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HomeMy WebLinkAbout1980-08-25 270 AH RESOLVE2]0 As IntrWuoe by Councilor McKernan, August 25, 1980 CITY OF BANGOR (TITLE.)BSIIITIpt PROVIDING FOR THE ISSUANCE OF REVENUE OBLIGATION SECURITIES BY THE CITY OF BANGOR (ANSEWN SHOE CO. PROSECT) BY OW City Council of W Oity of Seam: RESOLVED, WHEREAS, Title 30, Chapter 242 of the Maine Revised Statutes Annotated as amended (the Act) authorizes a municipality to issue revenue obligation securities for the purpose of acquiring, constructing, reconstructing, renewing and replacing within its corporate limits industrial -commercial projects, and WHEREAS, the City of Bangor, Maine (the City) wishes to encourage and induce Ansewn Shoe Co. (a division of Anwelt Corporation) end/or the stockholders of Anwelt (said division, corporation and ,stockholders being hereinafter collectively referred to as the Company) to become a user of the facilities of such a project (the Project) in accordance with the pro- visions of the Act, and WHEREAS, the Company desires to finance acquisition of land and the construction and/or acquisition, expansion and renovation of a building or buildings, including equipment, suitable for the Project, and WHEREAS, the Act provides that any obligation created by revenue obligation securities shall in no event constitute in- debtedness of the City of Bangor or of any other instrumentality of the State of Maine. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BANGOR, MAINE, AS FOLLOWS: Section 1. That the project constitutes an "industrial -commercial project^ within the meaning of the Act. IN CITY COBWIL AW¢�Ust' 25, 1980 Re se D6P[I CITY CLERK 2]0 AN 0ESOLYE j �y .8p p11G 21 P3 35 Providing for the Issuance of C1 �j�VF tICftM i Nevemne Obligation Securities by the City of Bangor (Ansexn Shoo t Co. Project). Section 2. That the City Manager or his designee be and he hereby is authorized to work with the Company in determining the size and scope of the Project and that acquisition, construction and improvement of the Project as so determined be and it is hereby authorized. Section 3. That for the purpose of financing the Project, the City will issue revenue obligation securities (the Securities), in an amount not to exceed $9,Ooo,000. The Securities shall bear .interest at such rate or rates, shall be initially issued in such form and denominations, and shall contain such provisions as may be prescribed by an indenture of trust (the "Indenture") to be entered into by the City and a qualified trust company as Trustee. Section 4. That the Securities shall be secured in the manner to be provided in the Indenture, shall not constitute any debt or liability or become a pledge of the faith and credit of the State of Maine, of the City of Bangor or any political subdivision of either but shall be payable solely from revenues of the Project. - Section 5. That the Company is hereby authorized in its discretion to acquire and improve property for inclusion within the Project, and all actions heretofore taken by the Company with respect to the Project are hereby ratified, approved and confirmed. Section 6. That all expenses and fees in connection with the issuance of the Securities shall be borne by the Company -2- or may be paid in whole or in part out of the proceeds from the issue of the Securities. Section ]. That the City Manager of the City, or such agent as shall be designated by the City Manager, be and he hereby is authorized and directed to prepare and file all applications with the Maine Guarantee Authority as may be necessary for approval under the Act to issue the Securities and to take such further actions as may be necessary or convenient to implement the provisions of this resolution and to comply with the requirements of the Act. Section 8. That this resolution shall be effective immediately. -3-