HomeMy WebLinkAbout1985-02-25 85-124 RESOLVE85-124
Introduced Iy Councilox McCarthy, Febmary 25, 1985
_ 1W CITY OF BANGOR
(TIRE,) esuluP PROVIDING POR THE ISSUANCE OF REVENUE OBLIGATION
SECURITIES '(GALT BLOCK WAREHOUSE COMPANY - MILLER ST. WAREHOUSE)
By a4 CRY COUNQ 0610 00w afBasyrr;
IWSOLVB.
WHEREAS, the City of Bangor is authorized under the provisions
of Title 10, Chapter 110 of the Maine Revised Statutes Annotated, as
amended, (the. "Act") to issue revenue obligation securities of the
City to finance the acquisition, construction, reconstruction
renewal and. replacement of eligible projects within the City; and
WHEREAS, the Act further authorizes the City to enter into
egreements with private persons to provide payments which will be
sufficient to pay the principal of, and interest on, such securities
as the same become due and payable, all for the purpose of providing
opportunities for increased economic growth and the betterment of
the economy of the State of Maine; and
WHEREAS , Galt Block Warehouse Company (the Company), a
corporation incorporated under the laws of the State of Maine wishes
to construct and operate a 48,000 square foot warehouse adjacent to
its existing warehouse on Miller Steet in the City of Bangor, .Maine;
and
WHEREAS, the Company wishes to finance the acquisition of land,
the construction of a building thereon, and the installation of
certain equipment therein (the "Project") to be located in the City
of Bangor, all as authorized by the But; and
WHEREAS, the Company has not commenced acquisition or
construction of more than 108 of the project as of the date of this
Resolution; and
WHEREAS, the Act provides that any obligation created by
revenue obligation securities shall in no event constitute
indebtedness of the City of Bangor, the State of Maine, or any
political subdivision of either,
NOW THEREFORE, BE IT RESOLWO BY THE CITY COUNCIL OF THE CITY
OF BANOIR, MAINE, AS FOLLOWS: -
SECTION 1. That the Project Constitutes a "project" under the
SECTION 2. That the acquisition, construction and improvement
of the Project be and the same are hereby authorized.
SECTION 3. That for the purpose of financing the Project, the
City will issue revenue obligation securities (the Securities),
which shall constitute revenue obligation securities under the Act,
in an amount not to exceed 8850,000.00. The Securities shall bear
interest at such rates, shall be initially issued in the form, shall
be in such denominations, shall be numbered, shall be dated, shall
mature, shall be subject to redemption prior to maturity, shall have
such provisions for registration, shall be in such form and shall
have such other details and provisions as shall be prescribed by an
Indenture to be entered into by the City and a bank acting as
Trustee.
SECTION 4. The Securities shall be limited obligations payable
solely from the revenues pledged to their payment; they shall be
secured in the manner provided in the Indenture, and shall not
constitute any debt or liability or become a pledge of the faith and
credit of the State of Maine, of the City of Bangor, or of any
political subdivision of either.
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SECTION 5. No covenant, stipulation, obligation or agreement
herein contained shall be deemed to be a covenant, Stipulation,
obligation or agreement of any officer, agent or employee of the
City in his individual capacity.
SECTION b. Me Company or some other entity controlled by the
Company as the Company may designate, is hereby authorized in its
discretion to enter into contracts for the construction of the
Project, the costs of which are to be financed in whole or in part
by the proceeds of the Securities.
SECTION 7. All expenses and fees in connection with the
issuance of the Securities Shall be borne by the Company or paid in
whole or in part by the proceeds of the Securities.
SECTION S. The City Manager of the City, or such agent as
shall be designated by the City Manager, be, and hereby is
authorized and directed to distribute copies of this Resolution to
the Company, file all necessary applications with the Finance
Authority Of Maine as may be necessary under the 'Act to obtain
authorization to issue the Securities, and to take such further
actions as may be necessary or convenient to implement the
Provisions of this resolution, and take other actions to induce the
Company to construct the Project.
SECTION 9. This Resolution shall Constitute official action
toward the issuance of obligations to provide such facilities for
the purposes of the Internal Revenue Code, as amended, and the
regulations thereunder.
SECTION 10. This issuance of the securities Shall in all
respects be subject to the satisfaction Of all the provisions of the
Act with respect thereto.
SECTION 11. This Resolution Shall take effect immediately.
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95-124
In City. CPuucil February 25,1985 p e s o L V E
Passed
/ 'Providing for the Issu"ce of
"Y r- Ae ew Obl igat�' j&e itie
Ci y Clerk ock 'a"f Y@ Miller
{S Werehouse