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HomeMy WebLinkAbout1981-08-24 81-246 RESOLVE81-296 Introduced by Councilor McKernan, August 24, 1981 CITY OF BANGOR (TITLE) FMblef Providing _forthIssuance. of the cicg & acvepye By 1As City Opened MGs My afB wpor. IMSOLVED, WBiSMS, pursuant to and in accordance vith the provisions of Title 30, Chapter 242 of the Maine RevisedStatute& Annotated, as amended (Che "Act"), the City of Bangor, Mine (the "Issuer") proposes to undertake the acquisition, construction and financing of the Project referred to below; and WHEREAS, the Issuer is authorized by the Act, to acquire, construct and improve, o e to be acquired, constructed and improved, industrial facilities; and biggBAS, the Issuer is authorized, by the Act to issue ree bonds e payable solely from the revenues and receipts derived from the sale o leasing of the facilities acquired and constructed through the issuance of such revenue bonds; end WMSAAS, P. W. Webb Company (the "Company,°), a corporation duly incorporated under the lava of the Commonwealth of Massachusetts and duly qualified to do business in the State of Maine desire& to establish end operate an industrial facility located. in the City of Bangor, Mine; and WHEREAS, it is proposed that said Industrial facility be eased directly r indirectly by one or more of the principal stockholders, officers, or hey employees of the Company aM leased to the Company; and. WIBRBAS, the Company is desirious to finance the acgilisltlon of land, the construction of a building thereon, and installation of certain equipment therein (the 'Project") to be located in the City of Bangor, Maine, all as authorized by the Act; aM U WHEREAS, the Company has mot commenced acquisition or construction of the Project as of the data of this resolution; and WEVEREAS, the Brads shall not be payable from the revenues of the Issuer other than those derived pursuant to a sale or lease agreement (the "Agreement") and related financing documents and shall never constitute an indebtedness of the Issuer; In City Council August 24.1981 Passed IKL 246 RESOLVE !� Providing for thslssurance of the uiW, Clerk - city s Revenue Bonds P.W. Webb Coq ORny) ti xA o_ �.tJc��e xh '81 AUG 13 N822 Rn, CITY OF 64 Cur CLERK WW, TREREITIRE, BE IT R6SOLM BY TNN CITY COUNCIL OF THE CITY OF RANCOR, MAINE, as follows: Section 1. That the Project Constitutes a ^project^ under the Act. Section 2. That the acquisition, construction and improvement of the Project be and the same are hereby authorized. Section 3. That for the purpose of paying the coat of the Project, the Issuer will issue City of Bangor, !Niue, Revenue Bonds (F.. W. Webb Company Project) (the "Ponds"), which shall constitute re obligation bonds under the Act, in an amount not to exceed $400,000revenue Bonds shall bear interest at the rates, shall be initially issued in the form, shall be in such denominations, shall be numbered, shall be dated, shall mature, shall be subject to redemption prior to maturity, shall have such provisions for registration, shall be in such form and shall gave such other details and provisions as shall be prescribed by an Indentur of Trust (the 'Indenture") to be enteredinto by the Issue[ and a bank acting as Trustee. Section 4.. The Trade shall be limited obligations payable solely from the res pledged to their payment and shall not be Considered general obligations of the Issuer, or the State of Mine. The holder of the Bends shall never have the tight to demand paymentfrom moneys derived by taxation or any othersof the. Issuer except those revenues pledged to the payment of the Bonds in the manner provided in the Indenture And shall be secured in the mummer to be provided in the Indenture. Section 5. No covenant, stipulation, obligation or agreement herein contained shall be deemed to be acant, stipulation, obligation o Agreement of any office[, agent or employee of the Issuer in his individual capacity. Section 6. Any action heretofore taken by the Company in initiation the acquisition and Construction of the project is hereby ratified, confirmed and approved, and the Company is hereby authorized to resonance such acquisition Add construction. Section ]. The Company is authorized to select underwriters or a purchaser to prepare add submit t0 the Issuer proposals for the purchase of the Honda. Section g. The experges and fees in wmection with the issuance of the Bonds shall be borne completely by the Company or paid out of the proceeds of the Bands. Section 9. The City Manager of the Issuer, or such agent as shall be designated by the City Manger, is hereby authorized and directed to distribute copies of this Resolution to the Company, file all necessary applications with the Maine Guarantee Authority and to do such further things or perform such acts as may be necessary sary o convenient to implement the provisions of this Resolution and take other actions to induce the Company to construct the Project. Section 10. This Resolution shall constitute official Action toward the issuance of obligations;to provide such facilities for the purposes of the Internal Revenue Code of 1954, as amended and the Federal Income Tax Regulations thereunder. Section 11. The issuance of the BOMB shall in all respects be subject to the satisfaction of all the provisions of the pct with respect thereto. Section 12. This Resolution shall take effect f®ediately.