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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.