Title
Consider Resolution approving issuance of a 2013-B Bond to Vulcan, Inc. for their expansion project
Summary
DESCRIPTION OF TOPIC: (who, what, when, where, why, and how much)
Vulcan, Inc. is in the process of expanding their business. They are constructing a new building for a new furnace and will be reconditioning the existing furnance. They are purchasing new equipment to upgrade their production capacity. The publicly remarketed bonds (Series 2006 and Series 2012) are being refinanced into a bank held bond issue.
Body
BE IT RESOLVED by the City Council (herein called “the Council”) of the CITY OF FOLEY, ALABAMA (herein called “the City”), as follows:
Section 1. The Council, 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-B, in the principal amount of $14,095,000 (said Bond being herein called “the Series 2013-B Bond”),
(b) to deliver the Series 2013-B Bond to the Company in exchange for the delivery to it by the Company of
(1) the Industrial Board’s Taxable Revenue Bond (Vulcan, Inc. 2006 Project) dated July 13, 2006 (herein called “the Series 2006 Bond”), which was initially issued in the principal amount of $9,000,000 and was subsequently effectively amended in certain respects by the Industrial Board, and which (as so amended) is now outstanding in the principal amount of $6,295,000.
(2) the Industrial Board’s Industrial Revenue Bond (Vulcan Project), Series 2012, dated April 24, 2012 (herein called “the Series 2012 Bond”), initially issued in the principal amount of $8,000,000 and now outstanding in the principal amount of $7,800,000,
both of which obligations were issued by the Industrial Boa...
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