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
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Introduced and filed by
:. 'r...q' : 1"!�c .P�?5�.0.F1
Councilman