HomeMy WebLinkAboutRECOVERY ZONE FOR BOND LIMITATION RESOLUTION
RESOLUTION OF THE CONSOLIDATED GOVERNMENT OF
AUGUSTA-RICHMOND COUNTY ALLOCATING THE COUNTY'S
RECOVERY ZONE FACILITY BOND LIMITATION TO THE DEVELOPMENT
AUTHORITY OF RICHMOND COUNTY AND INTERNATIONAL PAPER COMPANY
FOR THE BENEFIT OF INTERNATIONAL PAPER COMPANY AND
DESIGNATING AN AREA WITHIN THE COUNTY AS A RECOVERY ZONE
WHEREAS, the American Recovery and Reinvestment Act of2009 (the "Act") amended
the Internal Revenue Code of 1986, as amended (the "Code"), by authorizing the issuance of
recovery zone facility bonds to finance recovery zone property (as defined in the Act) in
recovery zones, which include areas having significant poverty, unemployment, rate of home
foreclosures or general distress; and
WHEREAS, the Development Authority of Richmond County (the "Authority") proposes
to issue recovery zone facility bonds for the benefit of International Paper Company, a
corporation duly organized and validly existing under the laws of the State of New York (the
"Company"), to finance the acquisition, construction or renovation of recovery zone property,
consisting of capital expenditures to assist the Company in maintaining its competitiveness (the
"Project"), and thereby assisting the Company in the retention of employment at the Company's
Augusta Mill (the "Mill") located at 4278 Mike Padgett Highway in Richmond County, Georgia;
and
WHEREAS, Richmond County, Georgia (the "County") received an allocation of
recovery zone facility bond limitation in the amount of $3,627,000, pursuant to Section 1400U-1
of the Code; and
WHEREAS, the Consolidated Government of Augusta-Richmond County (the
"Governing Body") desires to approve the allocation of the County's recovery zone facility bond
limitation to the Authority and the Company for the benefit of the Company to finance the
Project; and
WHEREAS, to further economic development within the County, the Governing Body
desires to designate the boundaries of the County, including the area comprising the Mill, as a
recovery zone, pursuant to Section 1400U-1 of the Code.
NOW, THEREFORE, BE IT RESOLVED by the Governing Body and IT IS HEREBY
RESOLVED, as follows:
Section 1. The allocation of the County's recovery zone facility bond
limitation in the amount of $3,627,000 to the Authority and the Company for the benefit of the
Company to finance the Project is hereby approved.
Section 2. The area comprising the boundaries of the County, including the
Mill, is hereby designated as a recovery zone, pursuant to Section 1400U-1 of the Code.
Section 3. This resolution does not constitute an endorsement to a prospective
purchaser of any recovery zone facility bonds of the creditworthiness of the Company or the
Project, and any recovery zone facility bonds shall not constitute an indebtedness or obligation of
the State of Georgia or any county, municipal corporation or political subdivision thereof, but
any recovery zone facility bonds shall be payable solely from the revenues derived from the
Company and pledged to the payment thereof, and no owner of any recovery zone facility bonds
shall ever have the right to compel any exercise of the taxing power of the State of Georgia or
any county, municipal corporation or political subdivision thereof, nor to enforce the payment
thereof against any property of the State of Georgia or of any such county, municipal corporation
or political subdivision.
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CLERK'S CERTIFICATE
I, the undersigned Clerk of the Consolidated Government of Augusta-Richmond County
(the "Governmental Unit"), DO HEREBY CERTIFY that the foregoing pages of typewritten
matter pertaining to the approval of an allocation of recovery zone facility bond limitation to the
Development Authority of Richmond County and International Paper Company for the benefit of
International Paper Company, a New York corporation, and the designation of ~~ as. &
recovery zone, constitute a true and correct copy of the Resolution adopted on )
_, 2009 by a majority of the members of the Governmental Unit in a meeting du y called and
assembled, which was open to the public and at which a quorum was present and acting
throughout, and that the original of said Resolution appears of record in the Minute Book of the
Governmental Unit which is in my custody and control.
GIVEN under m~Wd and the opt;h~~'}l pfthe Consolidated Government of Augusta-
Richmond County, this tfV day of 1ltIP./', 2009.
(SEAL)
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