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Home My WebLink About1985-04-08 85-161 RESOLVE85-Lfil IntroduCed by Councilor MCarthy, April 8, 1985 CITY OF BANGOR (TITLE.) ego(UEa_._Autuxr zieg_issuance...of__.._......_......... tllligation Securities (1985 Superior paper Products, Inc. Project) call Authorizing and Approving the fond Ncunents By City CosusR Oahe C,ty of Basso . BBBOLVBB, WHEREAS, the Finance Authority of Maine Act, 10 M.R.B.A., 55 961 at seg. (t)he "Ace), authorizes and epowecs the City of Bangor, Maine (the "City") to ecquire, ronstruct, reconstruct, renew and replace or pto✓ide financing for eligible projects within the corporate limits of the City, to acquire or enable a user to acquire and] dispose of such projects and to (oaks and enter into all financing documents and contracts necessary or convenient to carry out each such power; and WR.'RoS, the Act authorizes and enporgrs the City to issue its revenue Obligation securities W pay the, cost of or provide financing for acquiring, eonstructing, reconstructing, renewing end replacing eligible projects; and WiEWAB, the Pct authorizes the Municipal Officers of the City to provide, by a resolution adopted by the vote of said Municipal Officers, for the issuance of the City's revenue obligation securities upon receipt of the Certificate of Al al issued by the Finance Authority of Maine; and 4IliERFlS, the Certificate of Approval of the Finance Aut)writy of Maine has been issued and received; and WEREM, the Act provides that the revenue obligation securities of the City shall net constitute any debt or liability of the State of Maine or any municipality therein or any political subdivision thereof or a pledge of the faith and credit of the State of Maine or of any such municipality or political subdivision, but shall be payable solely from revenues of the project for which they are issued, arcs that the issuance of such securities shall not directly or indirectly or contingently obligate the State of Maine or any municipality or political subdivision thereof W levy or to pledge any form of taxation whatsoever therefor or W make any appropriation for their payment; and WIERFAS, Superior paper Products, Inc. (the "Company') desires to acquire, construct and) equip the R.B. Cunning Building, so-called, located at 20 Rice Street, Bangor, Maine (the "Project") inan aggregate principal aRvnt not W exceed $600,000 (the "Bards") W financethe acquisition and installation of the Project; and _2_ WixDiFAS, the Company wishes the City to issue the Qty's revenue Obligation securities, to he desigafed 'City of Badger, Maine Revenue Obligation Security (1985 Superior Paper Products, Inc. Project)" in an aggregate principal amount trot to exceed $600,000 (the "Bands") to finance the acquisition and installation Of the Project; and YMEI2EPS, approval has been Obtained from the Finance Authority of Maine, approving an interest rate on the Beds in excess of six percent (68); and wabas AS, the Company wishes to finance the Project by borrowing from the City; NAY, THFREFUM, BE IT RESOLVED BY THE BANCCA CWY CINNCIL, N MICIPAL OFFICEFS CP TRE CM OF BANGOR, HAIM, AS FOLD : Section 1. the City Council hereby finds end determines that: (a) Tho City is a duly organized City and municipality of the State of Maine and the City Council members are duly elected municipal officers of the City; and (b) The Act authorizes and empowers the City W finance the acquisition ani installation of the Project, arch to issue the BMs W finance the cost of acquiring and installing the Project; and (c) The Pct authorizes the City to enter into financing documents inclocing security agreements, mortgages, contracts and trust agreements and all Other contracts and agreements Mich are necessary or Convenient W the exercise Of its powers under the Act (the "Bold Documents"); and (d) The Certificate of Approval has been issued end received as required by the Act, Mich Certificate authorizes the City to proceed he issue the Bonds to finance the Project; and (e) The proceeds of the Bands in an aggregate principal amount fret to exceed $600,000 will be required and will be sufficient to pay the estimated cost of the Project. Section 2. Pursuant W the Act, the issuance of a single Bond of the City in the principal amort of $600,000 is hereby authorized. The Bad shall be designated "City of Bangor, Maine Revenue Obligation Security (1985 Superior Paper Products, Inc. Project)." The Proceeds Of the BOM shall be used W finance acquisition ani installation of the Project. Section 3. The Bangor City Council hereby authorizes end appro✓es the execution, ackrowledgeent and delivery by the City M ager, of the Bond Doo mens in connection with the Project, in such form as M may approve by his execution thereof, and as approved by the Finance Authority of Maine. The City Clerk is hereby authorized arch directed W attest to the City's execution of the Bond Documents as necessary and to affix the official seal of the City thereto as necessary. Section 4. The Boni shall he in substantially the fore approved by fro Finance Autbrlty of Maine and shall contain such other terms and prcoisions not inconsistent therewith as my be alprcoed by the City Manager by his execution thereof. The City Clark is hereby autbrizad and directed to attest to the City's execution of the Bad and to affix the official seal of the City tbarow. Section S. The Bond shall be and shall contain on its face a state- ment to the etfect that the Bond is a limited obligation of the City and shall not constitute any debt or liability of the State of Maine or my municipality therein or my political subdivision thereof or a pledge of the faith and credit of the State of Maine or of any such municipality or political subdivision, but shall be payable solely frau revenues of the project for which it is issued; and the issuance of the Boni shall not directly or indirectly or contingently obligate the State of Maine or any municipality or political subdivision thereof to levy or to pledge any form of Lavation whatever therefor or to make any appropriation for its payment. If any of the officers or officials of the City who have signed or sealed the Bon'] shall bases to be such officers or officials before the Bond so signed and sealed shall have been actually authenticated or delivered by the City, the Boni nevertheless may be authenticated, issued and delivered with the save force and effect as though the person or persons who signed or sealed the Bond had not ceased] to be such officer or official; and also the Bad grey be signed and sealed on behalf of the City by those parsons mo, at the actual data of the execution of the Bond, shall be the proper officers and officials of the City, although at the naninal data of the Bid any such person shall not have been such officer or official. SSC41 6. The City reserves the right, but does not hereby obligate itself, to issue additional bonds for the purposes ani upon the conditions set forth in the god Bocune nts. Section Tho City Manager of the City is hereby authorized end enpowared to do 1 such acts and things, and to baecute, deliver, file and Bond all such financing docueents, contracts, deeds, assimcents, certificates, umorania, abstracts and other docusents as may be necessary or advisable, with the advice of counsel for tb City, to carry out the provisions of the resolutions heretofore adopted at this meting in connection with the Reject, the execution, sale and delivery by the City of the Boni and the execution and delivery of the Bond Docu,enis. Section 8. ybe City Clerk is hereby authorized and directed to cause a true copy of the fors of Notice of Intent to Issue dievenue alligation Securities, City of Bangor, Maine, which is before the Council at this meeting and attached hereto and incorporated] herein, and a copy of the Certificate of Approval of the Finance Authority of Maine, to be published M later than fourteen (14) days after the data hereof in the Bangor Daily News• a newspaper of general circulation in the City, and in the Reru,ebec Journal, the state newspaper of the State of Maine. Such publications shall constitute the notice of intent to issue the Bods required by the Act. 85-161 NES0LVE in City Council april 8,1965' Public Hearing Held - Passed pon 1 He en aGligati �itie Ci y aerk- Pro ect)uand Autnorieing end ap ing the Bond O menta