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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. _2_ 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. -3 - 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.