7/7/1987 - Laserfiche WebLink

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OMB Director Joe Baird explained that the main concerns of the FAC was in issuing $2 -million worth of bonds for a firm with only 4 employees and the effect on the county's credit rating. One gentleman from Standard S Poor's felt the possibility of it affecting our credit rating was remote, and would do so only if it affected our tax base, employment, and general financial conditions in the county. Another gentleman from Standard S Poor's felt there was no way it would affect our credit rating if a letter of credit was obtained. In addition, Director Baird advised that both the bond counsel and M.G.-LEWIS & CO. -feel this county's exposure is little to none. Chairman Scurlock felt differently about the matter now that we have received additional information and positive comments and the fact there is a potential of more jobs to come later. Commissioner Eggert noted that the Economic Development Council has recommended that the bonds be issued contingent upon the background check. Since she believed the payroll would increase in time, perhaps up to 33 employees by the end of their third year, and since there is no adverse effect of the industrial use, she stated she would support issuing the bond. MOTION WAS MADE by Commissioner Eggert, SECONDED by Commissioner Wheeler, that the Board approve $2 -million in Industrial Development Bonds for Nylacarb Corporation, provided they have a letter of credit. Under discussion, Commissioner Bowman wondered why Nylacarb is leaving Sterling, Massachusetts, and suggested that staff check their previous location to see about any odors. Commissioner Eggert advised that the Planning staff has contacted them and there seems to be no problem with odors. With respect to the move, there seems to be an unavailability of employees in that particular area of the country. °i 7 45 BGG 68 t,,GE 730