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
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