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HomeMy WebLinkAbout1984-07-23 84-273 RESOLVE89-2]3i (TITLE.)Qgpjb xelapnq..to Proposed Issuance o£ Revenue By He City CmmMU 00w Cite ufBamaw: RESOLVED. WHEREAS, Title 10, Chapter 110 Of the Maine Revised Statutes Annotated, as amended, (the Act) governs the issuance of revenue obligation securities in Maine, and WHEREAS, Subchapter IV of the Act authorizes a municipality to i obligation securities for the m acquiring, revenue ecu purpose of acquiring, constructing, reconstructing, Eligible renewing and replacing within its corporate limits Eligible Projects within the meaning of the Act, and WHEREAS, the Act further authorizes amcipality to issue revenue obligation securities for the purpose of providing financing for a user of an Eligible Project, and WHEREAS, the City of Bangor, Maine (the City) wishes to encourage and induce WINS Television, Inc. a Maine corporation (hereinafter referred to as the Company) to become a user of n Eligible Project within the meaning of the Act (the Project) in accordance with the provisions of the Act, and WHEREAS, the Project is to be the renewal, renovation and reconstruction of the Company's existing broadcasting facility located on Mt. Hope Avenue in Bangor, as well a the construction of an addition thereto, consisting of all personal and real property and interests therein necessary to renew, renovate, reconstruct and construct 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 WHEREAS renewal, renovation, reconstruction and Construction of the Project have notcommenced, and WHEREAS the Act provides that any obligation created by revenue obligation securities shall i event constitute indebtedness of the City of Bangor, the State of Maine, or any Political subdivision of either. NOW, THEREFORE, BE IT RESOLVED SY THE CITY COUNCIL OF THE CITY OF BANGOR, MAINE, AS FOLLOWS: - Introduced by Councilor COX, July 23, 1980 CITY OF BANGOR (TITLE.)Qgpjb xelapnq..to Proposed Issuance o£ Revenue By He City CmmMU 00w Cite ufBamaw: RESOLVED. WHEREAS, Title 10, Chapter 110 Of the Maine Revised Statutes Annotated, as amended, (the Act) governs the issuance of revenue obligation securities in Maine, and WHEREAS, Subchapter IV of the Act authorizes a municipality to i obligation securities for the m acquiring, revenue ecu purpose of acquiring, constructing, reconstructing, Eligible renewing and replacing within its corporate limits Eligible Projects within the meaning of the Act, and WHEREAS, the Act further authorizes amcipality to issue revenue obligation securities for the purpose of providing financing for a user of an Eligible Project, and WHEREAS, the City of Bangor, Maine (the City) wishes to encourage and induce WINS Television, Inc. a Maine corporation (hereinafter referred to as the Company) to become a user of n Eligible Project within the meaning of the Act (the Project) in accordance with the provisions of the Act, and WHEREAS, the Project is to be the renewal, renovation and reconstruction of the Company's existing broadcasting facility located on Mt. Hope Avenue in Bangor, as well a the construction of an addition thereto, consisting of all personal and real property and interests therein necessary to renew, renovate, reconstruct and construct 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 WHEREAS renewal, renovation, reconstruction and Construction of the Project have notcommenced, and WHEREAS the Act provides that any obligation created by revenue obligation securities shall i event constitute indebtedness of the City of Bangor, the State of Maine, or any Political subdivision of either. NOW, THEREFORE, BE IT RESOLVED SY THE CITY COUNCIL OF THE CITY OF BANGOR, MAINE, AS FOLLOWS: - In City;`Oowcil July 23,1904 I+ithdrevm My Clerk C iy >mz Relating to Proposed rssu oe Of Revenue Obligati IJ z TeiSvieion I'�C;tLrY' 1 84-2]3 Section 1. That the Project constitutes an Eligible Project within the meaning of the Act. Section 2. That forthe purpose of financing the Project, the City �will issue revenue obligation securities (the Securities), in an amount not to exceed $500,L00. 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 or liability or become a pledge of the faith and credit of the State of Maine, or 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 lessee to lease from the Company as lessor any property to be used in the Project, s hereby authorized in its discretion to enter into contracts for the renewal, renovation, reconstruction and construction of the Project, the costs of which are to be financed in whole or in part by the proceeds of the Securities. Section 5. That all expenses and fees in connection with theissuance 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 shall be designated by the City Manager, be, and hereby is, authorized and directed to prepare and file all applications with the Finance Authority of Maine asmay be necessary under the Act to obtain authorization toi sue the Securities and to take such further actions as may be necessary or convenient to implement the provisions of this resolution and to comply with the requirements of the Act. Section ]. That this resolution shall constitute officialactn toward the issuance of the Securities a contemplated by Regulations under Section 103 of the Internal Revenue Code. Section B. That this resolution shall be effective immediately.