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November 14, 2000
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<br />Authorize a Landfill Tipping Fee IDA Grant under the
<br />Enterprise Zone Program in the amount of $16,750.50 to
<br />Virginia Mirror Company for debris from their expansion
<br />project, from the Refuse Fund in FY2000-2001, which
<br />involves the transfer of $16,750.50 into Revenue 09103938-
<br />462101 - Contribution from Fund Balance for Expenditure
<br />09427306-507200 - Refund/Refuse Fees.
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<br />Council considered adoption of a Resolution approving the plan of financing of
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<br />the Industrial Development Authority of the City of Martinsville, Virginia, for the benefit of
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<br />Investors Corporation, a Delaware corporation, to acquire, renovate, and equip an
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<br />existing manufacturing facility located at 801 East Church Street in the City in the
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<br />aggregate amount not to exceed $6,500,000. Vice Mayor Teague moved to adopt the
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<br />following Resolution; the motion was duly seconded and carried by the following vote,
<br />with all members voting: Vote 5 - 0; Yeas (5) - Crabtree, Dallas, Ferrill, Roop, Teague;
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<br />Nays (0) - None:
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<br />A Resolution approving the plan of financing of the Industrial
<br />Development Authority of the City of Martinsville, Virginia, for the
<br />benefit of Investors Corporation, a Delaware corporation (the
<br />"company"), to the extent required by Section 147 of the Internal
<br />Revenue Code of 1986, as amended.
<br />WHEREAS, the Industrial Development Authority of the City of
<br />Martinsville, Virginia (the "Authority'), has considered the
<br />application of the Company, the principal offices of the Company
<br />being 1923 Spillway Road #217, Brandon, Mississippi 39047,
<br />requesting the Authority to issue its Industrial Development
<br />Revenue Bonds (Investors Corporation Project), Series 2000, in an
<br />amount not to exceed $6,500,000 (the "Bonds") to assist the
<br />Company in financing the acquisition, renovation, and equipping of
<br />a manufacturing facility located at 801 East Church Street in the
<br />City of Martinsville, Virginia (the "Facility"); and
<br />WHEREAS, the Authority, having adopted an Inducement
<br />Resolution on October 19, 2000 (the "Inducement Resolution"),
<br />held a public hearing as required by Virginia and Federal Codes, on
<br />November 10, 2000, and recommended the approval of the
<br />issuance of the Bonds for the Company; and
<br />WHEREAS, Section 147(f) of the Internal Revenue Code of 1986,
<br />as amended (the "Code"), provides that the governmental unit
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