HomeMy WebLinkAbout94-08• No . 94-t3
REISOLUTION
OF THE TowN coUNCZL OF TxE
TOWN OF PULASRI, VIRCII~IA
WIIERC~AS, the .irtdltetrial_ I)rvelvprnent Authority to the CourtNy
of Pulaski, Virginia ~t)ie "Aut~iority"), isa~ued its industrial
development revaitue bonds (the "Honda") for the benefit of Ma.g2lox
Pulaski Company Ithc "Company") to asr~ist inn the financing of the
Company's acquisition, construction and equiipping of a
matiufacturii~g facility (the "project") to b'e located in thz Town
of Pulaski, Virginia at 720 Commerce Street, Pulaski, Virginia
24301, and held a public hearing thereon vn~February 27, 1585;
acid
WHEREAS, the Authority plans tv adept a resolution (the
"Resolution") which provide for the Honde to be refunded by the
issuance of its revenue refunding bends (the "Refunding $vnds"1
in an amount not to exceed $2,000,000; and ;
WHEREAS, Section 15.1-1378 of the Codeiof Virginia requires
that the governing body of the jurisdictivn~in which a facility
to be financed with industrial development bonds ie located
• cc~ncuz in the adopt~.on of an inducement resolution therefor when
an industrial development authority from another jurisdiction
proposes to issue such botide; acid
WHEREAS, the Project is to be located in the Town of
Pulaski, Virginia (the "Town" ) and the Toz•~ri! Council of the 'M'own
(the "Council") constitutes the governing body and the highest
elected governmental unit of the Tawn; and
WHEREAS, tlic Authority has requested flat the Council
approve the i9euance of the Refunding $ondsland concur in the
adoption by the Authority of the Ragolutioii; acid
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WHEREAS, a copy of the Authority's Resolution will be filed
with the Council;
$E IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF PULASRI,
vIRC3iNxA: I
1. The Council concurs in the adoption of the Resolution
by the Authority ae required by Section 15.L-137$ of thm~ Virginia
Cede.
z . 'rha approval of the issuance of t I2 Rafuiidiitg Bonds
dues not constitute an endorsement to a prospective purchaser of
• the Bonds of the creditworthiness of the.Prvject or the Company.
3. This Resolution shall take effect limmediately upon its
adoption.
• Thie resolution is adopted this 15th day of February, 1594,
by recorded votc of the Tvwn Council of the Tvwn of Pulaski,
Virginia, ae fo]~lowe
CharleG D. Cri„pin - Ave
J. R. Schrader, Jr. - Aye
Rey H. D'Ardenne, Jr. -Absent
W. H. Schrader, Jr. - Aye
Andrew L. Graham - Aye
E. G. Blau:, J-r. - Aye
Alma H. Holston - Absent
Robert N. Glenn - Aye
TOWN OF PULASKI, VIRC3INIA
By:
VICE MAYOR
ATTEST:
~~ ~'...s~ --T
Clerk of Council
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I ~ Ruth A. Harrell Clerk of the Council of the Town of
Pulaski, Virginia, dv herebyy certify that this is a true and
corYeCt copy of tha R2eolutiozl adopted by the Cou21ci1 of the To~•Rl
of Pulaski meeting in Regular ~ensiori oii the 15th day of
February, 1994.
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