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HomeMy WebLinkAbout1980-07-14 240AH RESOLVEnae AS Introduced by Councilor Saucy, duly 19, 1980 _ CITY OF BANGOR (TITLE,) �RMIjlpy P o ding fo the Iasua ce of the__Cr[y Revenue Bonds (G. H. Bass 6 Co. By Cit Coyn<R Wfiw GUY ofBn*w+: RESOLVED. WHEREAS, pursuant to and inaccordance with the provisions of Title 30, Chapter 242 of the Mine Revised Statutes Annotated, as amended (the Act"), the City of Bangor, Maine (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 andimprove, or cause to be acquired, constructed and improved, industrial .facilities; and 'WHEREAS, the Issuer is authorized by the Act to issue revenue bonds payable solely from the revenues and receipts derived from the sale or leasing of the facilities acquired and constructued through the issuance of such revenue bonds; and WHEREAS, G. H. Bass 5 Co. (the "Company"), a corporation duly incorporated under the laws of the State of Delaware and duly qualified to do business in the State of Maine desires to own a industrial facility located in the City of Bangor, Maine; and , WORMS, the Company is desirous to finance the acquisition of land and an existing building and the expansion and renovation thereof and installation of certain equipment therein (the "Project") to be located in the City of Bangor, Maine, all as authorized by the Act; and. WHEREAS, the Company has not commeneed_I acquisition or.con- struction of the Project as of the date of this resolution; and WHEREAS, the Bonds shall not be payable from the revenues of the Issuer other than those derived from the Company pursuant to a sale or lease agreement (the "Agreement") and related financing documents and shall never constitute an indebtedness of the Issuer; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BANGOR, MAINE, as follows: Section 1. That the Project constitutes a "project" under the Act. Section 2. That the acquisition, construction and improve- ment of the Project be and the same are hereby authorized. Section 3. That for the purpose of paying the cost of the Project, the Issuer will issue City of Bangor, Maine, Revenue Bonds (G. H. Bass & Co. Project) (the "Bonds'), which shall con- stitute revenue obligation bonds under the Act, in an amount not to exceed $10,000,000. The 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 have such other details and provisions as shall be prescribed by an Indenture of Trust (the "Indenture") to be entered into by the Issuer and a bank acting as Trustee. Section 4. The Bonds shall be limited obligations payable solely from the revenues pledged to their payment and shall not be considerederal obligations of the Issuer, or the State of Maine. The holder of the Bonds shall never have the right to demand payment from moneys derived by taxation or any other revenues of 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 manner to be provided in the Indenture. Section 5. No covenant, stipulation, obligation or agreement herein contained shall be deemed to be a covenant, stipulation, obligation or agreement of any officer, agent or employee of the Issuer in his individual capacity. Section 6. Any action heretofore taken by the Company in initiating the acquisition and construction of the Project is hereby ratified, confirmed and approved, and the Company is hereby authorized to commence such acquisition and construction. Section ]. The Company is authorized to select Underwriters or a purchaser to prepare and submit to the Issuer proposals for the purchase of the Bonds. Section S. The expenses. and fees in connection with the issuance of the Bonds shall be borne completely by the Company or to be paid out of the proceeds of the Bonds. Section 9. The City Manager of the Issuer, or such agent as hall be designated by the City Manager;_ is herebyauthorized 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 or convenient to implement the provisions of this re- solution and take other actions to induce the Company to construct the Project. Section 10. This resolution shall constitute such other similar official action toward the issuance of obligations to provide such facilities referred to in Section 1.103-5(a) (5)(ii) and (iii) of the Federal Income Tax Regulations. Section 11. The issuance of the Bonds shall in all respects be subject to the satisfaction of all the provisions of the Act with respect thereto. Section 12. This resolution shall take effect immediately. In City Council July 14,1980 Passed City Cl 240 Ad EE SOL VE Providing for the Issaen the City s Revenue (ends (C. x. gees 6 Co. Project) 000 JIM- 10 P1 )02 CITY 0FB4' ary Chan°'4