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.
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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
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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.