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
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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.
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