TR-86-10 001 RESOLUTION: TR-86-10
002 Order of the Town Council Relating to Industrial Development
003 Revenue Bond Financing for the Acquisition and Rehabilitation Of
004 The Premises Consisting of the Land and Building at 265 Main Street,
005 Agawam, Massachusetts, and the Acquisition of Certain Production
006 Equipment to be Located in Said Building
007 WHEREAS, SOUTHWORTH COMPANY (the "Company") has submitted to the Agawam
008 Industrial Financing Authority (the "Authority') an application for
M9 Industrial Development Revenue Bond financing through which an industrial
010 development facility is proposed in the Town of Agawam (the *Town"),
011 consisting generally of the following:
t012 The acquisition and rehabilitation of the premises consisting
013 of the land and building at 265 Main Street, Agawam, Massachusetts,
014 and the acquisition of certain production equipment to be located
015 in said building;
016 WHEREAS, the estimated cost of the project described above is approxi-
017 mately Three Million Two Hundred Fifty Thousand Dollars ($3,250,000.00);
018 and;
' 019 WHEREAS, assisting the Company to finance the acquisition, rehabilitation,
020 construction and installation of such facilities will alleviate unemploy-
021 ment in the Town, insure against a loss of current employment in the Town
022 and provide a definite benefit to the economy of the Town and the
023 Commonwealth of Massachusetts and the public in general; and
024 WHEREAS, the financing of the project described above under Chapter 40D
025 of the Massachusetts General Laws, as amended, appears feasible; and
026 WHEREAS, the Authority has voted to recommend the approval of the project
027 described above and the issuance of up to Three Million Dollars
028 ($3,000,000.00) of Industrial Development Revenue Bonds to finance such
029 project;
030. NOW THEREFORE BE IT ORDERED: That the Town Council of the Town of Agawam
031 grant approval of the industrial development project described above, the
032 estimated cost thereof and the financing of said project by the issuance
033 of a total of up to Three Million Dollars ($3,000,000.00) of Industrial.
034 Development Revenue Bonds in one or more series of bonds, which bonds
035 shall not constitute a pledge of the faith and credit of the Town but
036 shall be payable solely from the revenues pledged for their payment
037 pursuant to Chapter 40D of the Massachusetts General Laws, as amended.
038 Dated this day of , 1986.
0 39 'LIB' ..-z� ; 1���CZ 1 U�k 0 03
040 Andrew Gallano, Presi ent
041 Agawam Town Counc
0412
.043 Tpprovcid as to form and legality
044 T%M Solicitor