HomeMy WebLinkAbout1981-02-23 81-103 RESOLVE81-103
Introduced by Councilor Soucy, February 23, 1981
CITY OF BANGOR
(PT():) Pww, A mMrng_Rea lution Adopted by My Council on
26, 1981 Relating to Anzac Division of Adams -Russell Co., Inc.
WHEREAS, at its regular meeting on January 26, 1981, the City Council of
the City of Bangor, Maine adopted a certain resolution relating to the issuance
of Revenue Obligation Securities - Anzac Division of Adams -Russell Co., par;
WHEREAS, due to certain changes in the proposed method of financing the
Project, it is necessary to make certain amendments to the Resolution so
adopted.,
SHOW, THEREFORE, by the. City Council of the City of Bangor be it
REROLV®,`,THAT:'
(1) no second paragraph of the Resolution adopted on January 26, 1981
,shall be amended to read as follows:
"PURTHER RESOLVED that the City of Bangor is hereby
authorized, pursuant to the Act, to i a Revenue -.
Obligation Security to Northeast BanksTrust Co. in
the aggregate principal smowt of Pave -Hundred -Pert
Ykeaaertd-Beilaea-(¢51WSBHB) ThreeHUM red Forty Thousand
Dollars (5340.000) (the security) [o reimburse Che City
for its cost of constructing the Project."
and be it further resolved THAT:
(2) Subsection c of the sixth paragraph of the Resolution adopted on
January 26, 1981 is hereby deleted and replaced with the following:
Subject to the prepayment provisions of the Trust
Agreement, the principal amount of the Security shall
bear interest at the rate of 9% per a um during the
first five years of the Security's term, at the rate
of 11% per amvm during the second five years of the
Security's term and at the rate of In per about
during the third five years of The Security's term.
In City Council Petnaiy 23,1981
Passed 81-103
Re S 0 L ve
'81 ffd 19 P356
Ci lerk V
Amendinc Rsolution AdopCed by TY CLERK
Council on S 26,1983 $ ati of
{ to AniaC Oivi9YOn Of Adams: Russell Co. Inc.