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HomeMy WebLinkAbout1982-08-23 82-232 ORDER82-232 Introduced by Councilor McKernan; August 23, 1982 CITY OF BANGOR (TITLE.) Mrhr.......... REVENUE_. OBLIGATION SECURITY Under. Eki2...MUNICICAI........ SECURITIES APPROVAL PROGRAM f6t AFFILIATED LABORATORY INC. _... ................. ...... ....... ........... _... By the City Cases! of the Sty of Bawer: ORDERED, THAT WHEREAS, the City of BangAr, acting pursuant to the Maine Guarantee Authority Act (the Act), as amended, (10 M.R.S.A. 5 1001 at seq.) has authorized the issuance of a revenue obligation security (the Security) in aggregate principal amount not to exceed Seven Hundred Fifty Thousand Dollars (5750,000) to assist in the financing of the Affiliated Laboratory Inc Industrial-Comercial Project (the Project), and WHEREAS, the resolution authorizing the issuance of the Security provided for an interest rate of between 13and 158 perannum, and WHEREAS, the Maine Guarantee Authority has authorized an interest rate of 788 of the prime rate established daily by the Morgan Guaranty Trust Company Of New York, and .WHEREAS, the resolution authorizing issuance of the Security provided for a Trust Agreement between the City of Bangor and The Merrill Trust Company as Trustee, the terms and conditions of which were to be approved by the City Council or a majority thereof, and WHEREAS, under the proposed plan of financing the Project, a Loan Agreement will be required between Affiliated Laboratory Inc. and the City of Bangor. NOW BE IT ORDERED that the Security shall bear interest at a rate of 788 of the prime rate as established daily by the Morgan Guaranty Trust Company of New York. FURTHER ORDERED that the Loan Agreement between the City of Bangor arta Affiliated Laboratory Inc., and the Trust Agreement between the City of Bangor and The Merrill Trust Company as Trustee, shall be in such form and shall contain such provisions and be subject to such terms and conditions as may be approved by the City Manager or the Finance Director upon advice of the City Solicitor, and shall include such terms and conditions as may be required by the Act. In city council August 23kV82 passed Councilor Jorden•Anstained 82-232 /1 ORDER Time, - $2 .Aub 19 Y 3 39 Revenue Obligation Security under the Nunipilal "'secuiiiie's Aplimai' efcyfam fo: Affiiliaxsa0`ar �: laboratory Inc. CITY CLEn6 ...................................... Introduced and filed by :. 'r...q' : 1"!�c .P�?5�.0.F1 Councilman