HomeMy WebLinkAbout1982-09-13 82-241 RESOLVE82-241
Introduced by Councilor Jordan, September 13, 1982
CITY OF BANGOR
(TITesulu2, A tho int. Issuance of Revenue Bonds F' W
WHEREAS, the City of Bangor, acting pursuant to. the Maine Guaranty
Authority Act (the "Act"), as amended (10 M.R.S.A. SB. 1001 at seg.),
has applied t0 the Maine Guaranty. Authority ("MGA") fox approval Of
the issuance by the City of Bangor of Industrial Development Revenue
Bonds inconnection with the construction of NEW Associates (the
"Borrower") of an industrial -commercial project on real estate
located on Target industrial Circle, Bangor, Maine (the "Project")
and the lease of the Project to F. W. Webb Company, a Massachusetts
corporation (the "Leasee"); and
WBEREAS, under date of February 25, 1982, MGA issued its
Certificate of Approval pursuant to 4 1063 of the Act,
By the City Council of the City of Bangor:
RESOLVED, that
SECTION 1. There shall be and hereby is authorized the
issuance of revenue bonds of the City of Bangor in the principal
amount of $400,000. Such Bonds shall be designated "Industrial
Development Revenue Bonds (HEW Associates Project -- Series 1982)";
shall be dated October 1, 1982; shall be issued in any denomination;
shall be payable as to principal in 240 monthly installments of
$1,666.67 each, commencing November 1, 1982; shall be payable a
to interest on the unpaid principal balance thereof monthly on the
first day of each month commencing November 1, 1982; and shall be
payable in full in any event on September 30, 2002. The Bonds
shall be subject in all respects to the terms of the Mortgage and
Trust Indenture dated as of October 1, 1982 (the "Indenture") among
the Borrower, the City and Depositors Trust Company of Eastern
Maine, as Trustee (the 'Trustee").
SECTION 2. The Bonds shall be substantially in the form set
forth in the Indenture and shall bear the manual signature of the
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.
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SECTION 3. Both the principal of, the premium, if any, and
interest on the Bonds, shall he 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 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 i 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 a Loan Agreement to be dated as of October 1, 1982
by and between the City, the Borrower and the Lessee (the "Loan
Agreement"), is hereby authorized, such Loan Agreement to be
executed in the manner to be therein set forth by the Finance
Director and as farms use of proceeds of the lean, the payment
of the loan, covenants by the Company and other related matters
are concerned, tobe i substantially the form of the 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 as such other changes both in substance and form as such
officer shall approve, his execution thereof to be conclusive
evidence of such approval andconclusive identification of the
document so executed as that authorized hereby, and the City Clerk
is authorized to attest the seal of the City thereon.
SECTION S. In order to secure 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
and observance of all the covenants, agreements and conditions of
the Bonds, the execution and delivery of the Indenture is hereby
authorized. The Indenture shall be executed in the ;manner to be
therein set forth by the Finance Director and to be in substantially
the form of the 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
authorized hereby, and the City Clerk is authorized to attest the
seal of the City thereon.
SECTION 6. In order to provide for the sale of the Bonds at
Par to Depositors Trust Company of Eastern Maine (the "Purchaser")
the execution and delivery of a Bond Purchase Agreement dated as
of October 1, 1982 among the City, the Borrower, the Lessee and
the Purchaser (the 'Bond Purchase Agreement") is hereby authorized.
The Bond Purchase Agreement shall be executed in the manner to be
therein set forth by the Finance Director and to be substantially
n the form submitted to this meeting (a copy of which shall': befiled
with the records of this meeting) with such other changes both i
substance and in 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 authorized
hereby, and the City Clerk is authorized to attest the seal of
the City thereon.
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SECTION ]. The Finance Director shall be and hereby is
authorized on behalf of the City to execute and deliver $400,000
principal amount of the Bonds substantially in the form set forth
in the Indenture, subject to such changes both as to substance
and form, as such officer shall approve, his executiontheneof to
conclusively identify the same as being the Bonds authorized by
this Resolution, and the City Clerk of the City of Bangor is
authorized to attest the seal of the City thereon.
SECTION 8. In the event the closing of the sale of the Bonds
is delayed for any reason beyond the last day of October, 1982,
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 outstanding,
redemption and prepayment dates and the date or dates of final
maturity) may be extended as appropriate to reflect such delay;
provided that no such term or date shall be so extended for more
than six months from the date set forth in the form of the Bonds
so approved without a further resolution with respect thereto.
SECTION 9. The Bonds tO be issued pursuant to 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 r under the Loan Agreement, which x shall
revenues Bonds
shall be pledged as security for such Obligation, and the Bonds shall
contain on their face a statement to that effect. Issuance of the
Bonds shall not r directly o indirectly or contingently obligate the
State of Maine or the of
teith Bangor or any division, department or
political subdivision of either to levy Or pledge any form of
taxation whatever or to make any appropriation for their payment.
SECTION 10. Notice of the intent of the City of Bangor t0
issue the aforesaid securities, which notice shall contain the
information required by 10 M.R.S.A. S 1884(1)(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 11. The Finance Director, City Manager and Chairman
of the City Council, acting singly, be and each of them hereby is
authorized to take all action, including the execution and delivery
of documents and evidences of indebtedness as may be necessary,
ary,
n
desirable and/or appropriate i order to carry into effect the
full purport and intent of thepreceding resolutions or any of
them.
IN CrTY COUNCIL
�Septe� 13, 1982
82-241
MESO LL VE
A Norizing tasuance of R Veme Bonds
P.W. Web Company Project.