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HomeMy WebLinkAbout1984-04-09 84-148 RESOLVERe enue Bonds (SSW Associ tes Pro 5 s 1984) BY the MY C"ur!aft City ofBanyon. B6BOLVED. WHEREAS, pursuant to and in accordance with the provisions of Title 10, Chapter 110 of the Maine Revised Statutes Annotated, as amended (the "Act'), the City of Bangor, Maine (the "Issuer") proposes to undertake the construction and financing of the Project referred to below; and WHEREAS, the Issuer is authorized by the Act, t0 acquire, construct and improve, or cause to be acquired, constructed and improved, industrial facilities; and WHEREAS, the Issuer is auUn%nized by the Act to issue revenue bonds payable solely from the revenues and receipts derived from the sale or leasing of the facilities acquired and constructed through the issuance of such revenue bonds; and WHEREAS, F. W. Webb Company (the "Company"), a corporation duly incorporated under the laws of the Commonwealth of Massachusetts and duly qualified to do business in the State of Maine, has established and is operating an industrial facility leased from HSW Associates and located at 67 Target Industrial Circle; and WHEREAS, said facility has been financed through the issuance of $400,000 City of Bangor Industrial Development Revenue Bonds (HSW Associates Project - Series 1982) authorized by vote of the City Council dated September 13, 1982; and WHEREAS, the Company proposes to expand said facility by constructing a 9,600 square foot addition to the existing building and the installation of certain equipment therein (the "Project"); and WHEREAS, the Project will be owned by SSW Associates, a general partnership consisting of certain officers of the Company; and WHEREAS, the Company is desirous to finance the Project by the issuance of revenue bonds as authorized by the Act; and WHEREAS, the Company has not commenced construction of the Project as of the date of this Resolution; and 84-148 t-c3oced by Councilor Cox, April 9, 1984 CITY OF BANGOR QITIE.) gead(iep Providing fo the Issuance f the City's Re enue Bonds (SSW Associ tes Pro 5 s 1984) BY the MY C"ur!aft City ofBanyon. B6BOLVED. WHEREAS, pursuant to and in accordance with the provisions of Title 10, Chapter 110 of the Maine Revised Statutes Annotated, as amended (the "Act'), the City of Bangor, Maine (the "Issuer") proposes to undertake the construction and financing of the Project referred to below; and WHEREAS, the Issuer is authorized by the Act, t0 acquire, construct and improve, or cause to be acquired, constructed and improved, industrial facilities; and WHEREAS, the Issuer is auUn%nized by the Act to issue revenue bonds payable solely from the revenues and receipts derived from the sale or leasing of the facilities acquired and constructed through the issuance of such revenue bonds; and WHEREAS, F. W. Webb Company (the "Company"), a corporation duly incorporated under the laws of the Commonwealth of Massachusetts and duly qualified to do business in the State of Maine, has established and is operating an industrial facility leased from HSW Associates and located at 67 Target Industrial Circle; and WHEREAS, said facility has been financed through the issuance of $400,000 City of Bangor Industrial Development Revenue Bonds (HSW Associates Project - Series 1982) authorized by vote of the City Council dated September 13, 1982; and WHEREAS, the Company proposes to expand said facility by constructing a 9,600 square foot addition to the existing building and the installation of certain equipment therein (the "Project"); and WHEREAS, the Project will be owned by SSW Associates, a general partnership consisting of certain officers of the Company; and WHEREAS, the Company is desirous to finance the Project by the issuance of revenue bonds as authorized by the Act; and WHEREAS, the Company has not commenced construction of the Project as of the date of this Resolution; and WHEREAS, the Bonds shall not be payable from the revenues u of the Issuer other than those derived pursuant to a saleor agreement (the "Agreement") and related financing documents and. shall never constitute an indebtedness of the Issuer. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE - CITY OF BANGOR, MAINE. as follows: Section 1. That the Project constitutes a "project" under the Act. Section 2. That the acquisition, constructionand improvement of the Project be and the same are hereby authorized. Section 3. Th8ty8or the purpose of paying the cost of the Project, the Issuer will issue Cityof Bangor, Industrial Development Revenue Bonds (HSW Associates project Series 1984) (the "Bonds"), which shall constitute r obligation bonds under the Act, is an unt not t0 a eed $200,000. The Bonds shall bear interest at the rates, shall be initially issued in the form, shall be i 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 he in such form and shall have such other details and provisions as shall be prescribed by a Supplemental Indenture (the "Indenture") to be entered into by the Issuer and a bank acting as Trustee. Section 4. The Bonds shall be limited obligations payable solely from the revenues pledged to their payment and shall not be considered general obligations of the Issuer, or the State of Maine. The holder of the Bonds shall never have the right to demand payment from moneys derived by taxation or any other revenues of the Issuer except those revenues pledged to the payment oftheBonds in the manner to be provided in the indenture. Section S. No covenant, stipulation, Obligation Or agreement herein contained shall be deemed to be a covenant, stipulation, obligation or agreement of any 'officer, agent oremployeeof the Issuer in his individual capacity. Section 6. Any action heretofore taken by the Company in vitiating the construction of the Project is hereby ratified, confirmed and approved, and the Company is hereby authorized to commence such construction. Section 7. The Company is authorized to select underwriters or a purchaser to prepare and submit to the Issuer proposals for the purchase of the Bonds. Section 8. The expenses and fees in connection with the issuance of the Bonds shall be borne completely by the Company or paid out of the proceeds of the Bonds. Section 9. The City Manager of the Issuer, or such agent shall be designated by the City Manager, is hereby;;authorized and directed to distribute copies of this Resolution to the Company, file all necessary applications with the Finance Authority of Maine and to do such further things or perform such sots 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 10. This Resolution shall constitute official action toward the issuance of obligations to provide such facilities for the purposes of the Internal Revenue Code of 1954, as amendedand the Federal Income Tax Regulations thereunder. Section 11. The issuance of the Bonds shall inall respects be subject to the satisfaction of all the provisions of the Act with respect thereto. Section 12. This Resolution shall take effect immediately In City wuncil April 9,1984 84-148 r passed _ - p E 5 0 L V E Providing For the Isaumce Of the e✓ (i/4 �'Glty Clero - City �Re ofi3a ( HSN Associates L(' Proj ct Se . .