HomeMy WebLinkAbout1981-02-23 81-104 RESOLVEel -lea
Introduced by Councilor Soucy, February 23, 1981
CITY OF BANGOR
(TITL6) �RMIW, Authorizing issuance of _Notto-Exceed_$1,00o 000 in
Inav c 1 1 Develgpm Raveme. Bonds for W. W. ci. i g Inc ............... ........ ........ ..
WHEREAS, W. W. Grainger, Inc. (the "Company") wishes to finance the
acquisition and construction Of certain commercial facilities which will be
operated by the Company or me of its subsidiaries, and wishes to have the
City of Bangor, Mine (the "Issuer"), issue industrial development revenue
bonds to provide such facilities; and
NNESP'AS, the Issuer is authorized and empowered by the provisions of
the Municipal Securities Approval Act, Me. Rev. Stat. Ann. M. 242, 45325
at seq., as amended (the "Act") to issue its remove bonds to finance
certain "industrial -commercial projects" (as defined in the Act); and
wNAGEAB, the Company proposes to construct an industriaVdistribution
facility (the "Project") which will be located in the City of Bangor, Maine,
which Project is expected to cost Out to exceed $1,000,000 and is to consist
of lana, buildings, equipment and related facilities; and
WHEREAS. the proposed financing will contribute to enlarged opportunities
for gainful employment by the people of the Issuer and will help to insure
the preservation and betterment of the economy of the Issuer and the State
of Mein; and
WHEREAS, the revere bones of the Issuer Issued to finance the cost of
the Project shatl not constitute any debt or liability of the State of Maine
or of any municipality therein or any political subdivision thereof, Including
the Issuer, or a pledge of the faith am credit of the State of Maine or of any
municipality or political subdivision, including the Issuer, but shall be
payable solely from the revenues of the Project, and the issuance of such
revenue bonds shall not directly or indirectly or contingently obligate the
State of Maine or any municipality or political subdivision, including the
Issuer, to levy or to pledge any form of taxation whatever therefor or to
make any appropriation for their payment. -L...
NOW, TMEPSPOgN, by the City Council of the City of Bangor, be it
RESOLVED, that she Issuer finds that the financing as herein described
will further the purposes of the Act; arta be it further
RESOLVED, that subject to due compliance with all requirements of the
law and subject to receipt of adequate assurance frthe Company that there
are e or r
e purchasers fox the bondssthe nom Issuer will issueand sell its
revenue bonds in an cannot not to exceed $1,000,000 (or such other amount B
may be necessary) to pay all or a portion of the coat of the Project; and
be it further
RESOLVED, that the City Manager of the Issuer is hereby authorized
and directed, in the name and on behalf of the Issuer, to execute and file
an application with the vain Guaranty Authority for a certificate of approval
under the Act for the Project to be financed by the issuance of r bonds
of the Issuer in an amount to to exceed $1,000,000 (or such other m amount as
shell be necessary) topayall or a portion of the coat of the Project.
In City Council Feh ry 33.198Ef
pageed
R so L V '81 FE919 P356
C clerk a ri mg 4�o CITY G' CIERN
$1000,000 In I+kastrial Develop ReVenUe
Bonds for N.W. Grainger Tnc.