HomeMy WebLinkAbout2005-18IL .
TOWN OF PULASKI, VIRGINIA
RESOLUTION 2005-18
RESOLUTION CONCURRING WITH A RESOLUTION OF THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF PULASHI COUNTY FOR THE GUARANTEE
OF A LOAN FOR MAGNOX AND THE REPAYMENT OF FINANCING FOR
JAMES HARDIE BUILDING PRODUCTS, INC. OR FACILITIES TO BE
LOCATED IN THE TOWN OF PULASHI
WHEREAS, the Industrial Development Authority of Pulaski County (hereinafter referred to
as "Authority"), desires to:
1. Make payment of an indebtedness for funds borrowed by the Town of Pulaski to
finance site preparation for James Hardie Building Products, Inc. in the amount of
Two Million Dollars ($2,000,000); and
2. Guarantee a loan by Magnox in the amount of Two Hundred Fifty Thousand
Dollars ($250,000) upon sufficient security to be held as collateral per Authority
Resolution attached hereto and expressly made a part hereof.
WHEREAS, the Projects are and will be located in the Town of Pulaski, Virginia
(hereinafter referred to as "Town"); and
WHEREAS, the Town has created its own industrial development authority other than the
Authority and does hereby consent to the Authority proceeding on all current projects
. including but not limited to the guarantee of Magnox loans and the repayment of James
Hardie financing by the Town; and
WHEREAS, Section 15.2-4905 of the Code of Virginia of 1950, as amended (the "Code"),
provides that if a locality has created an industrial development authority, no other such
authority, not created by such locality, shall finance facilities, except pollution control
facilities, within the boundaries of such locality, unless the governing body of such locality in
which the facilities are located, concurs with the inducement resolution adopted by the
authority, and shows such concurrence in a duly adopted resolution; and
WHEREAS, the Authority has requested the Town Council of the Town of Pulaski, Virginia
(hereinafter referred to as "Council") to concur with the Inducement Resolutions;
NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Pulaski,
Virginia, as follows:
The Council concurs to the extent required by § 15.2-4905 of the 1950 Code
of Virginia, as amended, to permit the Authority to complete all current
projects between the Town and Pulaski County, Virginia (hereinafter referred
to as "County") including but not limited to make payment on the
•
'M ~ ti
..
indebtedness incurred by the Town to finance site preparations for James
Hardie Building Products, Inc. at the Pulaski Business Park in the maximum
amount of Two Million Dollars representing only the Authority's portion
exclusive of other amounts financed by the Town of Pulaski pursuant to the
Authority's resolution authorizing same; and
2. The Authority guaranteeing a loan by Magnox from SunTrust Bank in the
amount of Two Hundred Fifty Thousand Dollars ($250,000) upon sufficient
security to be held as collateral pursuant to the referenced Authority
Resolution referred to herein or as maybe amended; and
3. This Resolution shall take effect immediately upon its adoption.
*~~~*~~
The undersigned Clerk of the Town of Pulaski, Virginia (the "Council"), hereby
certifies that the foregoing constitutes a true and correct copy of a resolution duly adopted at
a meeting of the Council held on Apri15, 2005. I hereby further certify that such meeting
was a regular meeting, and that, during the consideration of the foregoing resolution, a
quorum was present. I further certify that the minutes of such meeting reflect the attendance
of the members and the voting on the foregoing resolution as follows:
Members Attendance Vote
Charles L. Wade, Mayor Present N/A
Bettye H. Steger Present Aye
John T. Bolen Present Aye
Lane R. Penn Present Aye
Joel B. Burchett, Jr. Present Aye
Daniel Talbert, Jr. Present Aye
Jeffrey S. Worrell Present Aye
WITNESS MY HAND and the seal of the Clerk of the Council of the Town of Pulaski,
Virginia, this 5th day of April, 2005.
(SEAL)
c
Patricia Cruise, Clerk of Council
Charles L. Wade, Mayor
•