HomeMy WebLinkAbout1984-06-11 84-232 RESOLVE84-232
Introduced by Councilor Cox, June 11, 1984
CITY OF BANGOR
(TITLE.) P0011,B,. _._Relating. to Proposed .issuance of_Revenue
,..'_�Obligation , securities
By(M City Ca of W Cloy ofBazp .
RESOLVED,
WHEREAS, Title 10, Chapter 110, subchapter IV of the Maine
Revised Statutes Annotated, asamended, (the Act), authorizes a
municipality to issue revenue obligation securities for the purpose
of acquiring, constructing, reconstructing, renewing and replacing
within its corporate limits eligible projects,, and
WHEREAS, the Act further authorizes a municipality to issue
revenue obligation securities for the purpose of providing financ-
ing for eligible projects, and
WHEREAS, the City of Bangor, Maine (the City) wishes to encour-
age and induce Darling's a Maine corporation (hereinafter referred
to as the Company) to become a user of an eligible project within
the meaning of the Act (the Project) in accordance with the pro-
visions of the Act, and
WHEREAS, the Project is to be the acquisition and rehabilitation
of a wholesale distribution facility located at 155 Perry Read i
Bangor, consisting of all personal and real property andinterests
therein necessary to acquire and rehabilitate the project, including
but not limited to any land or interest in land, buildings, fixtures,
machinery and equipment, and
WHEREAS, the City desires to assist the Company in financing
the Project for the use of the Company and for lease to other users,
and
WHEREAS, acquisition and rehabilitation of the Project have
not commenced, and
WHEREAS, the Act provides that any obligation created by revenue
u
obligation securities shall in no event constitute indebtedness
of the City of Bangor, the State of Maine, or any political sub-
division of either.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF BANGOR, MAINE, AS FOLLOWS:
Section 1. That the Project constitutes an eligible project
within toning of the Act.
Section 2. That for the purpose of financing the Project, the
City wr�e revenue obligation securities (the Securities),
in an amount not to exceed $750,000. The Securities shall bear
interest at such rate or rates, shall be initially issued in such
form and denominations, and shall contain such provisions as may
be prescribed by an indenture of trust (the Indenture) to be
entered into by the City and a qualified trust company as Trustee.
Section 3. That the Securities shall be secured in the manner
to be provided in the Indenture, shall not constitute any debt o
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 but shall be payable solely from revenues of the Project.
Section 4. That the Company, or any third party which the
Company shall nominate as lessor to lease to the Company as lessee
any property to be used in the Project, or any third party which
the Company shall nominate as leasee to lease from the Company as
lessor any property to be used in the Project, is hereby authorized
in its discretion to enter into contracts for the construction
of the Project, the costa of which are to be financed in whole or
in part by the proceeds of the Securities.
Section S. That all expenses and fees in connection with the
issuance of the Securities shall be borne by the company or may
be paid in whole or in part out of the proceeds from the issue of
the Securities.
Section 6. That the City Manager of the City, or such agent
as shabsignated by the City Manager, be, and hereby is
authorized and directed to prepare and file all 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 a may be necessary o convenient to implement the
s ece sa r comply
with
provisions of this resolution and to comply with the requirements
of the Act.
Section ]. That this resolution shall constitute official
action toward the issuance of the Securities as contemplated by
Regulations under Section 103 of the Internal Revenue Code.
Section S. That this resolution shall be effective immedi-
ately.
-2-
In City commit June 11.1984
Passed
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RECE
CITY OF IVED BANGOF
CCITY CLERK
84-32
R E s o i v E
Relating to Proposed Insurance of Re emre
Chug n.On