Gary Minard with Hellervik Oil Technologies addressed the fiscal court on Monday with issues that local residents as well as the court had concerns with. Minard listed the issues and gave explanation of what Hellervik plans to do once they acquire the company from Atmos Energy, with the help of industrial bonds provided by the county.
1. What happens if Hellervik takes over the gas plant then moves it to another location later? Minard said the terms of the bonds would not allow that. The plant must stay at it's current location, as plant equipment would be part of the collateral for the bond.
2. What equipment will be used? Will there be enough collateral? According to Minard, Atmos Energy has the equipment listed publicly for sale and he would provide the list to the court.
3. When will closing of the sale with Atmos take place? Minard said the deal should be closed by May 15th, 2015.
4. Do you have financial documentation that your company has the assets and collateral needed to secure the bonds in a worse-case scenario? Minard said yes. He referenced BB&T in Louisville as well as Bank of Edmonson County that will be able to provide financial statements and proper documentation that the company is accredited and able to secure collateral for the bonds.
The court agreed to move forward with the industrial bond procedure. The next step is actually signing and issuing the bonds once the language is satisfactory to both parties.
The court also discussed additional business: