HomeMy WebLinkAbout1978-R-11ARESOLUTION NO. 78-R-~A_
RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF
JEFFERSONVILLE, INDIANA, WHEREAS THE CITY GO FORWARD
WITH AN ECONOMIC DEVELOPMENT FINANCING FOR INDUSTRIAL
FIBERGLASS SYSTEMS, INC. IN ORDER TO INDUCE SAID
COMPANY TO RELOCATE AND EXPAND ITS MANUFACTURING
OPERATION IN JEFFERSONVILLE, INDIANA
WHEREAS, the City of Jeffersonville (the "City") is
authorized by I.C. 1971, 18-6-4.5 (the "Act") to issue revenue
bonds for the financing of economic development facilities, the
funds from said financing to be used for the acquisition,
construction and equipping of s&id facilities, and said facilities
to be leased to other persons; and
~HEREAS, Industrial Fiberglass Systems, Inc. (the "Company"
has advised the City that it proposes that the City acquire,
construct and equip an economic development facility and lease
the same to Industrial Fiberglass Systems, Inc., said economic
development facility to be a manufacturing facility to be
located in the Jeffersonville Industrial Park, in Jeffersonville,
Indiana, to be located on an approximately 2.0 acre tract of land
and to consist of approximately 13,000 square feet (the "Project");
and
WHEREAS, the Company has further advised the City that a
determination by the City to issue its revenue bonds under the
Act to finance the acquisition, construction and equipping of
the project under contractual arrangements where by the City
would lease the Project to the Company and the Company would
mak~ rental payments ~ufficient to pay the principal of, premium,
if any, and interest on such bonds, will constitute a substantial
inducement to the Company to proceed with the acquisition of the
Project and the Company has agreed to pay or reimburse the costs
of the City, including attorneys fees, whether or not such Bonds
are issued; and
WHEREAS, the diversification of industry and increase in
job opportunity to be achieved by the acquisition, construction
and equipping of the Project will be of public benefit to the
health, safety and general welfare of the City and its
inhabitants; and
WHEREAS, subject to all required approvals under the Act
and the advice of the Jeffersonville Economic Development
Commission, it would appear that the financing of the project
would be of public benefit to the health, safety and general
welfare of the City:
NOW THEREFORE, BE IT RESOLVED by the Common Council of the
City of Jeffersonville:
1. The Common Council finds and determines that the
promotion of diversification of industry and job
opportunities in Jeffersonville, Indiana, is desirable
to preserve the health, safety and general welfare of
the inhabitants of the City of Jeffersonville; and that
it is in the public interest that the City take such
action as it lawfully may to encourage diversification
of industry and promotion of job opportunities in said
City.
2. The Common Council further finds and determines that the
issuance and sale of revenue bonds of the City under
the Act in the amount of $300,000 for the acquisition,
construction and equipping of the project and the
leasing of the project to Industrial Fiberglass Systems,
Inc. will serve the public purposes ~eferred to above,
in accordance with the Act.
3. In order to induce the Company tQ proceed with
negotiations for the acquisition, construction and
equipping of the Project, the Common CoUncil hereby
determines that (i) it will take or cause to be taken
such actions pursuant to the Act as may be required to
implement the aforesaid financing, or as it may deem
appropriate in pursuance thereof; provided that all
of the foregoing sh&tl be as authorized by law and is
mutually acceptable to the City and the Company; (ii)
it will adopt such ordinances and resolutions and
authorize the execution and delivery of such
instruments and the taking of such action as may
be necessary and advisable for the authorization,
issuance and sale of said economic development
bonds, subject to the City obtaining all approvals
as may be required under the Act, including the
advice of the jeffersonville Economic Development
Commission.
4. Ail costs of the Project incurred after this resolution,
including reimbursement or repayment to the Company
of moneys expended by the Company for planning,
engineering, interest paid during construction,
underwriting expenses, attorney and bond counsel fees,
acquisition, construction and equipping of the Project
will be permitted to be included as part of the bond
issue to finance said Project, and the City will
thereafter lease the same to the Company."
Adopted by the Common Council of the City of
Jeffersonville, Indiana this 16th day of May, 1978.
Presented by me as Clerk-Treasurer to the Mayor
of the City of Meffersonville this 16th Day of May, 1978.
Approved and signed by me this 16th day of May, 1978.
MAYO~ ~ ~,