HomeMy WebLinkAbout91-12RESO~UT1I~ON
OF THE TOWN COUNCIL OF THE
TOWN OF PULASKI, VIRGINIA
WHEREAS, the Industrial Development Authority of Pulaski
County ("Authority"), has considered the application of Magnox
Pulaski Incorporated ("Company") requesting the issuance of the
Authority's revenue bonds in an amount not to exceed $2,500,000
("Bonds") to assist in the financing of the Company's renovation,
expansion and equipping of an existing magnetic iron oxides
manufacturing facility ("Project") located at 720 Commerce
Street, in the Town of Pulaski, Virginia, has adopted a
resolution of inducement thereon on August 7, 1990 ("Inducement
Resolution") and has held a public hearing thereon on August 24,
1990;
WHEREAS, ~5ection 147(f) of the Internal Revenue Code of
1986, as amended (the "Code"), provides that the governmental
unit having jurisdiction over the issuer of private activity
bonds and over the area in which any facility financed with the
proceeds of private activity bonds is located must approve the
issuance of the bonds;
WHEREAS, Section 15.1-1378 of the Code of Virginia of 1950,
as amended (the "Virginia Code"), provides that if a locality has
created an industrial development authority, no industrial
development authority created by a second locality may finance a
• facility located in the first locality unless the governing body
of such first locality concurs with the inducement resolution
adopted by the industrial development authority created by the
second locality;
WHEREAS, the Town Council of the Town of Pulaski, Virginia
("Council") has created an industrial development authority; the
Project is located in the Town of Pulaski, Virginia ("Town") and
the Council constitutes the highest elected governmental unit of
the Town;
WHEREAS, the Council adopted a resolution on September 4,
1990 approving the issuance of the Bonds;
WHEREAS, the Authority adopted a resolution on April 16,
1991 ratifying, reaffirming and readopting its Inducement
Resolution ("Ratifying Resolution") except that the amount of
bonds authorized has increased to $4,000,000; and
WHEREAS, a copy of the Authority's Ratifying Resolution, a
certificate of the public hearing and a Fiscal Impact Statement
have been filed with the Council.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF PULASKI, VIRGINIA:
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1. The Council concurs with the Inducement Resolution and
the Ratifying Resolution adopted by the Authority and approves
the issuance of the Bonds by the Authority for the benefit of the
• Company, as required by Section 147 (f) of the Code and Section
15.1-1378 of the Code of Virginia of 1950, as amended ("Virginia
Code") to permit the Authority to assist in the financing of the
Project.
2. The approval of the issuance of the Bonds does not
constitute an endorsement to a prospective purchaser of the Bonds
of the creditworthiness of the Project or the Company.
3. This resolution shall take effect immediately upon its
adoption.
Adopted b_y the Town Council of the Town of Pulaski, Virginia
this 16th day of April, 1991.
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Cle k, Town Council of the Town of
Pulaski, Virginia
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