HomeMy WebLinkAbout2006-18• Ordinance 2006-18
Ordinance Concurring with a Resolution of the Industrial Development
Authority of Pulaski County Authorizing a Loan to Magnox
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Adopted: May 2, 2006
Effective: May2, 2006
TOWN OF PULASHI, VIRGINIA
ORDINANCE 2006-18
• ORDINANCE CONCURRING WITH A RESOLUTION OF THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF PULASKI COUNTY AUTHORIZING A LOAN
TO MAGNOX
WHEREAS, the Industrial Development Authority of Pulaski County (hereinafter
referred to as "Authority"), desires to:
1. Provide a loan to Magnox in the amount of Two Hundred Fifty Thousand
Dollars ($250,000) upon sufficient security to be held as collateral.
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 making a loan to
Magnox; 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:
1. The Council concurs to the extent required by § 15.2-4905 of the 1950 Code
of Virginia, as amended, to permit the Authority to provide a loan to Magnox
in the amount of Two Hundred Fifty Thousand Dollars ($250,000) upon
sufficient security to beheld as collateral; and
2. This Resolution shall take effect immediately upon its adoption.
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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 May 2, 2006. 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 Aye
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)
Patricia Cruise, Clerk of Council
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I, Patricia Cruise, Clerk of Council, certify that the forgoing Ordinance
2006-18 Ordinance Concurring with a Resolution of the Industrial
Development Authority of Pulaski County Authorizing a Loan to Magnox is
a true and correct copy as adopted by the Pulaski Town Council at their
regular meeting on May 2, 2006.
•
Patricia Cruise, Clerk of Council
TC/cJordiriance/certification 2006-18