HomeMy WebLinkAbout1981-01-12 81-65 RESOLVEa1-65
Intzaluced by Councilor Swcy, January 12, 19a1
CITY OF BANGOR
(nTtB) pS0lbp,Authorizing. LPSnanCe Of Revenue obligatisn
Securities Anzac Division o£ Adams Russell Co.i Inc
...__. __. - - __ ....... ...... ........ .. .._:.._...
By Ow City mdl OUw City ofBonyor:
"SOLVED,
WHEREAS, Title 30, Chapter 242 of the Maine Revised Statutes
Annotated as amended (the Act) authorizes an'cipality to issue
revenue obligation securities for the purpose of acyuirmg con-
scructing, reconstructing, renewing and replacing within its
corporate limits industrial-commercialprojects, and
WHEREASt the City of Bangor, Maine (the City) wishes to en-
courage and induce Anzac Division of Adams -Russell Co., Inc. (the
company)m
to become a user of an industrial -commercial project as
i
defined n the Act (the Project) in accordance with the provisions
of the Act, and
WHEREAS,. the City is the owner of land on which the Project
s to be located and desires to finance the Project for the use of
the Company, and
WHEREAS, construction of the Project has not commenced, and
WHEREAS, the Act provides that any obligation created bn
revenue obligation securities shall i no event constitute indebt-
edness of the City of Bangor or of any other instrumentality of the
State of Maine.
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 securities (the Securities), in an
amount not 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 beentered into by the
City and.a qualified trust company as Trustee.
81-65
In City Council January 1211981
Mandel ty Substitution Ine Passed a E S 0 L Y
rel JAN-8 P221
03ty CSerk Authoelaiug Ieeurance of flycp a Obligati CITY Of Ulibt
Securities In A, Oivieion of Adays Runael1 CITY CLERK
Russell McKenna
City Hall
Bangor, Maine
$f- 6S
Enron PEABODY. BRADFORD aVEAGUE
ADD.
NLARIA oaC =7
1111211
DANGER, MAINE "�l
January 12, 1981
RE: Anzac Project
Dear Russ:
We are requesting some slight amendments in the resolu-
tions as submitted. I cleared these with Bob Miller. The additions
are underlined. There are no JGF _
John E. Hess
N
t
WHEREAS, Title 30, Chapter 242 of the Maine Revised
Statutes Annotated as amended (the Act) authorizes auicipality
to issue revenue obligation securities for the purpose of acquiring,
constructing, reconstructing, renewing and replacing within its
corporate limitsindustrial-commercial projects, and
WHEREAS, the City of Bangor, Maine (the City) wishes
to encourage and induce Anzac Division of Adams -Russell Co., Inc.
(the Company) to become a user of anindustrial-comsercial project
as defined in the Act (the Project) in accordance with the provisions
of the Act, and
HHEBEAS, the City is the owner of land on which the Project
is to be located (Lot 21, Bangor International Industrial Airpark)
and desires to finanCTolect for the use of the Company, and
wadREAS, construction of the Project has not commenced,
and
WHEREAS, the Act provides that any obligation created by
revenue obligation securities shall in no event constitute indebt-
edness of the City of Bangor or of any other instrumentality of
the State of Maine.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF BANGOR, MAINE, AS FOLIIOWS:
Section 1. That the Project constitutes a industrial -
commercial project" within themeaning Of the Act. The Project shall
be known as the Adams -Russell Anzac Division Pioj act.
'Section 2. That for the purpose of financing the Project,
the City will lease said Lot 21 to Anzac Division.on terms to be
negotiatbd and will issue revenue obligation securities (the Securities),
in an amount not to exceed $1,000,000, the eels 'of which shall
be used to construct a w building to a leased to Ane ac Division
of Adams Co., Inc. The Securities shall bear interest at such
rate or rates, .allenitially 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
manner to be provided in the indenture, shall not constitute any
debtor liability or become a pledge of the faith and credit of
the State of Maine, of the City of Bangor or of any political sub-
division of either but shall be payable solely from revenues of
the Project.
Section 4. That the Company is hereby authorized in its
discretion to enter into contracts for the construction of the '
Project, the costs of which may be financed in whole or in part
by the proceeds of the Securities. _
Section 5. That all expenses and tees in connection
with the issuance of the Securities shall be borne by the Company
or may be 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 he
hereby is authorized and directed to prepare and file all applica-
tions with the Maine Guarantee Authority as may be necessary for
approval under the Act to issue the Securities and to take such
further actions asmay be necessary or convenient to implement
the provisions of this resolution and to comply with the require-
ments of the Act.
Section 7. That this resolution shallconstitute
official action toward the issuance of the Securities contem-
plated by Section 1.103-8(a)(5)(ii1) of the Federal income Tax
Regulations.
Section S. That this resolution shall be effective
immediately. - -
-2-
Section 3. That the Securities shall be secured in the
manner to be provided in the Indenture, shall not constitute any
debt or liability or become 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 shall be payable solely from revenues of
the Project.
Section 4. That the Company is hereby authorized in its
discretion to enter into contracts for the construction of the -
Project, the costs of which may be financed in whole or in part
by th a proceeds of the Securities.
Section 5. That all expenses andfees in connection with the
issuance of the Securities shall be borne by the Company or may
be 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 Menager, be and he hereby is
authorized and directed to prepare and file ,all applications with
the Maine Guarantee Authority as may be necessary for approval under
the Act to issue the Securities and to take such further actions as
may be necessary or convenient to implement the provisions of this
resolution and to comply with the requirements of the Act.
Section ]. That this resolution shall constitute official
action toward the issuance of the Securities contemplated by
Section 1.103-8(a) (5) (iii) of the Federal Income Tax Regulations.
Section 8. That this resolution shall be effective immediately