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HomeMy WebLinkAbout1984-09-10 84-332 RESOLVE84-332 Introduced by Councilor Cox, September 10, 1984 CITY OF BANGOR (TITLE.) Y:001bt A tho zing Is .of Industrial Development Revenue Bonds (MSW Associates Project -- Series 1984) WHEREAS, the City of Bangor, acting pursuant to 10 M.R.S.A. gy 1001 at seg. as amended (the "Act") has applied to the Finance Authority of Maine ("FAME") for approval of the issuance by the City of Bangor of Industrial Development Revenue Bonds in connection with the construction by NEW Associates, a Massachu- setts partnership (the "Borrower") of an industrial -commercial project on real estate located at Target Industrial Circle, Bangor, Maine (the "Project') and the lease of the Project to F. W. Webb Company,.a Massachusetts corporation (the "Lessee"); and WHEREAS, under date of June 12, 1984, FAME issued its Certificate of Approval pursuant to S 1063 of the Act, NOW, THEREFORE, by the City Council of the City of Bangor: RESOLVED, THAT SECTION 1. There shall be and hereby is authorized the issuance of re bonds of the City of Bangor in the principal amount of $1]5,000. Such bonds shall be designated "Industrial Development Revenue Bonds (NEW Associates Project -- Series 1984)" shall be dated October 1, 1984; shall be issued in any denomination; shall be payable asto principal in 120 monthly installments of $1,458.33 each, commencing ing November 1, 1984; shall be payable as to interest on the unpaid principal balance thereof monthly on the first day of each month commencing November 1, 1984; and shall be payable in full in any event o October 1, 1994. The Bonds shall be subject in all respects to the terms of the Mortgage and Trust Indenture dated as of October 1, 1982 (the "Principal Indenture") among the Borrower, the City and Depositors Trust Company of Eastern Maine (now Foy Bank of Eastern Maine), as Trustee (the "Trustee"), as supplemented by a- Ficst Supplemental Indenture (the "First Supplemental Indenture') to be dated as of October 1, 1984 among the City, the Borrower and the Trustee. SECTION 2. The Bonds shall be Substantially in the form set forth in the First Supplemental Indenture and shall bear the manual Signature of the City Finance Director. The seal of the City of Bangor shall be affixed to the Bonds, and attested by the manual signature of the City Clerk. SECTION 3. Both the principal Of, the premium, if any, and interest on the Bonds, shall be payable in lawful money of the United States of America. Principal, interest and premium, if any, shall be payable as shall be set forth in the Principal Indenture and the FirstSupplemental Indenture. SECTION 4. In order to provide for a loan of the net proceeds of the sale of the Bonds to the Borrower, and for the use of such funds to construct the Project and in order to provide funds for the payment of principal of, premium, if any, and interest on the Bonds and other expenses of the City and the Trustee, the execution and delivery of an Amendment to Loan Agreement to be dated as of October 1, 1984, amending the Loan Agreement dated as of October 1, 1982 by and between the City, the Borrower and the Lessee (the "Loan Agreement"), is hereby authorised, such Amendment to Loan Agreement to be executed i the manner to be therein set forth by the City Finance Director and asfar as use of proceeds of the loan, the payment of the loan, covenants by the Borrower and other related matters are concerned, to be in substantially the form of the Amendment to Loan Agreement submitted to this meeting (a copy of which shall be filed with the records Of this meeting) with such other changes both in substance and form assuchofficer shall approve, his execution thereof to be conclusive evidence of such approval and conclusive identification of the document so executed as that authorized hereby, and the City Clerk is authorised to attest the seal of the City thereon. SECTION 5. In order t0 secure re payment of the principal of, premium, if any, and interest on the Bonds, according to their tenor, purport and effect, and in order to secure the performance v and observance of all the covenants, agreements and conditions of the Bonds, the execution and delivery of the First Supplemental Indenture is hereby authorized. The First Supplemental Indenture shall be executed in the manner to be therein set forth by the City Finance Director and t0 be in substantially the form Of the First Supplemental Indenture Submitted to this meeting (a copy of which shall be filed with the records of this meeting) with such other changes both in substance and form as such officer shall approve. his execution thereof to be conclusive evidence of such approval and conclusive identification Of the document so executed as that authorised hereby, and the city Clerk is authorized to attest the seal of the City thereon. SECTION 6. The City Finance Director shall be and hereby i authorized on behalf of the City to execute and deliver $175_000 principal amount of the Bonds substantially in the form set forth in the First Supplemental Indenture, subject t0 such changes both as to substance and form, as such officer shall approve, his execution thereof to conclusively identify the same as being the Bonds authorised by this Resolution, and the City Clerk is authorised to attest the seal of the City thereon. SECTION 7. In the event the closing of the sale of the Bonds is delayed for any reason beyond the last day of October 1984, the terms of the Bonds (including without limitation the date of the first payment of interest or principal; the dates for payments of interest and principal while the Bonds are Out- standing, redemption and prepayment dates and the date or dates of final maturity) may be extended asappropriate to reflect such delays provided that no such term or date shall be so extended for wore than six months from the date set forth in the form of the Bonds so approved without s further resolution with respect thereto. SECTION S. The Bonds to be issued pursuant t0 this Resolution shall not constitute any debt or liability of the State of Maine or of the City of Bangor or of any division, department or political subdivision of either, nor shall they constitute a -pledge of the full faith and Credit of the State of Maine or of the City of Bangor. The obligation represented by the Bonds shall be payable solely from revenues under the LORD Agreement, as amended, which revenues shall be pledged as security for such obligation, and the Bonds shall contain an their face a statement to that effect. Issuance of the Bonds shall not directly or indirectly or contingently obligate the State of Maine or the City of Bangor or any division, department or political subdivision of either to levy or pledge gtheir form o taxation whatever or to make any appropriationpayment. SECTION 9. Notice of the intent of the City of Bangor to issue the aforesaid securities, which notice shall contain the information required by 10 M.R.S.A. §1064(l)(C), shall be published at least once in the Kennebec Journal and in the Bangor Daily News no Later than fourteen (14) days after the date on which these resolutions are adopted. SECTION 10. The City Finance Director, City Manager and Chairman of the City Council, . acting singly, be and each of them hereby is authorised to take all action, including the execution and delivery of documents and evidences of indebtedness as my be necessary, desirable and/or appropriate in order to carry into effect the full purport and intent of the preceding resolutions or any of them. In City Council September 10,1984 consider next regular Or special 84-332 meeting Councilor MY Carffiy Abstained R 8 5 0;1 Cle[Y - _ Autl�o zing Ise INust 1 Development Reve eBonds ( HSW Associates Pr j t - Series 1984) In City Council Septexber 241984 consider next regular meeting 4� COlerk4 IN CITY COUNCIL OCtoker 10, 1984 d e�., CITY 0 ditg of ParigOr, gains Daae Sept. 11, 1984 Rmap E. Mllkr City Skim, Mama, Ta: N. Laurence Willey, Ir— sumlmt Paul Rudman has changed his mind, and asked that the Council's consideration of this matter be delayed until the ext regular meeting of the Council. The City Clerk advises that it will be held on October 10, rather than October 0, because of the holiday (Columbus Day). _Please call me if. you have any questions. R.S.M. tc cc: John Flynn Ed McKeon Russ McKenna