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| | | An Act To Assist Brascan, the Successor to Great Northern |
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| | | Paper, in Paying the Property Taxes Due to the Towns of |
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| | | Millinocket and East Millinocket |
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| | | Emergency preamble. Whereas, Acts of the Legislature do not become | | effective until 90 days after adjournment unless enacted as | | emergencies; and |
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| | | Whereas, Great Northern Paper, Inc., the owner of 2 large paper | | mills in the towns of Millinocket and East Millinocket, is | | currently in bankruptcy; and |
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| | | Whereas, the bankruptcy of Great Northern Paper, Inc., is | | causing substantial economic hardship to the towns of Millinocket | | and East Millinocket, to the employees and suppliers of Great | | Northern Paper, Inc., and to the economy of the region; and |
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| | | Whereas, part of the economic hardship occasioned by the | | insolvency of Great Northern Paper, Inc., is that $7.8 million of | | property taxes due to the towns of Millinocket and East | | Millinocket for the 2002-03 property tax year have not been paid, | | and the assets of the bankrupt estate will not be sufficient to | | pay the taxes; and |
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| | | Whereas, Brascan Corporation, or its designee, has agreed to | | purchase the mills and has also offered to alleviate the hardship | | by paying the property taxes, and these payments will be made, in | | part, by applying loan proceeds secured by Business Equipment Tax | | Reimbursement program payments related to the mills; and |
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