HomeMy WebLinkAbout1982-06-28 82-179 RESOLVE82-1]9
Introduced by Councilor Weymaath, Sure 28, 1982
_N CITY OF BANG0R
(TITLE.) Pfg0IVP. RelaC£ng Co,Y po d Issmnc ofRevenue Oblipt
By the Cfq Camssilolfim City ofBanpar.
BBBOLVBD, -
WHINERS, Title 10, Chapter 110, subchapter IV of the Mine Revised Statutes
Anwtated (the Act),authorizes a municipality to issue revenue obligation
securities for the purpose of acquiring,constructingy reconstructing, renaming
and. replacing within its corporate limitsindustrial-projects, And
WBEREA8, the Act further authorizes a mnnicipaliay, to ise revenue
obligation securities for the purpose of providing financing for industrial -
commercial projects, and
WHEREAS, the City of Bangor, Maine (the City) wishes to encourage and
induce Affiliated Laboratory, Inc., a Maine corporation (hereinafter referred
to as the Company) to became a user of an industrial-coamercial project as
defined in the Act (the Project) in accordance with the provisions of the
Act, and
WHEREAS, the Project is to be aial laboratory facility located on
Sylvan Road in Bangor, consisting of all personal and real property and interests
therein necessary Co construct the project, Including but not limited to
laboratory equipment, site modifications, acroad, and any land or interest
in lana, buildings, machinery and:fixtures,ands
WHEREAS, the City desires to assist the Congany in financing the Project
for the use of the Company, and
WHEREAS, construction of the Project has set 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:
Section 1. That the Project constitutes an industrial -commercial project
within the meaning of the Act.
Section 2. That for the purpose of financing the Project, the City will
issue
revenue obligation cities (the Securities), in a owt act to
exceed $1,000,000. 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 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 mannear to be
provided in the Indenture, shell not constitute any debt or liability o
became 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 shell be payable
solely from revenues of the Project.
Section 4. That the Company, orany third party which the Company shall
nate as lessor to lease to the Company as les 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 5. That all expenses and fees in connection with the issuance of
the Securities shall be borne by the Company ormay b=. 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 Maine Guarantee Authority as may be
necessary under the Act to obtain authorization to issue the Securities and to
take such further actions as may be necessary o ent to implement the
provisions of this resolution and to comply with the equi ements of the Act.
Section y. That this reablutlon shall constitute official action toward
the i of the Securities as contemplated by Regulations under Section 103
of the Internal Revenue Code.
Section S. That this resolution shall be effective ismewlletely.
In City Council June 28,1982
Passed Councilor Jordan Abstained
C ty Clerk
82-179
RESOLVE
'82 JIJn 24 N) ��y
Relating to proposed Issurance of
& n e blt o Secw t es