HomeMy WebLinkAbout1981-05-11 81-160 RESOLVE81-160
Introduced by Councilor Palmeri, May 11, 1981
CITY OF BANGOR
(TITLEr). , �IUPa ACh izivg, Ex utron o£ Trust Agreement, am E cV[f„w_,,,,_„
and A 1g_om t f. Le Ag vt - M ec Development
BY the Cit CwaB2 of W City of Bassper.
B LM), WHEREAS, on Jahuary 26, 1981, the City of Bangor, acting
pursuant Co the Muaicipal Securities Act (the Act), as amended, (30 M.R.S.A.
95 5325 a $eq.). adopted a resolution authorizing the City to. Issuea
obligation security in connection ectlwith the Adazs-Bussell Co., Inc.
Anzac Division Project (the Project), and
WHERTAS, the said resolution. provides that the obligation represented
by the Security is to be secured by a Trust Agre tnt between the City and
Northeast Bank 6 Trust Co. order terms and conditions to be approved by the
City Council, and
WHEREAS, said resolution further provides that the Project shall be
leased 'by'the City to Adam -Russell Co., Inc. pursuant to a Lease Agreement
containing such Lerma and conditions as shall be approved by the City
Council, and
UMEREAS, the City Solicitor has reviewed and approved the proposed
Trust Agreement and Lease Agreement,
NOR, T EREPORE, By the City Council of the City of Bangor:
RESOLVED, THAT the Trust Agreement between the City of Bangor and
Northeast Bank & Trust Co. and the Lease Agre eat between the City of
Bangor and Adams -Russell Co., Inc, are herebyapproved in the form approved
by the City Solicitor, and their execution on behalf of the City is hereby
authorized, and be IC further
RESOLVED, THAT, upon execution and delivery of the Lease Agreement, the
City Manager is authorized to assign the City's Interest ender the Lease
Agre ent to Northeast Bank 6 Trust Co. pursuant to the terms of the Trust
Agfeemeat.
In City Cm Oil Ney 11,1981
Passed
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�tion ssigmneat a esee Agreement
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'81 MNY-6 P158
RE_
CITY cv e,
CITY CLERK