HomeMy WebLinkAbout93-10•
RESOLUTION N0. 93-10
RESOLUTION AGREEING TO ALLOCATION OF AMOUNT OF PEPPER'S
FERRY REGIONAL WASTEWATER TREATMENT AUTHORITY, SERIES OF..
1993 BONDS FOR PURPOSES OF SECTION 265 OF THE
INTERNAL REVENUE CODE
WHEREAS, the City of Radford, Virginia, the Towns of Pulaski and
Dublin, Virginia, and the Boards of Supervisors of Pulaski County and
Montgomery County, Virginia, acting for and on behalf of such counties,
and Pulaski County Sewerage Authority, Pulaski County Public Service
Authority, Montgomery County Public Service Authority and Pepper's Ferry
Regional Wastewater Treatment Authority entered into a User Agreement as
of March 4, 1981, and amended such agreement as of September 3, 1986 (as
amended, the "User Agreement"), to establish a basis for sharing the
cost of constructing and operating regional wastewater treatment
facilities;
WHEREAS, the User Agreement allocated capacity of 6.0 million
gallons per day ("mgd") among the City of Radford, the Towns of Pulaski
and Dublin, Pulaski County Sewerage Authority, Pulaski County Public
Service Authority and Montgomery County Public Service Authority (the
"Participants"} as follows: City of Radford, 2.1177 mqd; Town of Pulaski
- 2.615 mgd; Town of Dublin - .28 mgd; Pulaski County Sewerage Authority
- .46 mgd; Pulaski County Public Service Authority - .455 mgd; and
Montgomery County Public Service Authority - .0723 mgd;
WHEREAS, Pepper's Ferry Regional Wastewater Treatment Authority
issued its Series of 1985 revenue bonds to finance construction of the
6.0 mgd regional treatment facility; issued its Series of 1986 refunding
bonds solely to refund a portion of such Series of 1985 bonds and
intends to issue its Series of 1993 refunding bonds, in an amount not to
exceed $10,000,000 (the "Series of 1993 Bonds"), solely to refund a
portion of such Series of 1986 bonds; and
WHEREAS, Section 265(b) (3)
of 1986, as amended (the "Code"),
entities receiving benefits from
alloC~tion of the amount of such
issuance of such bonds;
•
(C) (iii) of the Internal Revenue Code
requires that all governmental
bonds irrevocably agree to an
bonds among such entities prior to the
NOW, THEREFORE, be it resolved by the Town Council of the Town of
Pulaski Virginia that for purposes of Section 265 (b) (3) of the Code,
the Town of Pulaski, Virginia, irrevocably agrees that the amount of the
Series of 1993 Bonds be allocated among the Participants according to
the percentage of capacity in the 6.0 mgd treatment facility allocated
to each Participant in the User Agreement.
This resolution is effective upon adoption and is adopted by
recorded vote of the Town Council of the Town of Pulaski, Virginia,
sitting in regular session on this 29th day of June, 1993 as follows:
,:
Charles D. Crispin AYe Andrew L. Graham Aye
J. R. Schrader, Jr. Aye E. G. Black Aye
Roy H. D'Ardenne Aye Alma H. Holston Aye
W. H. Schrader, Jr. Aye Robert N. Glenn Absent
TOWN 0 PULASKI, VIRGINIA
By: r
Attest: GARY HA COCK, MAYOR
Ruth A. Harrell
Clerk of Council
•
•