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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