Minutes 03/08/1983 - Laserfiche WebLink

Home Browse Search

f .. TUESDAY MARCH 8, 1983 -- (pursuant to Council's February 22nd request) comparing present extension policies and charges between those of Appalachian Power Company and those of the City's Electric Department. To assist the West Piedmont Planning District Commission in compiling and establishing regional priorities for projects eligible for funding (FY'83) under the Virginia Community .- Development Block Grant Program, Council unanimously selected the City's proposed Waste- water Treatment Plant Expansion Project for incorporation therein and for which the filing of an application for funding thereof was authorized. Council unanimously adopted the following resolution approving the issuance of industrial development revenue bonds by the City's Industrial Development Authority for and on behalf of Prillaman Brothers, Inc., in the amount and for the purpose set forth in said resolution: WHEREAS, the Industrial Development Authority of the City of Martinsville, Virginia, (the "Authority"), has considered the application of Prillaman Brothers, Inc. (the "Company") requesting the issuance of the Authority's industrial development revenue bonds in an amount estimated at $250,000 (the "Bonds") to assist in the financing of the Company's acquisition and equipping of a warehouse facility (the "Project") in the City of Martins- ville, Virg~nia, and has held a public hearing thereon on March 3, 1983. WHEREAS, Section 103(k) of the Internal Revenue Code of 1954, as amended, provides that the governmental unit having jurisdiction over the issuer of industrial development bonds and over the area in which any facility financed with the proceeds of industrial development bonds is located must approve the issuance of the bonds; and WHEREAS, the Authority issues its bonds on behalf of the City of Martinsville, Virginia (the "City"), the Project is located in the City and the City Council of the City of Martinsville, Virginia (the "Council") constitutes the highest elected governmental officials of the City; and WHEREAS, the Authority recommends that the Council approve the issuance of the Bonds; and WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, subject to the terms to be agreed upon, and a certificate of the public hearing has been filed with the Council;