water/Drainage Projects 26,561,900 D. Road Reconstruction/Resurfacing 34,170,000 E. Sidewalks 3,416,000 F. Landfill Remediation 2,130,000 V. Social Services 2,594,051
A. Senior Center Renovation/Expansion 2,504,051
VI. Cultural Services 3,595,000
A. Library Renovation/Expansion 3,465,000
VII. Leisure Services 10,825,494
A. Swimming Pool 4,595,494
B. Farmington Canal Linear Park 1,890,000
VIII. Education 60,507,600
A. School Expansion/Renovation 34,692,440
B. Code Compliance 2,570,000
C. Roof Repairs/Replacement 6,207,120
TOTAL $ 184,380,095 $ 232,015,217
(1) May not include all projects within Program Total. (2) Amounts are based on Council appropriations.
Bonded projects and projects funded directly by the Town are included.
CAPITAL EXPENDITURE SUMMARY
1985 - 2012
TOWN OF CHESHIRE
PROCEDURES FOR THE
OMNIBUS CAPITAL EXPENDITURE PLAN
AND ANNUAL CAPITAL EXPENDITURE BUDGET
I.
Definition of Capital Expenditure Items. The Council shall establish by resolution the
criteria that characterizes those expenditures which may be included in the Omnibus
Capital Expenditure Plan and the Annual Capital Expenditure Budget.
II.
Preparation of the Omnibus Capital Expenditure Plan and the Annual Capital
Expenditure Budget.
A.
The Council shall annually adopt a five (5) year Omnibus Capital Expenditure
Plan which shall include a listing of all the components of the Plan, designating in
which year of the Plan each component shall be included.
B.
The Council may add, delete, or modify components of the Omnibus Capital
Expenditure Plan during its preparation of a proposed annual Capital
Expenditure Budget.
C.
Each year of the Omnibus Capital Expenditure Plan may contain components of
the Plan which have, more or less, the following characteristics:
1.
First Year: Components of the Plan recommended for the
proposed annual Capital Expenditure Budget.
2.
Second Year: Components of the Plan that the Council has
approved for detailed evaluation and cost analysis by
professionals, if necessary, which evaluation and analysis will be
made in the second year.
3.
Third Year: Components of the Plan which may be studied and
considered on the basis of:
a.
The need for the project or purchase;
b.
The short range and long range financial impact on the
Town of the project or purchase; and
c.
Preliminary cost estimates for the project or purchase.
4.
Fourth and Fifth year: Components of the Plan that the Council
considers appropriate for long range study.
D.
Each department, office, board, or commission of the Town supported wholly or
in part by Town funds shall annually prepare a Capital Expenditure Plan in a form
and manner prescribed by the Town Manager. Said Plan shall consist of capital
expenditures proposed by said department, office, board, or commission over a
five (5) year term and projected for eventual inclusion in the proposed Annual
Capital Expenditure Budget. Said Plan shall be submitted to the Manager not
later than June 1 of each year.
E.
The Manager shall assemble said Plans into an Omnibus Capital Expenditure
Plan. The Manager may add, but may not delete, items from the Plans submitted
to him. The Manager shall submit to the Council together with his
recommendations, the proposed Omnibus Capital Expenditure Plan including
general cost estimates and proposed financing, not later than July 15. At the
same time that the Manager submits the Omnibus Plan to the Council, he shall
also submit it to the Planning and Zoning Commission for a report pursuant to
Section 8-24 of the General Statutes, as amended.
F.
The Planning and Zoning Commission shall review the Omnibus Capital
Expenditure Plan for compatibility with the Comprehensive Plan of Development
and may, in its discretion, submit a report to the Council not later than August 15.
Failure to submit a report to the Council shall not delay, hinder, or prevent action
by the Council.
G.
The Council shall review the Omnibus Capital Expenditure Plan together with the
recommendations of the Manager and the report of the Planning and Zoning
Commission, if any, and may take the following actions:
1.
Add and/or delete components;
2.
Increase and/or decrease estimated costs;
3.
Advance or retard components among different years of the Plan; and/or
4.
Approve a proposed Annual Capital Expenditure Budget, the components
of which shall be included in year one of the Omnibus Capital Expenditure
Plan.
H.
The Council shall set a date for a public hearing which shall be held not later than
September 25, on the proposed Annual Capital Expenditure Budget. After
completion of the public hearing, the Council may add or delete components and
increase or decrease estimated costs.
I.
Any addition to or component of the amended, proposed Annual Capital
Expenditure Budget which was not in the Omnibus Capital Expenditure Plan
previously, shall then be submitted to the Planning and Zoning Commission for a
report pursuant to Section 8-24 of the General Statutes, as amended.
J.
The Council shall reject or adopt, not later than November 20, the Omnibus
Capital Expenditure Plan and the Annual Capital Expenditure Budget, or any part
thereof in the manner and subject to the limitations provided in the Town Charter,
as appropriate, except that no public hearing shall be necessary. The Council
shall adopt resolutions to finance the adopted Annual Capital Expenditure
Budget, including resolutions authorizing the issuance of bonds or notes if
necessary. The Council shall set a date for referendum, if necessary, in
accordance with the Town Charter, such referendum to be held not later than the
second Tuesday in February of the following year.
K.
When preparing and acting on appropriation and/or borrowing resolutions and/or
questions for submission to referendum, the Council may, in its discretion, group
individual items or projects together into general items or projects if those items
or projects have a natural relationship with one another.
L.
Project Planning Account. The Council shall establish a separate project
planning account that shall be a part of the Capital Improvement Fund. The
Council shall fund and maintain the account at a level estimated by the Council to
be sufficient for the timely conduct of studies, cost analyses, and design of
projects associated with the Omnibus Capital Expenditure Budget and the
Annual Capital Expenditure Plan. Expenditures from the account may be
authorized only by the Council. The account may be funded in any manner
deemed appropriate by the Council.
M.
For good cause shown, and in its discretion, the Council may adjust the dates
provided in this Section for actions on the Omnibus Capital Expenditure Plan and
the Annual Capital Expenditure Budget. Such adjustments shall not be by more
than five (5) days, and in no event shall the Council reject or adopt the Annual
Capital Expenditure Budget, or any part thereof, later than November 20.
THIS PAGE INTENTIONALLY LEFT BLANK
SUMMARY
PROGRAM ELEMENT
FY 12-13 FY 13-14 FY 14-15 FY 15-16 FY 16-17 TOTALADMINISTRATION & FINANCE DR 938 938 713 150 440 3,179
- FINANCE TM 750 751 295 820 440 3,056 TC 750 751 295 820 440 3,056 DR 165 136 154 168 136 759 - GENERAL SERVICES TM 165 136 129 143 136 709 TC 165 136 129 143 136 709 DR 605 275 260 125 235 1,500 - PUBLIC PROPERTY TM 490 390 260 125 235 1,500 TC 490 515 260 0 235 1,500
PLANNING & DEVELOPMENT DR 1,500 1,000 1,000 0 0 3,500
- PLANNING - LAND ACQUISITION TM 500 1,000 0 1,000 0 2,500
TC 0 500 1,000 0 1,000 2,500 PUBLIC SAFETY DR 1,800 275 150 280 4,850 7,355 - FIRE TM 300 1,225 700 280 3,700 6,205 TC 0 425 700 280 700 2,105 PUBLIC WORKS DR 2,465 3,245 1,815 1,790 1,930 11,245 - ROADS, SIDEWALKS TM 1,925 3,245 1,815 1,790 1,930 10,705 & DRAINAGE TC 1,925 3,245 1,815 1,790 1,930 10,705 PUBLIC WORKS DR 31,300 3,200 300 0 0 34,800
- SEWER & WATER TM 31,300 2,900 300 0 0 34,500
TC 32,150 2,900 300 0 0 35,350
HUMAN SERVICES DR 200 0 0 0 0 200
TM 0 200 0 0 0 200
TC 0 200 0 0 0 200
LEISURE SERVICES DR 2,500 230 1,835 0 2,800 7,365
- PARKS AND RECREATION TM 2,500 230 160 0 0 2,890
TC 2,300 230 160 0 0 2,690 EDUCATION DR 6,385 4,940 4,845 2,225 5,825 24,220 TM 3,168 4,233 3,620 2,279 8,800 22,100 TC 1,530 4,473 3,670 2,279 8,800 20,752 DR 47,858 14,239 11,072 4,738 16,216 94,123
TOTAL
TM 41,098 14,310 7,279 6,437 15,241 84,365 TC 39,310 13,375 8,329 5,312 13,241 79,567DR=Department Request TC=Town Council
TOWN MANAGER RECOMMENDED:
CAPITAL & NONRECURR. FUND 825 1,260 912 779 1,126 4,902 CLEAN WATER FUND (CWF) - 2% LOAN 25,000 0 0 0 0 25,000
LOCIP GRANTS 185 185 185 185 185 925
STATE / FEDERAL / LOCAL 9,102 1,117 388 445 788 11,840
TOTAL REDUCTIONS 35,112 2,562 1,485 1,409 2,099 42,667
NET TOTAL 4,198 10,813 6,844 3,903 11,142 36,900
TOWN OF CHESHIRE
FIVE YEAR CAPITAL EXPENDITURE PLAN FISCAL YEARS 2012-13 TO 2016-17 PROGRAM ELEMENT SUMMARY
ADOPTING RESOLUTION #082812-1 Items 1 through 19
RESOLUTION FY 2012-2013 CEB #1
RESOLUTION APPROPRIATING $750,000 FOR TECHNOLOGY RESERVE FUND AND AUTHORIZING THE ISSUANCE OF $750,000 BONDS OF THE TOWN TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE
RESOLVED:
Section 1. The sum of $750,000 is appropriated for technology reserve fund for various technology initiatives, and for administrative, printing, legal and financing costs related thereto. This appropriation shall be in addition to a prior appropriation of $350,000 approved by the Town Council on August 29, 2011, for an aggregate appropriation of $1,100,000.
Section 2. To meet said appropriation $750,000 bonds of the Town or so much thereof as shall be necessary for such purpose, shall be issued, maturing not later than the maximum maturity permitted by the General Statutes of the State of Connecticut, as amended from time to time (the “Connecticut General Statutes”). Said authorization shall be in addition to a prior authorization of $350,000 approved by the Town Council on August 29, 2011, for an aggregate authorization of $1,100,000. Said bonds may be issued in one or more series as determined by the Town Manager and the Town Treasurer, 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 Town by the facsimile or manual signatures of the Town Manager and the Town Treasurer, bear the Town 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, of Hartford. The bonds shall be general obligations of the Town 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 Town 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 the approval of the rate or rates of interest, shall be determined by the Town Manager and the Town Treasurer, in accordance with the Connecticut General Statutes.
Section 3. Said bonds shall be sold by the Town Manager in a competitive offering or by negotiation, in his 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 Town. 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 five 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, provisions of the purchase agreement shall be approved by the Town Manager and the Town Treasurer.
Section 4. The Town Treasurer is 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 Town Manager and the Town Treasurer, have the seal of the Town affixed, be payable at a bank or trust company designated by the Town 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 Town Treasurer pursuant to Section 7-373 of the Connecticut General Statutes. They shall be issued with maturity dates which comply with the provisions of the Connecticut 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 Town 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 Town are pledged to the payment of the principal thereof and the interest thereon.
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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, shall be included as a cost of the project. 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 5. The Town Manager and the Town Treasurer are authorized in the name and on behalf of the Town to apply for and accept any and all Federal and State loans and/or grants-in-aid of the project set forth in Section 1 and are further authorized to expend said funds in accordance with the terms hereof.
Section 6. The Town 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 any time after the date of passage of this resolution in the maximum amount and for the capital project defined in Section 1 with the proceeds of bonds, notes, or other obligations (“Bonds”) authorized to be issued by the Town. 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 the Regulations may authorize. The Town hereby certifies that the intention to reimburse as expressed herein is based upon its reasonable expectations as of this date. The Town Manager or his designee is authorized to pay project expenses in accordance herewith pending the issuance of reimbursement bonds.
Section 7. The Town Manager and the Town Treasurer are hereby authorized, on behalf of the Town, to enter into agreements or otherwise covenant for the benefit of bondholders to provide information on an annual or other periodic basis to the Municipal Securities Rulemaking Board (the “MSRB”) and to provide notices to the MSRB 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 resolution. Any agreements or representations to provide information to the MSRB made prior hereto are hereby confirmed, ratified and approved.
Section 8. This resolution shall become effective upon its approval by the Town electors and persons qualified to vote at a duly warned referendum to be held in conjunction with the November 6, 2012 election, pursuant to Sections 7-3 and 7-4 of the Town Charter.
RESOLUTION FY 2012-2013 CEB #2
RESOLUTION ALLOCATING $165,000 FOR POLICE VEHICLE REPLACEMENT AND PARKS DEPARTMENT EQUIPMENT/VEHICLE REPLACEMENT
RESOLVED:
The sum of $165,000 is allocated for police vehicle replacement and Parks Department equipment/vehicle replacement from funds previously appropriated to the Town’s Reserve Fund for Capital and Non-Recurring Expenditures. The Town Council may determine the scope and particulars of the project.
RESOLUTION FY 2012-2013 CEB #3
RESOLUTION ALLOCATING $220,000 FOR VARIOUS BUILDING IMPROVEMENTS RESOLVED:
The sum of $220,000 is allocated for various building improvements from funds previously
appropriated to the Town’s Reserve Fund for Capital and Non-Recurring Expenditures. The Town Council may determine the scope and particulars of the project.
RESOLUTION FY 2012-2013 CEB #4
RESOLUTION APPROPRIATING $160,000 FOR EXTERIOR REPAIRS TO THE PUBLIC WORKS GARAGE AND AUTHORIZING THE ISSUANCE OF $160,000 BONDS OF THE TOWN TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF
TEMPORARY BORROWINGS FOR SUCH PURPOSE RESOLVED:
Section 1. The sum of $160,000 is appropriated for exterior repairs to the Public Works Garage, including replacement of the roof over the vehicle storage bay area and replacement of five (5) overhead doors, said appropriation to be inclusive of any and all State and Federal grants-in-aid thereof, and for administrative, printing, legal and financing costs related thereto.
Section 2. To meet said appropriation $160,000 bonds of the Town or so much thereof as shall be necessary for such purpose, shall be issued, maturing not later than the maximum maturity permitted by the General Statutes of the State of Connecticut, as amended from time to time (the “Connecticut General Statutes”). Said bonds may be issued in one or more series as determined by the Town Manager and the Town Treasurer, in the amount necessary to meet the Town’s share of the cost of such project determined after considering the estimated amount of State and Federal grants-in-aid of such project or the actual amount thereof if this be ascertainable, and the anticipated times of the receipt of the proceeds thereof, provided that the total amount of bonds to be issued shall not be less than an amount which will provide funds suffi-cient 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 Town by the facsimile or manual signatures of the Town Manager and the Town Treasurer, bear the Town 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, of Hartford. The bonds shall be general obligations of the Town 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 Town 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 the approval of the rate or rates of interest, shall be determined by the Town Manager and the Town Treasurer, in accordance with the Connecticut General Statutes.
Section 3. Said bonds shall be sold by the Town Manager in a competitive offering or by negotiation, in his 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 Town. 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 five 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, provisions of the purchase agreement shall be approved by the Town Manager and the Town Treasurer.
Section 4. The Town Treasurer is 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 Town Manager and the Town Treasurer, have the seal of the Town affixed, be payable at a bank or trust company designated by the Town 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 Town Treasurer pursuant to Section 7-373 of the Connecticut General Statutes. They shall be issued with maturity dates which comply with the provisions of the Connecticut 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 Town 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 Town 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, shall be included as a cost of the project.
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 5. The Town Manager and the Town Treasurer are authorized in the name and on behalf of the Town to apply for and accept any and all Federal and State loans and/or grants-in-aid of the project set forth in Section 1 and are further authorized to expend said funds in accordance with the terms hereof.
Section 6. The Town 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 any time after the date of passage of this resolution in the maximum amount and for the capital project defined in Section 1 with the proceeds of bonds, notes, or other obligations (“Bonds”) authorized to be issued by the Town. 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 the Regulations may authorize. The Town hereby certifies that the intention to reimburse as expressed herein is based upon its reasonable expectations as of this date. The Town Manager or his designee is authorized to pay project expenses in accordance herewith pending the issuance of reimbursement bonds.
Section 7. The Town Manager and the Town Treasurer are hereby authorized, on behalf of the Town, to enter into agreements or otherwise covenant for the benefit of bondholders to provide information on an annual or other periodic basis to the Municipal Securities Rulemaking Board (the “MSRB”) and to provide notices to the MSRB 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 resolution. Any agreements or representations to provide information to the MSRB made prior hereto are hereby confirmed, ratified and approved.
RESOLUTION FY 2012-2013 CEB #5
RESOLUTION APPROPRIATING $110,000 FOR REPLACEMENT OF THE SENIOR CENTER ELEVATOR AND AUTHORIZING THE ISSUANCE OF $110,000 BONDS OF THE TOWN TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE
RESOLVED:
Section 1. The sum of $110,000 is appropriated for replacement of the Senior Center elevator and for administrative, printing, legal and financing costs related thereto. This appropriation shall be in addition to a prior appropriation of $110,000 approved by the Town Council on August 29, 2011, for an aggregate appropriation of $220,000.
Section 2. To meet said appropriation $110,000 bonds of the Town or so much thereof as shall be necessary for such purpose, shall be issued, maturing not later than the maximum maturity permitted by the General Statutes of the State of Connecticut, as amended from time to time (the “Connecticut General Statutes”). Said authorization shall be in addition to a prior authorization of $110,000 approved by the Town Council on August 29, 2011, for an aggregate authorization of $220,000. Said bonds may be issued in one or more series as determined by the Town Manager and the Town Treasurer, 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 Town by the facsimile or manual signatures of the Town Manager and the Town Treasurer, bear the Town 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, of Hartford. The bonds shall be general obligations of the Town 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 Town 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 the approval of the rate or rates of interest, shall be determined by the Town Manager and the Town Treasurer, in accordance with the Connecticut General Statutes.
Section 3. Said bonds shall be sold by the Town Manager in a competitive offering or by negotiation, in his 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 Town. 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 five 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, provisions of the purchase agreement shall be approved by the Town Manager and the Town Treasurer.
Section 4. The Town Treasurer is 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 Town Manager and the Town Treasurer, have the seal of the Town affixed, be payable at a bank or trust company designated by the Town 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 Town Treasurer pursuant to Section 7-373 of the Connecticut General Statutes. They shall be issued with maturity dates which comply with the provisions of the Connecticut 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 Town 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 Town 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, shall be included as a cost of the project. 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 5. The Town Manager and the Town Treasurer are authorized in the name and on behalf of the Town to apply for and accept any and all Federal and State loans and/or grants-in-aid of the project set forth in Section 1 and are further authorized to expend said funds in accordance with the terms hereof.
Section 6. The Town 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 resolution in the maximum amount and for the capital project defined in Section 1 with the proceeds of bonds, notes, or other obligations (“Bonds”) authorized to be issued by the Town. 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 the Regulations may authorize. The Town hereby certifies that the intention to reimburse as expressed herein is based upon its reasonable expectations as of this date. The Town Manager or his designee is authorized to pay project expenses in accordance herewith pending the issuance of reimbursement bonds.
Section 7. The Town Manager and the Town Treasurer are hereby authorized, on behalf of the Town, to enter into agreements or otherwise covenant for the benefit of bondholders to provide information on an annual or other periodic basis to the Municipal Securities Rulemaking Board (the “MSRB”) and to provide notices to the MSRB 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 resolution. Any agreements or representations to provide information to the MSRB made prior hereto are hereby confirmed, ratified and approved.
RESOLUTION FY 2012-2013 CEB #6
RESOLUTION ALLOCATING $200,000 FOR THE TOWN’S SIDEWALK PROGRAM RESOLVED:
The sum of $200,000 is allocated for the Town’s sidewalk program from funds previously
appropriated to the Town’s Reserve Fund for Capital and Non-Recurring Expenditures. The Town Council may determine the scope and particulars of the project.
RESOLUTION FY 2012-2013 CEB #7
RESOLUTION ALLOCATING $65,000 FOR THE ACQUISITION OF A MINI EXCAVATOR FOR THE PUBLIC WORKS DEPARTMENT
RESOLVED:
The sum of $65,000 is allocated for the acquisition of a mini excavator for the Public Works Department from funds previously appropriated to the Town’s Reserve Fund for Capital and Non-Recurring Expenditures. The Town Council may determine the scope and particulars of the project.
RESOLUTION FY 2012-2013 CEB #8
RESOLUTION APPROPRIATING $1,500,000 FOR THE ROAD REPAVEMENT PROGRAM AND AUTHORIZING THE ISSUANCE OF $1,500,000 BONDS OF THE TOWN TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE
RESOLVED:
Section 1. The sum of $1,500,000 is appropriated for the road repavement program, said
appropriation to be inclusive of any and all State and Federal grants-in-aid thereof, and for administrative, printing, legal and financing costs related thereto. This appropriation shall be in addition to an appropriation of $1,500,000 approved by the Town Council on September 1, 2010, and an appropriation of $1,500,000 approved by the Town Council on August 29, 2011 for an aggregate appropriation of $4,500,000.
Section 2. To meet said appropriation $1,500,000 bonds of the Town or so much thereof as shall be necessary for such purpose, shall be issued, maturing not later than the maximum maturity permitted by the General Statutes of the State of Connecticut, as amended from time to time (the “Connecticut General Statutes”). Said authorization shall be in addition to an authorization of $1,500,000 approved by the Town Council on September 1, 2010, and an additional authorization of $1,500,000 approved by the Town Council on August 29, 2011 for an aggregate authorization of $4,500,000. Said bonds may be issued in one or more series as determined by the Town Manager and the Town Treasurer, in the amount necessary to meet the Town’s share of the cost of such project determined after considering the estimated amount of State and Federal grants-in-aid of such project or the actual amount thereof if this be ascertainable, and the
anticipated times of the receipt of the proceeds thereof, 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 Town by the facsimile or manual signatures of the Town Manager and the Town Treasurer, bear the Town 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, of Hartford. The bonds shall be general obligations of the Town 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 Town 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 the approval of the rate or rates of interest, shall be determined by the Town Manager and the Town Treasurer, in accordance with the Connecticut General Statutes.
Section 3. Said bonds shall be sold by the Town Manager in a competitive offering or by negotiation, in his 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 Town. 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 five 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, provisions of the purchase agreement shall be approved by the Town Manager and the Town Treasurer.
Section 4. The Town Treasurer is 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 Town Manager and the Town Treasurer, have the seal of the Town affixed, be payable at a bank or trust company designated by the Town 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 Town Treasurer pursuant to Section 7-373 of the Connecticut General Statutes. They shall be issued with maturity dates which comply with the provisions of the Connecticut 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 Town 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 Town 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, shall be included as a cost of the project. 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 5. The Town Manager and the Town Treasurer are authorized in the name and on behalf of the Town to apply for and accept any and all Federal and State loans and/or grants-in-aid of the project set forth in Section 1 and are further authorized to expend said funds in accordance with the terms hereof.
Section 6. The Town 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 any time after the date of passage of this resolution in the maximum amount and for the capital project defined in Section 1 with the proceeds of bonds, notes, or other obligations (“Bonds”) authorized to be issued by the Town. 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 the Regulations may authorize. The Town hereby certifies that the intention to reimburse as expressed herein is based upon its reasonable expectations as of this date. The Town Manager or his designee is authorized to pay project expenses in accordance herewith pending the issuance of reimbursement bonds.
Section 7. The Town Manager and the Town Treasurer are hereby authorized, on behalf of the Town, to enter into agreements or otherwise covenant for the benefit of bondholders to provide information on an annual or other periodic basis to the Municipal Securities Rulemaking Board (the “MSRB”) and to provide notices to the MSRB 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 resolution. Any agreements or representations to provide information to the MSRB made prior hereto are hereby confirmed, ratified and approved.
Section 8. This resolution shall become effective upon its approval by the Town electors and persons qualified to vote at a duly warned referendum to be held in conjunction with the November 6, 2012 election, pursuant to Sections 7-3 and 7-4 of the Town Charter.
RESOLUTION FY 2012-2013 CEB #9
RESOLUTION APPROPRIATING $160,000 FOR A PUBLIC WORKS DUMP TRUCK AND AUTHORIZING THE ISSUANCE OF $160,000 BONDS OF THE TOWN TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE
RESOLVED:
Section 1. The sum of $160,000 is appropriated for the acquisition of a six wheel, 38k GVW dump truck for the Public Works Department, and for administrative, printing, legal and financing costs related thereto.
Section 2. To meet said appropriation $160,000 bonds of the Town or so much thereof as shall be necessary for such purpose, shall be issued, maturing not later than the maximum maturity permitted by the General Statutes of the State of Connecticut, as amended from time to time (the “Connecticut General Statutes”). Said bonds may be issued in one or more series as determined by the Town Manager and the Town Treasurer, 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 Town by the facsimile or manual signatures of the Town Manager and the Town Treasurer, bear the Town 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, of Hartford. The bonds shall be general obligations of the Town 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 Town 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 the approval of the rate or rates of interest, shall be determined by the Town Manager and the Town Treasurer, in accordance with the Connecticut General Statutes.
Section 3. Said bonds shall be sold by the Town Manager in a competitive offering or by negotiation, in his 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 Town. 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 five 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, provisions of the purchase agreement shall be approved by the Town Manager and the Town Treasurer.
Section 4. The Town Treasurer is 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 Town Manager and the Town Treasurer, have the seal of the Town affixed, be payable at a bank or trust company designated by the Town 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 Town Treasurer pursuant to Section 7-373 of the Connecticut General Statutes. They shall be issued with maturity dates which comply with the provisions of the Connecticut 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 Town 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 Town 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, shall be included as a cost of the project. 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 5. The Town Manager and the Town Treasurer are authorized in the name and on behalf of the Town to apply for and accept any and all Federal and State loans and/or grants-in-aid of the project set forth in Section 1 and are further authorized to expend said funds in accordance with the terms hereof.
Section 6. The Town 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 any time after the date of passage of this resolution in the maximum amount and for the capital project defined in Section 1 with the proceeds of bonds, notes, or other obligations (“Bonds”) authorized to be issued by the Town. 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 the Regulations may authorize. The Town hereby certifies that the intention to reimburse as expressed herein is based upon its reasonable expectations as of this date. The Town Manager or his designee is authorized to pay project expenses in accordance herewith pending the issuance of reimbursement bonds.
Section 7. The Town Manager and the Town Treasurer are hereby authorized, on behalf of the Town, to enter into agreements or otherwise covenant for the benefit of bondholders to provide information on an annual or other periodic basis to the Municipal Securities Rulemaking Board (the “MSRB”) and to provide notices to the MSRB 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 resolution. Any agreements or representations to provide information to the MSRB made prior hereto are hereby confirmed, ratified and approved.
RESOLUTION FY 2012-2013 CEB #10
RESOLUTION APPROPRIATING $32,150,000 FOR UPGRADES AT THE WATER POLLUTION CONTROL PLANT AND AUTHORIZING THE ISSUANCE OF $32,150,000 BONDS OF THE TOWN TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE
RESOLVED:
Section 1. The sum of $32,150,000is appropriated for upgrades at the Water Pollution Control Plant and for administrative, printing, legal and financing costs related thereto, said appropriation to be inclusive of any and all State and Federal grants-in-aid thereof.
Section 2. To meet said appropriation $32,150,000bonds of the Town or so much thereof as shall be necessary for such purpose, shall be issued, maturing not later than the maximum maturity permitted by the General Statutes of the State of Connecticut, as amended from time to time (the “Connecticut General Statutes”). Said bonds may be issued in one or more series as determined by the Town Manager and the Town Treasurer, 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 Town by the facsimile or manual signatures of the Town Manager and the Town Treasurer, bear the Town 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, of Hartford. The bonds shall be general obligations of the Town 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 Town 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 the approval of the rate or rates of interest, shall be determined by the Town Manager and the Town Treasurer, in accordance with the Connecticut General Statutes.