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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.