HomeMy WebLinkAbout1985-06-24 85-234 RESOLVE95-234
In4rduced by Councilor Car, June 24, 1985
- CITY OF BANGOR
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(TITLE.) �B$QI{IBt AUTHORIZING THE ISSUANCE OF $686,500.00 IN REVENUE
OBLIGATION SECURITIES (1985 GALT BLOCK WAREHOUSE COMPANY PROJECT)
AND AUTHORIZING AND APPROVING THE BOND DOCUMENTS
By the City CoueeR of the IXty of Banger.
RRSOLVBB,
WHEREAS, the Finance Authority of Maine Art, 10 Maine Revised
Statutes Annotated, ch. 110 SS961 at seg. (the "Act"), authorizes
and empowers the City of Bangor, Maine (the "City") to acquire,
construct, reconstruct, renew and replace or provide 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 make and enter into all financing documents and contracts
necessary or convenient to carry out each such power; and
WHEREAS, the Act authorizes and empowers the City to issue its
revenue obligation securities to pay the cost of or provide
financing for acquiring, constructing, reconstructing, renewing and
replacing eligible projects; and
WHEREAS, the Act authorizes the Municipal Officers of the City
to provide, by at 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 Approval issued by the
Finance Authority of Maine; and
WHEREAS, the Certificate of Approval of the Finance Authority
of Maine has been issued and received; and
WHEREAS, the Act provides that the revenue obligation
securities of the City shall not constitute any debt or liability of
the State of Maine on any municipality therein or any political
subdivision thereof or a pledge of the faith and credit of the State
85-234
IR CITY. COUMIL. R E S O L V E
dune 24y1985 ddd Authorizing the Issuance of $686,5W.W in Revewe
Obligation Securities (1985 Galt
WarahCuSe
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CompanyProject) and Aut and Approving
the
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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, and 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 to levy or to
pledge any form of taxation whatsoever therefor or to make any
appropriation for their payment; and
WHEREAS, GALT BLOCK WAREHOUSE COMPANY (the "Company") desires
to acquire the land and construct an approximately 98,000 square
foot warehouse building at 92 V Miller St., Bangor, Maine ("the
Project'); and
WHEREAS, the Company wishes the City to issue the City's
revenue obligation securities, to be designated "City of Bangor,
Maine Revenue Obligation Security (1985 GALT BLOCK WAREHOUSE COMPANY
Project)" in an aggregate principal amount not to exceed $686,500.00
(the "Bonds") to finance the acquisition and construction of the
Project; and
WHEREAS, approval has been obtained from the Finance Authority
of Maine, approving an interest rate on the bonds in excess of six
percent (68); and
WHEREAS, The Company wishes to finance the Project by borrowing
from the City;
NOW THEREFORE, BE IT RESOLVED BY THE BANGOR CITY COUNCIL,
MUNICIPAL OFFICERS OF THE CITY OF BANGOR, MAINE AS FOLLOWS:
Section 1. The City Council hereby find and determines that:
(a) The 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
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(b) The Act authorizes and empowers the City to finance the
acquisition and contruction of the Project, and to issue the Bonds
to finance the cost of acquiring and constructing the Project; and
(c) The Act authorizes the City to enter into financing
documents including security agreements, mortgages, contracts and
trust agreements and all other contracts and agreements which are
necessary or convenient to the exercise of its powers under the Act
(the "Bond Documents"); and
(d) The Certificate of Approval has been issued and received
as required by the Pct, which Certificate authorizes the City to
proceed to issue the Bonds to finance the Project; and
(e) The proceeds of the Bonds in an aggregate principal amount
not to exceed $686,500 will be required and will be sufficient to
pay the estimated coat of the Project.
Section 2. Pursuant to the Act, the issuance of a single Bond
of the City in the principal amount of $686,500 is hereby
authorized. The Bond shall be designated "City of Bangor, Maine
Revenue Obligation Security (1965 Galt Block Warehouse Company
Project)." The proceeds of the Bond shall be used to finance
acquisition and construction of the Project.
Section 3. The Bangor City Council hereby authorizes and
approves the execution, acknowledgement and delivery by the City
Manager, of the Bond Documents in connection with the Project, in
such form as he may approve by his execution thereof, and as
approved by the Finance Authority of Maine. The City Clerk is
hereby authorized and directed to 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 Bond shall be in substantially the form
approved by the Finance Authority of Maine and shall contain such
other terms and provisions not inconsistent therewith as may be
approved by the City Manager by his execution thereof. The City
Clerk is hereby authorized and directed to attest to the City's
execution of the Bond and to affix the official seal of the City
thereto.
Section 5. The Bond shall be and shall contain on its face a
statement to the effect that the bond is a limited obligation of the
City and shall not 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 it is issued;
and the issuance of the Bond 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
taxation whatever therefor or to make any appropriation for its
payment.
If any of the officers or officials of the City who have signed
or scaled the Bond shall cease to be such officers of officials
before the Bond so signed and sealed shall have been actually
authenticated or delivered by the City, the Bond nevertheless may be
authenticated, issued and delivered with the same 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 Bond may be
signed and sealed on behalf of the City by those persons who, at the
actual date of the execution of the Bond, shall be the proper
officers and officals of the City, although at the nominal date of
the Bond any such person shall not have been such officer or
Official.
Section 6. The City reserves the right, but does not hereby
obligate itself, to issue additional bonds for the purposes and upon
the Conditions set forth in the Bond Documents.
Section I. The City Manager of the City is hereby authorized
and empowered to do all such acts and things, and to execute,
deliver, file and record all such financing documents, contracts,
deeds, assignments, certificates, memoranda, abstracts and other
documents as may be necessary or advisable, with the advice of
counsel for the City, to carry out the provisions of the resolutions
heretofore adopted at this meeting in connetiOn with the project,
the execution, sale and delivery by the City of the Bond and the
execution and delivery of the Band Documents.
Section 8. The City Clerk is hereby authorized and directed to
cause a true copy of the Form of Notice of Intent to Issue Revenue
Obligation 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 no later than fourteen (14) days after the
date hereof in the Bangor Daily Mews, a newspaper of general
circulation in the City, and in the Kennebec Journal, the State
newspaper of the State of Maine. Such publications shall constitute
the notice of intent to issue the bonds required by the Act.
CITY OF BANGOR, MAINE
NOTICE OF INTENT TO ISSUE
REVENUE OBLIGATION SECURITIES
Notice is hereby given that the City of Bangor, Maine intends
to issue revenue obligation securities pursuant to the Finance
Authority of Maine Act )Chapter 110 Of Title 10 of the Maine Revised
Statutes of 1964, as amended, hereinafter referred to as 'the Act")
and that the Municipal Officers of the City of Bangor on June 24,
1985 adopted resolutions authorizing the issuance of said revenue
obligation securities for purposes authorized by the Act.'
The revenue obligation securities are proposed to be issued in
the maximum principal amount of $686,500 for the purpose of
financing a portion of the costs of a project for Galt Block
Warehouse Company (the "Company") consisting of the acquisition of
land and the construction and equipping of an approximately 48,000
square foo warehouse building, located at 92,V Miller Street,
Bangor, Maine ("the Project"). Financing documents and other
agreements and contracts to be entered into by the City and the
Company Ithe "Bond Documents") will provide for the payment from
time to time by the company of sums which in the aggregate will be
at least equal to the entire principal and interest of such
securities and all administrative costs in connection therewith.
Such securities shall be paid solely from said sums and shall not
constitute ageneral debt or liability of the City nor a pledge of
its full faith and credit.
The revenue obligation securities proposed to be issued for the
aforementioned purposes in the maximum principal amount of $686,500
are to be issued in such form as provided by the Bond Documents and
shall bear interest at a rate on the principal amount thereof from
the date of issuance at the rate per annum and payable on the dates
specified in the Bond Documents. The aforesaid revenue obligation
securities of the City of Bangor are Proposed to be issued pursuant
to a Certificate of Approval issued by the Finance Authority of
Maine under the Act: which Certificate is substantially in the
following form:
CERTIFICATE OF APPROVAL
Pursuant to 10 M.R.S.A. §1063: the Finance Authority of Maine
f"FAME") approves the project described below:
MUNICIPALITY: Bangor
PROJECT USSR: Galt Block Warehouse Company
PURPOSE OF PROJECT: Construction of a 48,660 square foot warehouse
for lease to James River Co.
MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY THE
MUNICIPALITY TO PROVIDE FINANCING FOR THE PROJECT: $686.500
This Certificate shall be null and void unless acted upon within one
:1� year from the date hereof.
Date: May 28, 1985
/s/ Sta nlev o. Provus
Chief Executive Officer
Any action or proceeding in any court to set aside such
resolutions or Certificate of Approval or to obtain relief upon the
grounds that such resolutions or Certificate of Approval were
improperly adopted, were adopted for unauthorized purposes or are
otherwise invalid for any reason, must be started within 30 days
after the date of publication of this notice. After the expiration
of such period of limitation, no right of action or defense founded
upon the invalidity of such resolutions or certificate of Approval
or any provisions thereof shall be started or asserted nor shall the
invalidity of such resolutions or Certificate of Approval or any
provision thereof be open to question in any court upon any grounds.
A Copy of the above-mentioned resolutions may be inspected at
or obtained from the Municipal Officers, Bangor, Maine .
/a/ Russell S. McKenna
City Clerk
City of Bangor, Maine
'85 JW17 P427
RECEia' �
CI
CITY CLERK
CITY OF BANGOR, MAINE
NOTICE OF INTENT TO ISSUE
REVENUE OBLIGATION SECURITIES
Notice is hereby given that the City of Bangor, Maine intends
to issue revenue obligation securities pursuant to the Finance
Authority of Maine Act (Chapter 110 of Title 10 0£ the Maine Revised
Statutes of 1964, as amended, hereinafter referred to as "the Act")
and that the Municipal Officers of the City of Bangor on June 24,
1985 adopted resolutions authorising the issuance of said revenue
obliqation securities for purposes authorized by the Act.
The revenue obligation securities are proposed to be issued in
the maximum principal amount of 8686,500 for the purpose of
financing a portion of the costs of a project for Galt block
Warehouse Company (the "Company") consisting of the acquisition of
land and the construction and equipping of an approximately 48,000
square foot warehouse building, located at 92_V Miller Street,
Bangor, Maine ("the Project"). Financing documents and other
agreements and contracts to be entered into by the City and the
Company (the "Bond Documents") will provide for the payment from
time to time by the company of sums which in the aggregate will be
at least equal to the entire principal and interest of such
securities and all administrative costs in connection therewith.
Such securities shall be paid solely from said sums and shall not
constitute a general debt or liability of the City nor a pledge of
its full faith and credit.
The revenue obligation securities proposed to he issued for the
aforementioned purposes in the maximum principal amount of 8686,500
are to be issued in such form as provided by the Bond Documents and
shall bear interest at a rate on the principal amount thereof from
the date of issuance at the rate per annum and payable on the dates
specified in the Bond Documents. The aforesaid revenue obligation
securities of the City of Bangor are proposed to be issued pursuant
to a Certificate of Approval issued by the Finance Authority of
Maine under the Act, which Certificate is substantially in the
following form:
CERTIFICATE OF APPROVAL
Pursuant to 10 M.R.S.A. §1063, the Finance Authority of Maine
OFAME") approves the project described below:
MUNICIPALITY: Bangor
PROJECT USER: Galt Black Warehouse Company
PURPOSE OF PROJECT: Construction of a 48,660 square foot warehouse
for lease t0 James River Co.
MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY THE
MUNICIPALITY TO PROVIDE FINANCING FUR THE PROJECT: $686.500
This Certificate shall be null and void unless acted upon within one
(1) year from the date hereof.
nate: May 28, 1985
/s/ Stanley O. PiO ws
Chief Executive of £icer
Any action or proceeding in any court to set aside such
resolutions or Certificate of Approval or to obtain relief upon the
grounds that such resolutions or Certificate of Approval were
improperly adopted, were adopted for unauthorized purposes or are
otherwise invalid for any reason, must be started within 30 days
after the date of publication of this notice. After the expiration
of such period of limitation, no right of action or defense founded
upon the invalidity of such resolutions or Certificate of Approval
or any provisions thereof shall be started or asserted nor shall the
invalidity of such resolutions or Certificate of Approval or any
provision thereof be open to question in any court upon any grounds.
A copy of the above-mentioned resolutions may be inspected at
or obtained from the Municipal Officers, Bangor, Maine
ity Cler
ity of Bangor. Maine
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August 23, 1985
10: RUSE McKenna
PICFt: Robert Miller
RE: Galt Block W hours Bend Issue
Please file the enclosed letter with other materials in }roar office
amcemi:g the lnclustrial Revenue taxi for Gelt Block V inhouse Conpany.
R.E.M.
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Enc.
Fame
Finance Authority
of Maine August 21, 1985
John W. Flynn
City Manager
City of Bangor
City Bell
73 Hari" Street
Bangor, ME 04401
Ra: Galt Block Warehouse Company, Bangor, Maine
Dear M[. Flynn:
Thank you for providing the Authority with a copy of I.R.S. Form
8038. Information Return for Private Activity Bond Issues pertaining to
the above project and confirming that the bonds have been Issued and
delivered. In accordance with this Authority's procedures for
monitoring of issuance of private activity bonds, $686.500 of the State
ceiling provided to the State of Maine pursuant to 26 U.S.C.A. 4103(n)
have been allocated to this project on the records of the Authority.
The allocation of the state ceiling for this project is made
pursuant to Executive Order No. 16 BY 84/85 dated June 12, 1985.
entitled "Private Activity Bonds" and Signed by the Governor of the
State of Maine and pursuant to the Authority's procedures for
"Monitoring of Issuance of Private Activity Bonds" adapted in
accordance with the Executive Order. Pursuant to the Executive Order.
the Governor of the State of Maine provided that, in lieu of the
Federal allocation system, the state ceiling will be allocated on
"first-come, first -serve" basis in order of the date of closing of [M1e
private activity bonds.
For purposes of 26 U.S.C.A. 9103(n)(12)(A). I certify under
penalty of perjury that to the beat of my knowledge the allocation of
the state ceiling to the private activity bond issue for this project
snot made in consideration of any bribe, gift, gratuity, or direct
[indirect contribution to any political campaign, and that 1 am in
fact the officer of [M1e Authority to whom has been delegated the
responsibility for choosing, in accordance with the Executive Order,
which individual projects will be allocated a portion of the state
ceiling.
L3o-Galt/DSM3/SOP/dl
cc: Beneath L. Jordan, Jr., Esq.
Sincerely,
Stanley 0.Prowse
Chief Executive Office[
(207) 623 -FAME