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Northport Village Corporation Overseers Meeting May 3, 2008 The
Board of Overseers of the Northport Village Corporation met on May 3, 2008 at
9:00 a.m. Present were:
Judy Rohweder, The
President presided and Upon
motions made by VOTED:
That pursuant to the charter of the Northport Village Corporation, Chapter 136
of the Private and Special Laws of Maine, 1915, as amended, and Title 30-A of
the Maine Revised Statutes, as amended, and pursuant to action taken by the
voters of the Village Corporation at the annual meeting of the Village
Corporation held August 14,2007, and any other applicable authority under the
laws of the State of Maine thereto enabling, the Overseers are hereby
authorized to borrow on behalf of the Corporation from the Maine Municipal
Bond Bank or some other lending institution, a principal amount not exceeding
One Hundred Thousand Dollars ($100,000) at an interest rate and at other
conditions to be determined by Maine Municipal Bond Bank, payable over a
period not to exceed twenty-one (21) years for the purpose of financing
improvements to the Sewer System within the Village Corporation including, but
not limited to, repair of Collection Piping, Wastewater Outfall and Treatment
Plant (the "Project"), said loan to be evidenced by the General
Obligation Bond of the Corporation, to be executed and delivered on behalf of
the Corporation by the Treasurer and counter-signed by a majority at least of
the Board of Overseers (the "Bond"), at substantially the following
schedule of principal and interest rates:
Principal
Amount Year
of Installment
Interest Rate 2009
$3,483.00
2.500% 2010
$3,587.00
2.500% 2011
$3,695.00
2.500% 2012
$3,806.00
4.300% 2013
$3,920.00
2.800% 2014
$4,047.00
4.850% 2015
$4,189.00
3.000% 2016
$4,336.00
5.500% 2017
$4,498.00
4.300% 2018
$4,678.00
3.400% 2019
$4,865.00
2.400% 2020
$5,072.00
5.500% 2021
$5,288.00
5.500%
Principal Amount Year
of
Installment
Interest Rate 2022
$5,499.00
5.500% 2023
$5,774.00
5.500% 2024
$6,020.00
5.500% 2025
$6,321.00
5.500% 2026
$6,637.00
3.400% 2027
$6,968.00
4.900% 2028
$7,317.00
2.100%
TOTAL:
$100,000 VOTED:
That all actions heretofore taken by the Overseers of the Corporation relating
to the issuance of the Corporation's General Obligation Bond to the Maine
Municipal Bond Bank be, and they hereby are, ratified, approved and confirmed. VOTED:
That the Corporation shall take any and all actions required under the Tax
Reform Act of 1986 to maintain the tax exempt status of the interest on the
Bond, and to maintain the status of the Bond as a "qualified tax exempt
obligations" of the Corporation, and that the Bond may be subject to such
further terms and conditions as may be agreed to by a majority at least of the
Board of Overseers and the Treasurer of the Corporation to carry into effect the
full intent of this resolution. VOTED:
That the law firm of Eaton Peabody is hereby designated as bond counsel for the
Corporation to advise the Corporation with respect to the issuance and sale of
the Bond, and to prepare documents and render opinions as may be necessary or
convenient for the purpose. VOTED:
That the municipal officers and officials of the Corporation are hereby. authorized
to execute all documents and certificates, and to take all action, including
affixing the seal of the Corporation, as may be necessary or convenient to carry
out the full intent of the foregoing votes or any one of them. VOTED:
That the Treasurer or the President or any other Overseer, be, and each of them
hereby is, authorized for the foregoing purposes to make application to the
Maine Municipal Bond Bank for sale of the Bond, and to execute a Loan Agreement
with the Bond Bank in such form as the Bond Bank may require, and further, that
the Overseers, Treasurer, Clerk and President be, and each of them hereby is,
authorized to take such action to execute any and all documents, affixing the
seal of the Corporation where necessary, in order to carry into effect the full
intent of the foregoing votes or any of them. There
being no further business to come before the Board of Overseers, the meeting was
adjourned at 9:30 a.m., upon motion of Judy Metcalf, seconded by Submitted
by Temporary
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