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ORDER
STANDISH TOWN COUNCIL
DATE: September 12, 2006
ORDER NUMBER: 139-06 Submitted by: Simpson
TITLE: TOWN OF STANDISH ORDERS OF TOWN COUNCIL AUTHORIZING ISSUE OF $468,665 PRINCIPAL AMOUNT OF BONDS
WHEREAS, the voters of the Town of Standish, Maine (the "Town") approved the issuance of up to $468,665 of the Bonds of the Town at a Town Meeting duly called and held on June 13, 2006, pursuant to Maine law in order to finance the construction of certain roads and other public works and the purchase of certain equipment, as more particularly described in said approval, dated June 13, 2006 (the “Projects”); and
WHEREAS, the Town Council desires that Bonds of the Town be issued to finance the cost of such Projects;
WHEREAS, the Town Council of the Town desires to authorize the issuance of up to $468,665 principal amount of Town's 2006 General Obligation Bonds (the "Bonds") and the sale of such Bonds to the Maine Municipal Bond Bank for inclusion in its Fall 2006 issue;
NOW, THEREFORE, be it voted and resolved by the Town Council of the Town as follows:
ORDERED: That pursuant to Maine law, votes duly adopted by Town Meeting of the Inhabitants of the Town duly called and held on June 13, 2006, and all other authority thereto enabling, and to provide funds to finance up to $468,665 of the cost of the Projects, as authorized by said vote, and to refund any temporary notes issued pursuant thereto, the Town Treasurer is hereby authorized and empowered in the name and on behalf of the Town to expend and borrow up to $468,665 from the Maine Municipal Bond Bank (the “Bank”) pursuant to a Loan Agreement between the Town and the Bank providing for a loan from the Bank in the principal amount not in excess of $468,665, and the Treasurer of the Town be and hereby is authorized and empowered, in the name and on behalf of the Town, to execute and
deliver, under the seal of the Town, attested by its Clerk, a Loan Agreement to be in the usual and ordinary form utilized by the Bank, which is hereby approved, and to contain such other terms and provisions, not contrary to the general tenor hereof, as the Treasurer may approve, with his approval to be conclusively evidenced by his execution thereof;
ORDERED: That pursuant to the provisions of Maine law, votes duly adopted by the inhabitants of the Town at a Town Meeting duly called and held on June 13, 2006, and all other authority thereto enabling, and in order to provide funds for the purposes described in the foregoing Order, the Town Council of the Town hereby approves and authorizes the issue, sale and delivery to the Bank as evidence of the aforesaid loan of up to $468,665 and against payment therefor, the Bonds of the Town in a principal amount not to exceed $468,665, such Bonds to mature and be payable on such dates and in such amounts as approved by the Treasurer; to bear interest at the rates specified by the Bank for its Fall 2006 issue, which rates shall be subject to approval by the Town Treasurer of the Town, such approval to be
conclusively evidenced by her execution and delivery of such Bonds, payable semi-annually; to be issued as a single, fully registered Bond in the an amount not to exceed $468,665 maturing and payable in installments as aforesaid; to be signed by the Town Treasurer and countersigned by the Chair of the Town Council of the Town and to be sealed with the seal of the Town and attested by its Clerk; and to be in such form and contain such terms and provisions as the officers executing the same may approve their approval to be conclusively evidenced by their execution thereof; and further
ORDERED: That the Treasurer of the Town and other proper officials of the Town be, and hereby are, authorized and empowered in its name and on its behalf, to do or cause to be done all such acts and things as may be deemed necessary or desirable in order to effect the borrowing from said Bank of up to $468,665 and the issue and delivery to said Bank as evidence thereof of a corresponding principal amount of the Bonds of the Town as hereinabove authorized in the foregoing Orders; and further
ORDERED: That the Town covenants and certifies that no part of the proceeds of the issue and sale of such Bonds authorized to be issued by the foregoing Orders (including any notes and bonds in renewal thereof) shall be used, directly or indirectly, in such manner which would cause such Bonds of the Town to be "private activity bonds" or "arbitrage bonds" within the meaning of Sections 141 and 148, respectively, of the Internal Revenue Code of 1986, as amended (the "Code").
APPROVED __________________ DISAPPROVED__________________
ROLL CALL YEA NAY ABSTAIN
BIEGEL
CHRISTY
LYMBURNER
POMERLEAU
SIMPSON
SPENCER
STACK
CLERK/SECRETARY ____________________________
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