An Act To Allow the City of Bangor To Replace the Bangor Auditorium and Civic Center at the Bass Park Complex

Sec. 1. Certain debt of City of Bangor not subject to limitations on municipal debt. Notwithstanding any other provision of law, any bonded indebtedness incurred by the City of Bangor and financed in whole or in part by the proceeds from a tax increment financing district in order to fund a replacement building or structure for the existing Bangor Auditorium and Civic Center is not subject to the limitations on municipal debt contained in the Maine Revised Statutes, Title 30-A, section 5702.

Sec. 2. Certain debt of City of Bangor excluded from aggregate value of debt in Penobscot County. Notwithstanding the Maine Revised Statutes, Title 30-A, section 5223, subsection 3, paragraph D, any bonded indebtedness incurred by the City of Bangor and financed in whole or in part by the proceeds from a tax increment financing district in order to fund a replacement building or structure for the existing Bangor Auditorium and Civic Center is excluded from the aggregate value of municipal general obligation indebtedness within Penobscot County.

Sec. 3. Time limit for construction does not apply. Notwithstanding any other provision of law, the 5-year time limit set forth in the Maine Revised Statutes, Title 30-A, section 5223, subsection 3, paragraph D, subparagraph (2) does not apply to the acquisition, construction and installment of all real and personal property improvements, buildings, structures, fixtures and equipment needed to replace the existing Bangor Auditorium and Civic Center, regardless of whether the improvements are financed through bonded indebtedness incurred by the City of Bangor and financed in whole or in part by the proceeds from a tax increment financing district.

Sec. 4. Bonds may mature within 30 years from date of issue. Notwithstanding the bond financing provisions contained in the Maine Revised Statutes, Title 30-A, section 5231, with respect to any bonded indebtedness incurred by the City of Bangor and financed in whole or in part by the proceeds from a tax increment financing district in order to fund a replacement building or structure for the Bangor Auditorium and Civic Center, the City of Bangor may authorize, issue and sell such bonds, including, but not limited to, general obligation or revenue bonds or notes, that mature within 30 years from the date of issue.

summary

This bill facilitates the City of Bangor's ability to incur bonded indebtedness in order to fund a replacement building or structure for the existing Bangor Auditorium and Civic Center. The bill exempts the bonded indebtedness for the project from counting towards the city's statutory debt limit and Penobscot County's aggregate value of municipal general obligation indebtedness financed by the proceeds from tax increment financing districts. The bill also removes a 5-year deadline for completion of the project and extends the 20-year time limit to 30 years for bonded indebtedness incurred by the City of Bangor to finance the project.