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HomeMy WebLinkAbout1985-R-21aESO U O A RESOLUTION OF THE JEFFERSONVILLECOMMON COUNCIL APPROVING THE APPLICATION OF SELLERSBURG STONE COMPANY, INC. FOR ECONOMIC DEVELOPMENT REVENUE BOND FINANCING Recitals A. The Jeffersonville Economic Development Commission (the "Commission") was established by an ordinance of the Common Council of the City of Jeffersonville (the "City") pursuant to the provisions, of the Economic Development and Pollution Control Act, as amended, IC 36-7-11.9 and 12 (the "Act") to investigate, study, and survey the need for additional job opportunities, industrial diversification, and pollution control facilities and to recommend action to improve or promote job opportunities, industrial diversifi- and the availability of pollution control facili- cation, ties. B. Pursuant to IC 36-7-12-22, the City may issue its economic development revenue bonds for economic development facilities (as defined in the Act) that are located outside of its corporate boundaries but within Clark County (the '~County"), subject to the consent of the County Council. C. The Act authorizes the Commission to enter into negotiations with one or more persons concerning the ~erms and conditions for financing of economic development facilities within the City or County, including specifically facilities for manufacturing, warehousing, distribution of, or processing of goods, and directs the Commission to ~onsider whether a proposed facility may have an adverse competitive effect on similar facilities already constructed or operating in the City or County. D. Sellersburg Stone Company, Inc. (the "Company"), an Indiana corporation engaged in the business of quarrying and selling crushed stone, has applied to the Commission for economic development revenue bond financing pursuant to the Act in the approximate pEincipal amount of $1,650,000 to finance the acquisition, construction, and installation of a new stone crushing system and related support equipment (such equipment being hereinafter referred to as the "Project") at the Company's existing industrial plant located at 1019 East Utica Street area of the County. E. The Commission has found within the unincorporated and determined that the Project will benefit the health and of the City and the County, promote industrial diversification within the welfare of the citizens ]ob opportunities and City and the County, and will otherwise further the economic development of the City and County, and that it will not have an adverse competitive effect on similar facilities already constructed or operating in the City or the County. 2 F. The Commission has adopted an inducement resolu- tion approving the application of the Company, adopting a Project Report, and recommending that the Common Council approve economic development revenue bond financing for the Project at the appropriate time pursuant to and subject to the provisions of the Act. G. The Common Council has reviewed the application of the Company and the inducement resolution and Project Report adopted by the Commission and now desires to express its intention to issue economic development revenue bonds of the City in the approximate principal amount of $1,650,000 to finance the acquisition, construction, and installation of the Project at the appropriate time pursuant to and subject to the provisions of the Act. NOW, THEREFORE, BE IT RESOLVED by the Jefferson- ville Common Council as follows: 1. The Common Council hereby approves the application of the Company for the issuance pursuant to the Act of economic development revenue bonds of the City in the approximate principal amount of $1,650,000 to finance the Company's acquisition, construction, and installation of the Project within the County. 2. The Common Council hereby expresses its intention to issue economic development revenue bonds of the City in the approximate principal amount of $1,650,000 3 pursuant to lend the proceeds thereof to the Company acquisition, construction, and installation in the County. shall be and subject to the provisions of the Act and to to finance-its of the Project 3. The liability and obligation of the City limited solely to good faith efforts to issue such bonds, and neither the City nor any of its officers, employ- ees, or agents shall incur any liability whatsoever if for any reason the proposed issuance of such bonds is not consummated. Adopted this~__ day of September, 1985. P're s~-dent the City of Jeffersonville, bet, 1985. Presented by me as Clerk-Treasur~to the Mayor of Indiana this day of Septem- Cl~rk-TreasUrer~ Approved by me this ~day of September, 1985.