School Building Committee (2020)

City of Norwich School Building Committee (2020) Special Meeting Thursday, 15, 2024 at 7:30pm virtually via Zoom 1. Call to order: Determination of a quorum 2. Discussion and action on referred referendum questions. • AN ORDINANCE AMENDING AND RESTATING ORDINANCE 1820 ENTITLED “AN ORDINANCE APPROPRIATING $385,000,000 FOR THE CITY OF NORWICH SCHOOL CONSTRUCTION PROGRAM, INCLUDING PROPERTY ACQUISITION, DESIGN, ENGINEERING, ENVIRONMENTAL ASSESSMENT AND REMEDIATION, CONSTRUCTION, INSTALLATION, REPAIR, RENOVATION AND ADDITION OF VARIOUS SCHOOL FACILITIES AND AUTHORIZING THE ISSUE OF $385,000,000 BONDS OF THE CITY TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE” TO DECREASE THE SCOPE OF THE PROJECT AND DECREASE THE APPROPRIATION AND BORROWING AUTHORIZATION TO $342,000,000 • AN ORDINANCE AMENDING AND RESTATING ORDINANCE 1820 ENTITLED “AN ORDINANCE APPROPRIATING $385,000,000 FOR THE CITY OF NORWICH SCHOOL CONSTRUCTION PROGRAM, INCLUDING PROPERTY ACQUISITION, DESIGN, ENGINEERING, ENVIRONMENTAL ASSESSMENT AND REMEDIATION, CONSTRUCTION, INSTALLATION, REPAIR, RENOVATION AND ADDITION OF VARIOUS SCHOOL FACILITIES AND AUTHORIZING THE ISSUE OF $385,000,000 BONDS OF THE CITY TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE” TO INCREASE THE APPROPRIATION AND BORROWING AUTHORIZATION TO $435,000,000 3. Adjournment Join Zoom Meeting https://us02web.zoom.us/j/87323069068?pwd=NMC0tqyyD2iIfvcMZUaGNahQviL7MX.1 Meeting ID: 873 2306 9068 Passcode: 168375 One tap mobile +13092053325,,87323069068#,,,,*168375# US Dial in +1 309 205 3325 US  July 16, 2024 TO: School Building Committee 2020 & Board of Education FROM: City Clerk SUBJECT: City Council Referral New Business Ordinance #2 (to increase the appropriations from $385,000,000 to $435,000,000.) The Council will be referring to you the following Ordinance for your review and comments: The below listed ordinance was introduced with first reading Monday, July 15, 2024 at 7:30 PM in Council Chambers, and setting of public hearing date for August 19, 2024 Council Meeting at 7:30 pm for second reading and action. New Business Ordinance #2 Council’s Amended and Restated Ordinance AN ORDINANCE AMENDING AND RESTATING ORDINANCE 1820 ENTITLED “AN ORDINANCE APPROPRIATING $385,000,000 FOR THE CITY OF NORWICH SCHOOL CONSTRUCTION PROGRAM, INCLUDING PROPERTY ACQUISITION, DESIGN, ENGINEERING, ENVIRONMENTAL ASSESSMENT AND REMEDIATION, CONSTRUCTION, INSTALLATION, REPAIR, RENOVATION AND ADDITION OF VARIOUS SCHOOL FACILITIES AND AUTHORIZING THE ISSUE OF $385,000,000 BONDS OF THE CITY TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE” TO INCREASE THE APPROPRIATION AND BORROWING AUTHORIZATION TO $435,000,000 WHEREAS, on November 8, 2022, the voters of the City of Norwich (the “City”) approved an ordinance entitled AN ORDINANCE APPROPRIATING $385,000,000 FOR THE CITY OF NORWICH SCHOOL CONSTRUCTION PROGRAM, INCLUDING PROPERTY ACQUISITION, DESIGN, ENGINEERING, ENVIRONMENTAL ASSESSMENT AND REMEDIATION, CONSTRUCTION, INSTALLATION, REPAIR, RENOVATION AND ADDITION OF VARIOUS SCHOOL FACILITIES AND AUTHORIZING THE ISSUE OF $385,000,000 BONDS OF THE CITY TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE” (the “Prior Ordinance”) for the design, construction, furnishing and equipping of (i) four new elementary schools on the grounds of the Moriarty Environmental Sciences Magnet School, the John B. Stanton School, the Uncas School and the former Greeneville School, (ii) the renovation to “as new” of the existing Teachers Memorial Global Studies Magnet Middle School or the construction of a new middle school on the site of the existing Teachers Memorial Global Studies Magnet Middle School, and (iii) the conversion and renovation of the Samuel Huntington School to accommodate central offices, including school administration, transportation and facilities offices, and adult education (the “Projects”); and WHEREAS, after additional cost estimates for the Projects were completed, it was determined that the City will need an additional $50,000,000 because of effects from existing Project site conditions, the current inflationary environment, supply chain shortages, and other economic factors; WHEREAS, in order to account for the additional costs of the Project, the City Council has determined to increase the appropriation and bond authorization in the Prior Ordinance to $435,000,000; and WHEREAS, the Prior Ordinance shall be amended and restated as set forth below with the changed portions of the Prior Ordinance set forth in cross marks representing deletions and bold representing additions: AN ORDINANCE APPROPRIATING $435,000,000 $385,000,000 FOR THE CITY OF NORWICH SCHOOL CONSTRUCTION PROGRAM, INCLUDING PROPERTY ACQUISITION, DESIGN, ENGINEERING, ENVIRONMENTAL ASSESSMENT AND REMEDIATION, CONSTRUCTION, INSTALLATION, REPAIR, RENOVATION AND ADDITION OF VARIOUS SCHOOL FACILITIES AND AUTHORIZING THE ISSUE OF $435,000,000 $385,000,000 BONDS OF THE CITY TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORWICH: Section 1. The sum of $435,000,000 $385,000,000 is appropriated for the City of Norwich School Construction Program. Such Program includes (i) the construction of four new elementary schools in the City of Norwich on the grounds of the Moriarty Environmental Sciences Magnet School, the John B. Stanton School, the Uncas School and the former Greeneville School, (ii) the renovation to “as new” of the existing Teachers Memorial Global Studies Magnet Middle School or the construction of a new middle school on the site of the existing Teachers Memorial Global Studies Magnet Middle School, and (iii) the conversion and renovation of the Samuel Huntington School to accommodate central offices, including school administration, transportation and facilities offices, and adult education. The appropriation may be spent for planning, design, acquisition, installation, demolition and construction costs, equipment, furnishings, materials, athletic fields, playgrounds, traffic, parking, sidewalks, lighting, utilities, site improvements, surveys, architects’ fees, engineering fees, remediation, project management and contract administration costs, insurance and bonding costs, grant application and administration costs, moving and relocation costs, contingencies, consultants, training, testing, legal, administrative, financing and other costs related thereto as may be accomplished within said appropriation (collectively, the “Projects”). Said appropriation shall be inclusive of state and federal grants in aide thereof, including State of Connecticut (the “State”) school building project grants to offset in part the cost of the Projects. Section 2. The expected useful lives of the Projects are in excess of thirty (30) years. The total estimated cost of the Projects is $435,000,000 $385,000,000. The City of Norwich (the “City”) anticipates that it will receive State school building project grants for the Projects in the estimated amount of approximately $278,000,000 $232,000,000, equaling a blended rate of approximately 69% 67.14% of the eligible costs of the Projects described in items (i) and (ii) in Section 1 above and approximately 38.57% of the eligible costs of the Projects described in item (iii) of Section 1 above. The Projects are a general benefit to the City and its general governmental purposes. Section 3. To meet said appropriation $435,000,000 $385,000,000 bonds of the City, or so much thereof as may be necessary for said purpose, may be issued, maturing not later than the thirtieth (30th) year after their date, or such later date as may be allowed by law. Said bonds may be issued in one or more series as shall be determined by the City Manager and the Comptroller, and the amount of bonds of each series to be issued shall be fixed by the City Manager and the Comptroller, 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 bearer form or in fully registered form, be executed in the name and on behalf of the City by the manual or facsimile signatures of the City Manager and the Comptroller, bear the City seal or a facsimile thereof, be certified by a bank or trust company designated by the City Manager and the Comptroller, which bank or trust company may be designated the registrar and transfer agent, be payable at a bank or trust company designated by the City Manager and the Comptroller, and be approved as to their legality by Pullman & Comley, LLC, Bond Counsel. They shall bear such rate or rates of interest as shall be determined by the City Manager and the Comptroller. The bonds shall be general obligations of the City 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, that the full faith and credit of the City are pledged to the payment of the principal thereof and the interest thereon and shall be paid from property taxation to the extent not paid from other funds available for the payment thereof. The aggregate principal amount of the bonds, annual installments of principal, redemption provisions, if any, the date, time of issue and sale and other terms, details and particulars of such bonds, shall be determined by the City Manager and the Comptroller in accordance with the requirements of the General Statutes of Connecticut, as amended (the “Statutes”). In connection with the issuance of any bonds or notes authorized herein, the City may exercise any power delegated to municipalities pursuant to Section 7-370b of the Statutes, including the authority to enter into agreements managing interest rate risk. The City Manager and Comptroller, on behalf of the City, shall execute and deliver such reimbursement agreements, letter of credit agreement, credit facilities, remarketing, standby marketing agreements, standby bond purchase agreements, and any other commercially necessary or appropriate agreements which are necessary, appropriate or desirable in connection with or incidental to the sale and issuance of such bonds or notes. Section 4. The issue of the bonds aforesaid and of all other bonds or notes of the City heretofore authorized but not yet issued, as of the effective date of this ordinance, would not cause the indebtedness of the City to exceed any debt limit calculated in accordance with law. Section 5. Said bonds shall be sold by the City Manager and Comptroller in a competitive offering or by negotiation, in their discretion. If sold at competitive offering, the bonds shall be sold upon sealed proposals, auction or similar process, at not less than par and accrued interest on the basis of the lowest net or true interest cost to the City. Section 6. The City Manager and the Comptroller are authorized to make temporary borrowings in anticipation of the receipt of the proceeds of any series of said bonds. Notes evidencing such borrowings shall be signed by the manual or facsimile signatures of the City Manager and the Comptroller, have the seal of the City or a facsimile thereof affixed, be payable at a bank or trust company designated by the City Manager and the Comptroller, be certified by a bank or trust company designated by the City Manager and the Comptroller pursuant to Section 7-373 of the Statutes, and be approved as to their legality by Pullman & Comley, LLC, Bond Counsel. They shall be issued with maturity dates which comply with the provisions of the 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 City 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, that the full faith and credit of the City are pledged to the payment of the principal thereof and the interest thereon and shall be paid from property taxation to the extent not paid from other funds available for the payment thereof. 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 said bonds the proceeds thereof, to the extent required, shalt be applied forthwith to the payment of the principal of and the interest on any such temporary borrowings then outstanding or shall be deposited with a bank or trust company in trust for such purpose. Section 7. The Board of Education, the Norwich School Building Committee, the Mayor, the City Manager, the Comptroller and any other proper Board of Education or City official are each hereby authorized to apply for and accept any available State or federal grant in aid of the financing of the Project, and to take all action necessary or proper in connection therewith. Section 8. Resolution of Official Intent to Reimburse Expenditures with Borrowings. The City (the “Issuer”) 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 after the date of passage of this ordinance 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 Issuer. 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 that the Regulations may authorize. The Issuer hereby certifies that the intention to reimburse as expressed herein is based upon its reasonable expectations as of this date. The Comptroller or his designee is authorized to pay project expenses in accordance herewith pending the issuance of reimbursement bonds, and to amend this declaration. Section 9. The City Manager and Comptroller are hereby authorized to exercise all powers conferred by Section 3-20e of the General Statutes with respect to secondary market disclosure and to provide annual information and notices 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 ordinance. Section 10. In order to meet the capital cash flow expenditure needs of the City, the City Manager and Comptroller are authorized to allocate and reallocate expenditures incurred for the Project to any bonds or notes of the City outstanding as of the date of such allocation, and the bonds or notes to which such expenditures have been allocated shall be deemed to have been issued for such purpose. Section 11. It is hereby found and determined that the issue of all, or a portion of, the bonds, notes or other obligations of the City authorized to be issued herein as qualified private activity bonds, or with interest that is includable in gross income of the holders thereof for purposes of federal income taxation, is in the public interest. The City Manager and the Comptroller are hereby authorized to issue and utilize without further approval any financing alternative currently or hereafter available to municipal governments pursuant to law. Section 12. The City Manager and Comptroller are hereby authorized to prepare and distribute preliminary and final Official Statements of the City, to execute and deliver on behalf of the City all such other documents, and to take all action, necessary and proper for the sale, issuance and delivery of any bonds or notes relating to the Project in accordance with the provisions of the Statutes and the laws of the United States. Section 13. The City Clerk shall cause an ordinance incorporating all amendments into one complete text to be prepared, labeled “As Amended and Restated” at the top, and filed with the minutes of the Meeting at which this ordinance is adopted. This ordinance shall not take effect unless and until adopted by the City Council and approved at referendum. Section 14. This ordinance shall not take effect unless and until adopted by the City Council and approved at referendum. If this ordinance is not adopted by the City Council and approved at referendum, then the Prior Ordinance shall remain in effect. President Pro Tem Joseph A. DeLucia Alderwoman Shiela Hayes Respectfully submitted, City Clerk July 16, 2024 TO: School Building Committee 2020 & Board of Education FROM: City Clerk SUBJECT: City Council Referral New Business Ordinance #1 (to decrease the appropriations from $385,000,000 to $342,000,000.) The Council will be referring to you the following Ordinance for your review and comments: The below listed ordinance was introduced with first reading Monday, July 15, 2024 at 7:30 PM in Council Chambers, and setting of public hearing date for August 19, 2024 Council Meeting at 7:30 pm for second reading and action. New Business Ordinance #1 Council’s Amended and Restated Ordinance AN ORDINANCE AMENDING AND RESTATING ORDINANCE 1820 ENTITLED “AN ORDINANCE APPROPRIATING $385,000,000 FOR THE CITY OF NORWICH SCHOOL CONSTRUCTION PROGRAM, INCLUDING PROPERTY ACQUISITION, DESIGN, ENGINEERING, ENVIRONMENTAL ASSESSMENT AND REMEDIATION, CONSTRUCTION, INSTALLATION, REPAIR, RENOVATION AND ADDITION OF VARIOUS SCHOOL FACILITIES AND AUTHORIZING THE ISSUE OF $385,000,000 BONDS OF THE CITY TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE” TO DECREASE THE SCOPE OF THE PROJECT AND DECREASE THE APPROPRIATION AND BORROWING AUTHORIZATION TO $342,000,000 WHEREAS, on November 8, 2022, the voters of the City of Norwich (the “City”) approved an ordinance entitled AN ORDINANCE APPROPRIATING $385,000,000 FOR THE CITY OF NORWICH SCHOOL CONSTRUCTION PROGRAM, INCLUDING PROPERTY ACQUISITION, DESIGN, ENGINEERING, ENVIRONMENTAL ASSESSMENT AND REMEDIATION, CONSTRUCTION, INSTALLATION, REPAIR, RENOVATION AND ADDITION OF VARIOUS SCHOOL FACILITIES AND AUTHORIZING THE ISSUE OF $385,000,000 BONDS OF THE CITY TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE” (the “Prior Ordinance”) for the design, construction, furnishing and equipping of (i) four new elementary schools on the grounds of the Moriarty Environmental Sciences Magnet School, the John B. Stanton School, the Uncas School and the former Greeneville School, (ii) the renovation to “as new” of the existing Teachers Memorial Global Studies Magnet Middle School or the construction of a new middle school on the site of the existing Teachers Memorial Global Studies Magnet Middle School, and (iii) the conversion and renovation of the Samuel Huntington School to accommodate central offices, including school administration, transportation and facilities offices, and adult education (the “Prior Projects”); and WHEREAS, after additional cost estimates for the Prior Projects were completed, it was determined that the Project could not be completed for the original appropriation and bond authorization of $385,000,000 because of effects from existing Prior Project site conditions, the current inflationary environment, supply chain shortages, and other economic factors; WHEREAS, the City Council has determined to decrease the scope of the Prior Project and decrease the appropriation and bond authorization to $342,000,000; and WHEREAS, the Prior Ordinance shall be amended and restated as set forth below with the changed portions of the Prior Ordinance set forth in cross marks representing deletions and bold representing additions: AN ORDINANCE APPROPRIATING $342,000,000 $385,000,000 FOR THE CITY OF NORWICH ELEMENTARY SCHOOL CONSTRUCTION PROGRAM, INCLUDING PROPERTY ACQUISITION, DESIGN, ENGINEERING, ENVIRONMENTAL ASSESSMENT AND REMEDIATION, CONSTRUCTION, INSTALLATION, REPAIR, RENOVATION AND ADDITION OF VARIOUS SCHOOL FACILITIES AND AUTHORIZING THE ISSUE OF $342,000,000 $385,000,000 BONDS OF THE CITY TO MEET SAID APPROPRIATION AND PENDING THE ISSUANCE THEREOF THE MAKING OF TEMPORARY BORROWINGS FOR SUCH PURPOSE BE IT ORDAINED BY THE COUNCIL OF THE CITY OF NORWICH: Section 1. The sum of $342,000,000 $385,000,000 is appropriated for the City of Norwich Elementary School Construction Program. Such Program includes (i) the construction of four new elementary schools in the City of Norwich on the grounds of the Moriarty Environmental Sciences Magnet School, the John B. Stanton School, the Uncas School and the former Greeneville School, (ii) the renovation to “as new” of the existing Teachers Memorial Global Studies Magnet Middle School or the construction of a new middle school on the site of the existing Teachers Memorial Global Studies Magnet Middle School, and (iii) the conversion and renovation of the Samuel Huntington School to accommodate central offices, including school administration, transportation and facilities offices, and adult education. The appropriation may be spent for planning, design, acquisition, installation, demolition and construction costs, equipment, furnishings, materials, athletic fields, playgrounds, traffic, parking, sidewalks, lighting, utilities, site improvements, surveys, architects’ fees, engineering fees, remediation, project management and contract administration costs, insurance and bonding costs, grant application and administration costs, moving and relocation costs, contingencies, consultants, training, testing, legal, administrative, financing and other costs related thereto as may be accomplished within said appropriation (collectively, the “Projects”). Said appropriation shall be inclusive of state and federal grants in aide thereof, including State of Connecticut (the “State”) school building project grants to offset in part the cost of the Projects. Section 2. The expected useful lives of the Projects are in excess of thirty (30) years. The total estimated cost of the Projects is $342,000,000 $385,000,000. The City of Norwich (the “City”) anticipates that it will receive State school building project grants for the Projects in the estimated amount of approximately $204,000,000 $232,000,000, equaling a blended rate of approximately 73% 67.14% of the eligible costs of the Projects described in items (i) and (ii) in Section 1 above and approximately 38.57% of the eligible costs of the Projects described in item (iii) of Section 1 above. The Projects are a general benefit to the City and its general governmental purposes. Section 3. To meet said appropriation $342,000,000 $385,000,000 bonds of the City, or so much thereof as may be necessary for said purpose, may be issued, maturing not later than the thirtieth (30th) year after their date, or such later date as may be allowed by law. Said bonds may be issued in one or more series as shall be determined by the City Manager and the Comptroller, and the amount of bonds of each series to be issued shall be fixed by the City Manager and the Comptroller, 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 bearer form or in fully registered form, be executed in the name and on behalf of the City by the manual or facsimile signatures of the City Manager and the Comptroller, bear the City seal or a facsimile thereof, be certified by a bank or trust company designated by the City Manager and the Comptroller, which bank or trust company may be designated the registrar and transfer agent, be payable at a bank or trust company designated by the City Manager and the Comptroller, and be approved as to their legality by Pullman & Comley, LLC, Bond Counsel. They shall bear such rate or rates of interest as shall be determined by the City Manager and the Comptroller. The bonds shall be general obligations of the City 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, that the full faith and credit of the City are pledged to the payment of the principal thereof and the interest thereon and shall be paid from property taxation to the extent not paid from other funds available for the payment thereof. The aggregate principal amount of the bonds, annual installments of principal, redemption provisions, if any, the date, time of issue and sale and other terms, details and particulars of such bonds, shall be determined by the City Manager and the Comptroller in accordance with the requirements of the General Statutes of Connecticut, as amended (the “Statutes”). In connection with the issuance of any bonds or notes authorized herein, the City may exercise any power delegated to municipalities pursuant to Section 7-370b of the Statutes, including the authority to enter into agreements managing interest rate risk. The City Manager and Comptroller, on behalf of the City, shall execute and deliver such reimbursement agreements, letter of credit agreement, credit facilities, remarketing, standby marketing agreements, standby bond purchase agreements, and any other commercially necessary or appropriate agreements which are necessary, appropriate or desirable in connection with or incidental to the sale and issuance of such bonds or notes. Section 4. The issue of the bonds aforesaid and of all other bonds or notes of the City heretofore authorized but not yet issued, as of the effective date of this ordinance, would not cause the indebtedness of the City to exceed any debt limit calculated in accordance with law. Section 5. Said bonds shall be sold by the City Manager and Comptroller in a competitive offering or by negotiation, in their discretion. If sold at competitive offering, the bonds shall be sold upon sealed proposals, auction or similar process, at not less than par and accrued interest on the basis of the lowest net or true interest cost to the City. Section 6. The City Manager and the Comptroller are authorized to make temporary borrowings in anticipation of the receipt of the proceeds of any series of said bonds. Notes evidencing such borrowings shall be signed by the manual or facsimile signatures of the City Manager and the Comptroller, have the seal of the City or a facsimile thereof affixed, be payable at a bank or trust company designated by the City Manager and the Comptroller, be certified by a bank or trust company designated by the City Manager and the Comptroller pursuant to Section 7-373 of the Statutes, and be approved as to their legality by Pullman & Comley, LLC, Bond Counsel. They shall be issued with maturity dates which comply with the provisions of the 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 City 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, that the full faith and credit of the City are pledged to the payment of the principal thereof and the interest thereon and shall be paid from property taxation to the extent not paid from other funds available for the payment thereof. 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 said bonds the proceeds thereof, to the extent required, shalt be applied forthwith to the payment of the principal of and the interest on any such temporary borrowings then outstanding or shall be deposited with a bank or trust company in trust for such purpose. Section 7. The Board of Education, the Norwich School Building Committee, the Mayor, the City Manager, the Comptroller and any other proper Board of Education or City official are each hereby authorized to apply for and accept any available State or federal grant in aid of the financing of the Project, and to take all action necessary or proper in connection therewith. Section 8. Resolution of Official Intent to Reimburse Expenditures with Borrowings. The City (the “Issuer”) 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 after the date of passage of this ordinance 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 Issuer. 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 that the Regulations may authorize. The Issuer hereby certifies that the intention to reimburse as expressed herein is based upon its reasonable expectations as of this date. The Comptroller or his designee is authorized to pay project expenses in accordance herewith pending the issuance of reimbursement bonds, and to amend this declaration. Section 9. The City Manager and Comptroller are hereby authorized to exercise all powers conferred by Section 3-20e of the General Statutes with respect to secondary market disclosure and to provide annual information and notices 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 ordinance. Section 10. In order to meet the capital cash flow expenditure needs of the City, the City Manager and Comptroller are authorized to allocate and reallocate expenditures incurred for the Project to any bonds or notes of the City outstanding as of the date of such allocation, and the bonds or notes to which such expenditures have been allocated shall be deemed to have been issued for such purpose. Section 11. It is hereby found and determined that the issue of all, or a portion of, the bonds, notes or other obligations of the City authorized to be issued herein as qualified private activity bonds, or with interest that is includable in gross income of the holders thereof for purposes of federal income taxation, is in the public interest. The City Manager and the Comptroller are hereby authorized to issue and utilize without further approval any financing alternative currently or hereafter available to municipal governments pursuant to law. Section 12. The City Manager and Comptroller are hereby authorized to prepare and distribute preliminary and final Official Statements of the City, to execute and deliver on behalf of the City all such other documents, and to take all action, necessary and proper for the sale, issuance and delivery of any bonds or notes relating to the Projects in accordance with the provisions of the Statutes and the laws of the United States. Section 13. The City Clerk shall cause an ordinance incorporating all amendments into one complete text to be prepared, labeled “As Amended and Restated” at the top, and filed with the minutes of the Meeting at which this ordinance is adopted. This ordinance shall not take effect unless and until adopted by the City Council and approved at referendum. Section 14. This ordinance shall not take effect unless and until adopted by the City Council and approved at referendum. If this ordinance is not adopted by the City Council and approved at referendum, then the Prior Ordinance shall remain in effect. Mayor Peter Albert Nystrom Alderwoman Stacy Gould Alderman William Nash Respectfully submitted, City Clerk