Minutes 04/27/1982 (2) - Laserfiche WebLink

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, "1 :) IL~,.t TUESDAY APRIL 27, 1982 City Manager Edmonds informed Council that the Federal Government's Housing & Urban Development Agency is deferring action, pending further developments with regard to The Budd Company's bid for some 800 railway cars for the New York Transit Authority, on the City's recently-filed application for a UDAG grant of $3,000,000.00, which sum the City proposes to lend to The Budd Company to help finance this firm's proposed re-tooling and enlargement of its local plant to enable it to manufacture railway cars (in addition to its capacity to manufacture such cars at its Philadelphia plant). City Manager Edmonds also reported that the tentatively- proposed interest rate of 6% on this loan (of UDAG grant funds) is not acceptable to the HUD agency and (that)--if the application is approved--the interest rate will be established at a level paralleling the interest rate, at time of sale, of Henry County Industrial Development Authority bonds to be issued for this project financing. Pursuant to applicable sub-sections of Section 2.1-344 of the CODE OF VIRGINIA (1950, and as amended), and upon motion--duly seconded and unanimously carried by a recorded vote--Council convened into an Executive Session for the purposes of (1) considering the appointing of an additional member to the Martinsville-Henry County Clean Community Commission and (2) considering personnel matters. Upon reconvening into regular session, Council unanimously appointed Mrs. George L. Caraway, Jr., to mem- bership on said Clean Community Commission for a term ending March 31, 1984; however, Council took no action with regard to personnel matters considered in said Executive Session. Council was adjourned. ). ""-LA '~ . W. H. Ye~a Clerk of Council '-----J