Official Statement of CITY OF SOUTH PORTLAND, MAINE dated May 15, 2012.
The Bonds are being issued pursuant to a Bond Ordinance finally passed and enacted on September 8, 2010 (#3-10/11) authorizing the issuance of debt in an amount not to exceed $41,500,000 to provide funds for additions to and renovations to of South Portland High School (the “SPHS Project”). . This ordinance was approved by the voters of South Portland at a November 2, 2010 referendum election. Pursuant to Section 612 of the City Charter, the City Council, on March 19, 2012, passed Resolve #7-11/12, authorizing the issuance of $30,000,000 of the previously approved Bonds and approving the final terms and details of this portion of the Bond.