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HomeMy WebLinkAbout12-27-83December 27, 1983 ~~;~~~ Minutes of the Special Meeting of the Pulaski Town Council held December 27, 1983, at 5:00 p.m. in the Council Chambers of the Municipal Building. There were present: Mayor Raymond F. Ratcliffe, presiding. Councilmembers John A. Johnston, Pauline G. Mitchell, James M. Neblett, Andrew L. Graham, Jr., Ira S. Crawford, Glen K. Aust, C. E. Boyd Absent: Alma H. Holston Others Present: D. E. McKeever, Town Manager Wanda Hoback, Acting Clerk of Council Visitors: Dee Lindsey and Eric Randall of the News Media Gary Cutlip, Town Treasurer Alan Groseclose Mark Bower The invocation was given by Councilman Graham. WAIVER OF NOTICE OF SPECIAL MEETING We, the undersigned, duly elected members of the Council of the Town of Pulaski, Virginia, hereby waive notice of a Special Meeting of ~~ said Council at ,S'.'o y io ~ on the 27th day of December, 1983, ~~ ~~ for the purpose of considering the Industrial Development Authority !6 ~~ of the Town of Pulaski, VA resolution approving the issuance of ~ Industrial Development Revenue Bonds for Bower Funeral Home, and any ~ ~~ - ~' r ,'~ r'' ;~ ,{ ~._. a_....._.. _ __4.. ...._ ..._ ~.: _ .. _ _ _ __. __~.__.___. Councilman Neblett moved that Wanda Hoback be named Acting Clerk of Council, seconded by Councilman Crawford, and carried. Mayor Ratcliffe advised the purpose of this Special Meeting was to consider the Industrial Development Authority of the Town of Pulaski, resolution approving th~'issuance of Industrial Development Revenue Bonds for Bower Funeral Home. Mr. Alan Groseclose presented and read this resolution. RESOLUTION RESOLUTION IND. DEVE. OF THE TOWN COUNCIL OF AUTHORITY THE TOWN OF PULASKI, VIRGINIA BOWER WHEREAS, the Industrial Development Authority of the Town of Pulaski, Virginia FUNERAL (the Authority) has considered the application of Mark Bower (the Developer) re- HOME questing the issuance of one or more of the Authority's industrial development revenue bonds or notes in an amount not to exceed $350,000 (the Bonds) to assist other business that may legally come before the Council. WITNESS our signatures this 27th day of December, 1983. I) „~ ~~' ,~ ~' ~U" i ;: i~Z,. ~ ~ ~t.~. 'mil . ~,r! ~~ , ~ ,, --- '~~. December 27, 1983 in the financing of .the. construction and equipping of a funeral home facility (the Project), which facility will be located, at 1631 Bob White Boulevard in the Town of Pulaski, Pulaski County, Virginia and will be owned and operated by the Developer, and has held a public hearing thereon; and WHEREAS, it has been requested that the Council of the Town of Pulaski, Virginia (the Council) approve the financing of the Project and the issuance of the Bonds, and such approval is required for compliance with Section 103(k) of the Internal Revenue Code; BE IT RESOLVED BY THE COUNCIL OF THE TOWN OF PULASKI, VIRGINIA: 1. The Council approves the financing of the Project and the issuance of the Bonds by the Authority for the benefit of the Developer, as required by said Section 103(k) to permit the Authority to assist in the financing of the Project. 2. The approval of the issuance of the Bonds, as required by said Section 103(k), does not constitute. an endorsement of the Bonds, the credit- worthiness of the Developer or the financial viability of the Project. The bonds shalt provide that neither the Commonwealth of Virginia (the Conunoi~wealth) nor any political subdivision thereof, including the Town of Pulaski (the Town) and the Authority, shall be obligated to pay the principal of or interest on the Bonds or other costs incident thereto except from the revenues and receipts pledged therefor and that neither the faith or credit nor the taxing power of the Commonwealth or any political subdivision thereof, including the Town and the Authority, shall be pledged thereto. 3. This Resolution shall take effect immediately upon its adoption. RESOLUTION IND. DEV. AUTH MEMBERS $25./ Meeting After some discussion and Mr. Groseclose informing Council that their approval of this resolution would place the Town under no obligation, Councilman Aust moved adoption of the Resolution as read, seconded by Councilman Boyd and carried on the following recorded vote: John A. Johnston - Aye Pauline G. Mitchell -Aye James M. Neblett - Aye C. E. Boyd, Jr. - Aye Andrew L. Graham, Jr. - Aye Ira S. Crawford - Aye Alma H. Holston - Absent Glen K. Aust - Aye Mr. Groseclose also requested Council to consider and vote on members of the .Industrial Development Authority receiving a small payment of $25. for attendance to the Industrial Development Authority meetings. Again this would not obligate the Town, but would be an expense of operating the Authority. Councilman Johnston moved the members of the Industrial Development Authority be paid $25.00 for each director in attendance at a meeting, seconded by Council- man Boyd, and carried on the following recorded vote: John A. Johnston - Aye Pauline G. Mitchell -Aye James M. Neblett - Aye C. E. Boyd, Jr. - Aye Andrew L. Graha m, Jr. - Aye Ira S. Crawford - Aye Alma H. Holston - Absent Glen K. Aust - Aye RESOLUTION ~~ ~~J WHEREAS, Section 15.1-1378 of the Code of Virginia of 1950, provides for the appointment of directors of the Industrial Development Authority of the Town of Pulaski, Virginia, by the Council of said town; and WHEREAS, said section provides that no salaries be paid to such directors, but that they may be compensated up to $50.00 per meeting as may be approved by the appointing authority; NOW, THEREFORE, BE IT RESOLVED that the directors of the Industrial Development Authority of the Town of Pulaski, Virginia, be compensated at the rate of $25.00 for each director in attendance at a meeting, such com- pensation to be paid solely from revenues received by the Authority from enterprises utilizing its services. Adopted this 27th day of December, 1983. December 27, 1983 ~~~y At this time there being no further business, Councilman Neblett moved Council adjourn at 5:15 p.m., seconded by Councilman Aust, and carried. APPROVED: r' ayor ATTEST: Acting Clerk of Council