Title
Resolution approving $9 million Industrial Revenue Bond Series 2013 for Vulcan expansion
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
The IDB has approved the $9 Million Industrial Revenue Bond Series 2013 for Vulcan's expansion. City Attorney Heyward Hosch has reviewed the documents and is ok with moving forward.
SOURCE OF FUNDING:
Please provide the amount requested: ____________
Is this a budgeted item? Yes /No
Please provide the budgeted amount: $_____________ Account No. ___________________________
If budgeted, is this a capital purchase, capital project, or special fund? _________________________
Was this item included in the Fiscal Year Capital Projects Plan? Yes/No
If yes, please provide the amount included in Capital Projects Plan: $___________
Body
BE IT RESOLVED by the Mayor and City Council (herein together called "the Governing Body") of the CITY OF FOLEY, ALABAMA (herein called "the City"), as follows:
Section 1. The Governing Body, upon evidence duly presented to and considered by it, has found and determined, and does hereby find, determine and declare, that The Industrial Development Board of the City of Foley, Alabama (herein called "the Industrial Board"), proposes
(a) to issue to Vulcan, Inc., an Alabama corporation (herein called "the Company"), an Industrial Revenue Bond (Vulcan Project), Series 2013, in the principal amount of $9,000,000 (said Bond being herein called "the Series 2013 Bond"),
(b) to cause the Company to utilize the proceeds of the loan to be effectively evidenced by the Series 2013 Bond to pay costs of acquiring, constructing and equipping additions and improvements to the Company's existing manufacturing plant and facilities located in the City of Foley, Alabama, and costs of acquiring and installing, in or about said existing plant and facilities or said additions and improvements (as the case may be), items of machinery and equipment (all such additions, improvements, machinery and equipment being herein together referred to as "the New Capital Improvements"), and
(c) to lease the New Capital Improvements to the Company, or to subject the New Capital Improvements to the demise of one or more existing leases between the Industrial Board (as lessor) and the Company (as lessee), all for use by the Company in manufacturing, processing, assembling, storing, warehousing, and distributing fabricated metal signs and related products.
Section 2. In accordance with applicable provisions of the Certificate of Incorporation of the Industrial Board, as heretofore amended, the Governing Body hereby approves the issuance of the Series 2013 Bond by the Industrial Board to the Company, and the Governing Body further approves (a) the construction, acquisition and equipping of the New Capital Improvements by the Company and the Industrial Board, and (b) the location and nature of the New Capital Improvements as described hereinabove.
Section 3. The officers of the City are hereby authorized and directed to take all such actions, and to execute and deliver all such agreements, documents, instruments and notices, as may be necessary or desirable in order to carry out the purposes of this resolution. All prior actions of any officers of the City with respect thereto are hereby ratified and confirmed.
Section 4. All ordinances, resolutions, orders, and any other proceedings of the City in conflict or inconsistent with the provisions of this resolution are, to the extent of such conflict or inconsistency, hereby repealed.