Tuesday, June 15, 2004

MORGANTOWN The City Council is ready to help IMCO for the third time when the need arises. The council passed a resolution at its regular meeting Monday night to authorize the issuance of industrial revenue bonds to pay for the third and final phase of the companys landfill project. IMCO is an aluminum recycling facility and some of its byproducts are landfilled. The city has issued bonds for the first two phases previously. The bonds help the company because they are tax exempt and have lower interest rates, said Louisville attorney Bill Davis, who serves as bond counsel for IMCO.That gives the company an economic benefit, he said. The latest cost estimate for the project is $5 million, Davis said. The company will begin construction soon and will seek the bonds later this year or early next year to reimburse construction costs. The bonds are not a liability for the city, Davis said the company is responsible for repaying them. Also at Mondays meeting, the council heard the audit report for the 2002-2003 fiscal year. The city received an unqualified report from certified public accountant Kendall Embry. An unqualified report means the financial statements were reported fairly. Audit reports are usually available in December, but software problems caused a delay for this report, Embry said. Mayor Charles Black distributed his budget proposal for fiscal year 2004-2005, but no action was taken and the proposal was not discussed. A special called meeting has been scheduled for 5 p.m. Friday for first reading of the budget. Another special meeting will be at 6 p.m. June 28 for final reading, which would go into effect July 1.  Daily News ·813 College St. ·PO Box 90012 ·Bowling Green, KY ·42102 ·270-781-1700