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
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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