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HomeMy WebLinkAbout1984-07-23 84-282 RESOLVE- A & J Associates By Ow City Causal a'dw City afBangov MSOLVED. WHEREAS, Title 10, Chapter 110, subchapter IV of the Maine Revised Statutes Annotated, as amended (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 amcipality to issue revenue obligation securities for the purpose of providing financing for eligible projects, and WHEREAS, the -City of Bangor, Maine (the City) wishes to encourage and induce A & J Associates, a Maine limited partnership (hereinafter referred to as the Partnership) to become arof a eligible project within the meaning of the Act (the Project) in accordance with the provisions of the Act, and WHEREAS, the Project is to consist of the acquisition and rehabilitation of the Grant's Building, so-called, located at 6 Central Street, Bangor, Maine, consisting of all personal and real property and interests therein necessary to acquire and rehabilitate the Project, including but nots limited to any land o interest in land, buildings, fixtures, .machinery and equipment, and WHEREAS, the City desires to asist the Partnership i financing the Project for the use of Partnership and for lease to other users, and WHEREAS, acquisition. and rehabilitation of the Project has not commenced, and WHEREAS, the Act provides that any obligation created by revenue obligation securities shall in no event constitute indebtedness of the City of Bangor, the State of Maine, or any political subdivision of either. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BANGOR, MAINE, AS FOLLOWS: s4 -a82 Intcoducel by Councilor Davis, ,July 23, 1984 CITY OF BANGOR (TITLE.) AMOlUPy Relating to Proposed Issuance of Revenue - A & J Associates By Ow City Causal a'dw City afBangov MSOLVED. WHEREAS, Title 10, Chapter 110, subchapter IV of the Maine Revised Statutes Annotated, as amended (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 amcipality to issue revenue obligation securities for the purpose of providing financing for eligible projects, and WHEREAS, the -City of Bangor, Maine (the City) wishes to encourage and induce A & J Associates, a Maine limited partnership (hereinafter referred to as the Partnership) to become arof a eligible project within the meaning of the Act (the Project) in accordance with the provisions of the Act, and WHEREAS, the Project is to consist of the acquisition and rehabilitation of the Grant's Building, so-called, located at 6 Central Street, Bangor, Maine, consisting of all personal and real property and interests therein necessary to acquire and rehabilitate the Project, including but nots limited to any land o interest in land, buildings, fixtures, .machinery and equipment, and WHEREAS, the City desires to asist the Partnership i financing the Project for the use of Partnership and for lease to other users, and WHEREAS, acquisition. and rehabilitation of the Project has not commenced, and WHEREAS, the Act provides that any obligation created by revenue obligation securities shall in no event constitute indebtedness of the City of Bangor, the State of Maine, or any political subdivision of either. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BANGOR, MAINE, AS FOLLOWS: N-262 Section 1. That the Project constitutes an eligible project within the meaning of the Acta Section 2. That for the purpose of financing the Project, the City will issue revenue obligation s rities (the Securities), i amount not to exceed $2.000,000. 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 a 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, 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 Partnership or any third party which ' the Partnership shall nominate as lessor to lease to the Partnership as lessee any property to he used in the Project, or any third party which the Partnership shall nominate as lessee to lease from the Partnership 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 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 the issuance of the Securities shall be borne by the Partnership 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 a all be designated by the City Manager, be, and he hereby i shall 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 or cnient to implement the provisions of this resolution and to comply with the requirements of the Act. Section 7. That this resolution shall constitute official action toward the issuance of the Securities a contemplated by regulations under Section 103 of the Internal Revenue Code. Section 8. That this resolution shall be effective rmmediately. -2- In City, Council July 23,19% Councilor Mc Cartby Abstained R E S O L V E oroider J / City C OF FARM Relating to Proposetl Issuepee of Revenne CITYCLERK Obligation Securities — W Associates IN CITY COUNCIL July 30, 1984 Consider next reguk9r meeting L CITY CLERK IN CIN COTRCIL August 13, 1989. CrSider Met /regular Meting. / ,I -,y ✓ G ICO/ Oeput} city Clerk In City Council. August 27,1984 wittunawn aztz Gloria