Town of Wethersfield

Redevelopment Bond Resolution

ORDINANCE APPROPRIATING $10,000,000 FOR COSTS WITH RESPECT TO CARRYING OUT OR ASSISTING SUCH REDEVELOPMENT, DEVELOPMENT AND MUNICIPAL OR BUSINESS DEVELOPMENT PROJECTS AS ARE DETERMINED BY THE TOWN COUNCIL ALONG THE SILAS DEANE HIGHWAY (STATE ROUTE 99) OR THE BERLIN TURNPIKE AND WILBUR CROSS HIGHWAY (U.S. ROUTE 5 AND STATE ROUTE 15) CORRIDORS, AND AUTHORIZING THE ISSUE OF BONDS AND NOTES TO FINANCE THE PORTION OF SUCH APPROPRIATION NOT DEFRAYED FROM GRANTS

WHEREAS, the Town of Wethersfield (the "Town") is empowered under Part I of Chapter 130 of the General Statutes of Connecticut, Revision of 1958, as amended (the "General Statutes") to appropriate and apply funds to carry out or assist any redevelopment project (a "Redevelopment Project") located within the area in which it is authorized to act and to issue its bonds, notes or other obligations to obtain such funds, the Connecticut General Assembly having determined the necessity in the public interest for the undertaking of such projects; and

WHEREAS, the Town is empowered under Chapter 132 of the General Statutes to appropriate and apply funds to carry out or assist any development project (a "Development Project") located within the area in which it is authorized to act and to issue its bonds, notes or other obligations to obtain such funds, the Connecticut General Assembly having determined the necessity in the public interest for the undertaking of such projects; and

WHEREAS, the Town is empowered under Chapter 588l of the General Statutes to appropriate and apply funds to carry out or assist any municipal development project (a "Municipal Development Project) or any business development project (a "Business Development Project) (collectively, "Municipal or Business Development Projects") located within the area in which it is authorized to act and to issue its bonds, notes or other obligations to obtain such funds, the Connecticut General Assembly having determined the necessity in the public interest for the undertaking of such projects; and

WHEREAS, the Town is contemplating carrying out or assisting various Redevelopment Projects, Development Projects and Municipal or Business Development Projects yet to be specified, to be located within the following areas of the Town (the "Redevelopment/Development Area"):

The corridors consisting of all parcels of land any portions of which are located within one thousand (1,000) feet of the centerline of the Silas Deane Highway (State Route 99) or the Berlin Turnpike and Wilbur Cross Highway (U.S. Route 5 and State Route 15) within the Town of Wethersfield; and

WHEREAS, the Town is desirous of being able finance its costs with respect to carrying out or assisting any such Redevelopment Project, Development Project and Municipal or Business Development Project through the issuance of general obligations bonds or notes and temporary notes;

NOW, THEREFORE, BE IT ORDAINED:

  1. That the Town of Wethersfield appropriate TEN MILLION DOLLARS ($10,000,000) for costs with respect to carrying out or assisting such Redevelopment Projects, Development Projects or Municipal or Business Development Projects as may be determined from time-to-time by the Town Council, and as are to be located within the Redevelopment/Development Area. The appropriation may be spent, without limitation, for design and construction costs; site improvements; infrastructure improvements; equipment, furnishings and materials; land, easement and other real property rights acquisition; engineering, consultant and other professional fees, including legal fees; costs of furnishing services and facilities, and of providing property; administrative costs, including costs related to the application for and acceptance of grants; the making of loans and contributions; the payment of net temporary interest and other financing costs; and other expenses related to the carrying out or assistance of such projects.
  2. No portion of the appropriation shall be expended with respect to: (1) a Redevelopment Project, until the redevelopment plan for such project has been initiated and approved in accordance with the provisions of Section 8-127 of the General Statutes of Connecticut, Revision of 1958, as amended; (2) a Development Project, until the development plan for such project has been initiated and approved in accordance with the provisions of Sections 8-189 and 8-191 of the General Statutes of Connecticut, Revision of 1958, as amended, (3) a Municipal Development Project, until the development plan for such project has been initiated and approved in accordance with the provisions of Section 32-224 of the General Statutes of Connecticut, Revision of 1958, as amended; or (4) a Business Development Project, until the Town Council has determined that such project constitutes a "business development project" as such term is defined in Section 32-222 of the General Statutes of Connecticut, Revision of 1958, as amended.
  3. That the Town issue bonds or notes, in an amount not to exceed TEN MILLION DOLLARS ($10,000,000) to finance the aforesaid appropriation. The amount of bonds or notes authorized to be issued shall be reduced by the amount of grants received by the Town and applied to defray the aforesaid appropriation. Bonds or notes issued to finance costs with respect to: (1) a Redevelopment Project shall be issued pursuant to Sections 8-135 and 7-369 of the General Statutes of Connecticut, Revision of 1958, as amended, and any other enabling acts; (2) a Development Project shall be issued pursuant to Sections 8-192(b) and 7-369 of the General Statutes of Connecticut, Revision of 1958, as amended, and any other enabling acts; and (3) a Municipal or Business Development Project shall be issued pursuant to Sections 32-227(b) and 7-369 of the General Statutes of Connecticut, Revision of 1958, as amended, and any other enabling acts. The bonds or notes shall be general obligations of the Town secured by the irrevocable pledge of the full faith and credit of the Town.
  4. That the Town issue and renew its temporary notes from time to time in anticipation of the receipt of the proceeds from the sale of the bonds or notes and the receipt of grants to finance the aforesaid appropriation. The amount of the notes outstanding at any time shall not exceed TEN MILLION DOLLARS ($10,000,000). Temporary notes issued to finance costs with respect to: (1) a Redevelopment Project shall be issued pursuant to Sections 8-135 and 7-378 of the General Statutes of Connecticut, Revision of 1958, as amended, or any other enabling acts; (2) a Development Project shall be issued pursuant to Sections 8-192(b) and 7-378 of the General Statutes of Connecticut, Revision of 1958, as amended, or any other enabling acts; and (3) a Municipal or Business Development Project shall be issued pursuant to Sections 32-227(b) and 7-378 of the General Statutes of Connecticut, Revision of 1958, as amended, or any other enabling acts. The temporary notes shall be general obligations of the Town and shall be secured by the irrevocable pledge of the full faith and credit of the Town. The Town shall comply, to the extent applicable, with the provisions of Section 7-378a of the General Statutes if the notes do not mature within the time permitted by said Section 7-378.
  5. The Town Manager and the Treasurer of the Town shall sign the bonds or notes by their manual or facsimile signatures. The law firm of Day Pitney LLP is designated as bond counsel to approve the legality of the bonds or notes. The Town Manager and the Treasurer are authorized to determine the amounts, dates, interest rates, maturities, redemption provisions, form and other details of the bonds or notes; to designate one or more banks or trust companies to be certifying bank, registrar, transfer agent and paying agent for the bonds or notes; to provide for the keeping of a record of the bonds or notes; to designate a financial advisor to the Town in connection with the sale of the bonds or notes; to sell the bonds or notes at public or private sale; to deliver the bonds or notes; and to perform all other acts which are necessary or appropriate to issue the bonds or notes.
  6. That the Town hereby declares its official intent under Federal Income Tax Regulation Section 1.150-2 that costs of the aforesaid projects may be paid from temporary advances of available funds and that the Town reasonably expects to reimburse any such advances from the proceeds of borrowings in an aggregate principal amount not in excess of the amount of borrowing authorized above for the project. The Town Manager and the Treasurer are authorized to amend such declaration of official intent as they deem necessary or advisable and to bind the Town pursuant to such representations and covenants as they deem necessary or advisable in order to maintain the continued exemption from federal income taxation of interest on the bonds or notes authorized by this resolution, if issued on a tax-exempt basis, including covenants to pay rebates of investment earnings to the United States in future years.
  7. That the Town Manager and the Treasurer are authorized to make representations and enter into written agreements for the benefit of holders of the bonds or notes to provide secondary market disclosure information, which agreements may include such terms as they deem advisable or appropriate in order to comply with applicable laws or rules pertaining to the sale or purchase of such bonds or notes.
  8. That the Town Manager, the Treasurer and other proper officers and officials of the Town are authorized to take all other action which is necessary or desirable to issue bonds or notes and temporary notes to finance the aforesaid appropriation.
  9. That this ordinance shall become effective after publication and approval by the electors at referendum as provided in the Town Charter.