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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 �I (A* r-Tj- P3 06 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