HomeMy WebLinkAboutSolid Waste Disposal Facility
Augusta Richmond GA
DOCUMENT NAME: SO\\C~ \..DO..S\e Q.\S\)O&)J.. -00ulrty
DOCUMENT TYPE: '\)'(c:l;O~\
YEAR: C\<O
BOX NUMBER: C}-\
FILENUMBER: \~~lS
NUMBER OF PAGES: ~
"
....... -
t'"
(
~ -
. .
DEVELOPMENT AUTHORITY OF RICHMOND COUNTY
P. O. Box 657
Augusta, Georgia 30903
'7'
STAFF
Phone: (706) 821-1300
Fax: (706) 821-1330 .
COUNSEL
Phone: (706) 722-2651
Fax: (706) 722-2652
March.13, 1998
Honorable Larry Sconyers
Mayor of Augusta, Georgia
Augusta, Georgia
-.....
,
RE: Proposed Solid Waste Disposal Facility Financing
by Development Authority of Richmond County for
Evergreen Nylon Recycling Company, LLC
Evergreen Nylon 'Recycling Company, LLC (the "Company") has
requested that the Development Authority of Richmond County (the
"Issuer") assist the Company in financing, in whole or in part,
the cost of the acquisition, construction and installation of
certain solid waste disposal facilities (the "Facilities") of the
Company or a related company intended to recycle 100%
post-consumer waste and miscellaneous post industrial waste
carpet fiber into a high-grade raw material suitable for
producing fiber to be used in the manufacture of new carpet
products, to be located in Augusta, Georgia by issuing its
revenue bonds for that purpose in the aggregate outstanding
principal amount of up to approximately $120,000,000 (the
"Bonds") .
The undersigned, Jerry B. Dye, Hearing Officer (the "Hearing
Officer") has conducted a public hearing with respect to the plan
of financing for the issuance of the Bonds and the financing or
refinancing of the Facilities and hereby recommends and requests
that you approve the issuance of the Bonds and the financing of
'the Facilities as required by Section 147(f) of the Internal
Revenue Code of 1986, as amended.
Attached hereto is (1) a certificate evidencing the conduct
of a public hearing by the Hearing Officer on March 13, 1998 and
(2) a suggested form of approval to evidence your approval of the
issuance of the Bonds and the financing of the Facilities.
Very truly yours,
By:
,/} ,
\ / -?~~ -/:;/ /
' ;; "'/B"'~~'-../0"~_-
Je.n --'.-' Dye~
Hearing Officer
Development Authority of
Richmond County
'"
y
:
""
.
APPROVAL OF THE MAYOR OF AUGUSTA, GEORGIA
APPROVING THE PLAN OF FINANCE
FOR THE ISSUANCE OF REVENUE BONDS BY
DEVELOPMENT AUTHORITY OF RICHMOND COUNTY
FOR THE BENEFIT OF EVERGREEN NYLON RECYCLING COMPANY, LLC
WHEREAS, the Development Authority of Richmond County (the
"Issuer") has considered. the application of Evergreen Nylon
Recycling Company, LLC (the "Company"), requesting the Issuer's
assistance in financing the acquisition, construction and
installation of certain solid waste disposal facilities for the
benefit of the Company (the "Facilities") to be located in
Augusta, Georgia through the issuance of its revenue bonds in an
aggregate principal amount currently estimated at not to exceed
$120,000,000 (the "Bonds") (not including any other obligations
issued by the Issuer for the benefit of the Company relating to
other portions of such facility), and the Issuer held a public
hearing on behalf of Augusta, Georgia (the "Governmental Unit")
with respect to such proposed financing of the Facilities on
March 13th, 1998; and
WHEREAS, Section 147(f) of the Internal Revenue Code of
1986, as amended (the "Code"), provides that the governmental
unit having jurisdiction over the issuer of private activity
bonds and over the area in which any facility financed with the
proceeds of such private activity bonds is located shall approve
the .issuance of such bonds; and
WHEREAS, the
Augusta, Georgia,
Georgia, and the
constitutes the
Governmental Unit;
Issuer issues its revenue bonds on behalf of
the Facilities are to be located in Augusta,
Mayor of Augusta, -Georgia (the "Mayor")
chief elected executive officer of the
and
WHEREAS, the Issuer recommends and has requested that the
Governmental Unit approve the plan of finance for the issuance of
the Bonds and the financing of .the Facilities; and
WHEREAS, a ceitificate'regarding the public hearing has been
presented to the Mayor;
NOW, THEREFORE, BE IT CERTIFIED by the Mayor of Augusta,
Georgia, and IT IS HEREBY CERTIFIED by the authority of the same,
as follows:
Section 1. The plan of finance for the issuance from time
to time of the Bonds by the Issuer for the benefit of the Company
in an aggregate principal amount of approximately $120,000,000
(not including any other ,obligations issued by the Issuer for the
benefit of the Company relating to other portions of such
facility) to assist in the financing of the Facilities is hereby
approved to the extent required by Section 147(f) of the Code, as
'i
-
,.
f
...
follows:
(a) the Facilities consist of solid waste disposal
facilities intended to recycle 100% post-consumer waste and
miscellaneous post industrial waste carpet fiber into a
high-grade raw material suitable for producing fiber to be used
in the manufacture of new carpet products:
(b) the initial owner, operator or manager of the
Facilities is the Company or a related entity: and
(c) the location of the Facilities is in Augusta, Georgia
one mile southeast of the intersection of Laney-Walker Boulevard
and Columbia Nitrogen Road, on the existing DSM Chemicals North
America, Inc. plant site located along Columbia Nitrogen Road.
Section 2. Such approval by the Mayor does not constitute
an endorsement to a prospective purchaser of the Bonds of the
creditworthiness of the Company or the Facilities, and the
Bonds shall not constitute an indebtedness or obligation of the
State of Georgia 'or of any county, municipal corporation or
political subdivision thereof. The Bonds. shall be payable solely
from the revenues derived from the Company and pledged to the
payment thereof and no owner of any of the Bonds shall ever have
the right to compel any exercise of the taxing power of the State
of Georgia or of any county, municipal corporation or political
subdivision thereof, nor to enforce the payment thereof against
any property of said State or of any county, municipal
corporation or political subdivision.
Thl'S /7 iA d f M h 1998
ay 0 arc ~ .
AUGUSTA, GEORGIA
Thls doculIIent 8IllllO'led as
III 'en .1~to~K
ata .
-2-