HomeMy WebLinkAbout2003-10RESOLUTION 2003-10
RESOLUTION CONCURRING WITH A RESOLUTION OF THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF PULASKI COUNTY FOR THE FINANCING OF
AN AUTHORITY FACILITY LOCATED IN THE TOWN OF PULASHI
WHEREAS, the Industrial Development Authority of Pulaski County (the "Authority"),
desires to issue its revenue bond to finance the Authority's facility located on Bob White
Boulevard (the "Project"); and
WHEREAS, the Project is and will be located in the Town of Pulaski, Virginia (the
"town"); and
WHEREAS, the Town has created its own industrial development authority other than
the Authority; and
WHEREAS, on April 15, 2003, the Authority adopted a resolution authorizing the
issuance of the bond to finance the Project (the "Inducement Resolution") a copy of which
has been filed with the Council as well as the Commitment letter from the FNB dated 2-27-
03; and
WHEREAS, the Town of Pulaski, VA will receive a 2°a lien in said refinancing and
the Town will also be relinquishing a prior 3'~ lien held on the existing financing for the
"Project"; 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 Council of the Town (the "Council") to
concur with the Inducement Resolution;
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE TOWN OF
PULASKI, VIRGINIA, AS FOLLOWS:
1. The Council concurs with the Inducement Resolution, to the extent required by
Section 15.2-4905 of the Code to permit the Authority to finance the Project, and
in accordance with the aforesaid commitment letter and 2"d lien status of the
Town as referred to herein; and
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2. The adoption of this Resolution does not constitute an endorsement of the bond;
and
3. 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 6, 2003. 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
Charles W. Stewart, Jr., Mayor
Bettye H. Steger
John T. Bolen
Pauline G. Mitchell
James M. Neblett, Jr.
E. G. Black, Jr.
Kenneth M. Fleenor
Jeffrey S. Worrell
Attendance Vote
Present N/A
Present Aye
Present Aye
Present Aye
Present Aye
Present Aye
Present Aye
Present Aye
WITNESS MY HAND and the seal of the Clerk of the Council of the Town of Pulaski,
~~
Virginia, this 6th day of May, 2003.
(SEAL)
c
Clerk, Town of Pulaski, Virginia
W: \WP\DAY\ l 2992 t ConcurringResolution-town.doc
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